Company Registration No. 10446375 (England and Wales)
REACH OUT PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
REACH OUT PROPERTY LIMITED
COMPANY INFORMATION
Directors
Mr M K Bull
Mrs I Bull
Company number
10446375
Registered office
Brier Wood
School Lane
Frenchay
Bristol
BS16 1EZ
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
The Co-operative Bank Plc
PO Box 101
1 Balloon Street
Manchester
M60 4EP
REACH OUT PROPERTY LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
REACH OUT PROPERTY LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF REACH OUT PROPERTY LIMITED FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Reach Out Property Limited for the year ended 31 October 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Reach Out Property Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Reach Out Property Limited and state those matters that we have agreed to state to the Board of Directors of Reach Out Property Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Reach Out Property Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Reach Out Property Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Reach Out Property Limited. You consider that Reach Out Property Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Reach Out Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
20 March 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
REACH OUT PROPERTY LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,252
9,090
Investment properties
4
1,557,827
1,005,761
1,568,079
1,014,851
Current assets
Debtors
5
12,685
14,600
Cash at bank and in hand
52,401
66,627
65,086
81,227
Creditors: amounts falling due within one year
6
(268,297)
(135,927)
Net current liabilities
(203,211)
(54,700)
Total assets less current liabilities
1,364,868
960,151
Creditors: amounts falling due after more than one year
7
(1,192,849)
(791,108)
Provisions for liabilities
9
(40,499)
(40,588)
Net assets
131,520
128,455
Capital and reserves
Called up share capital
10
2
2
Non-distributable profits reserve
11
74,598
74,598
Distributable profit and loss reserves
56,920
53,855
Total equity
131,520
128,455
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
REACH OUT PROPERTY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 20 March 2024 and are signed on its behalf by:
Mr M K Bull
Mrs I Bull
Director
Director
Company Registration No. 10446375
REACH OUT PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
1
Accounting policies
Company information
Reach Out Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is Brier Wood, School Lane, Frenchay, Bristol, BS16 1EZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.
Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% on reducing balance
Computer equipment
33% on cost
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
REACH OUT PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).
3
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 November 2022
12,912
2,265
15,177
Additions
3,079
3,079
At 31 October 2023
15,991
2,265
18,256
Depreciation and impairment
At 1 November 2022
4,604
1,483
6,087
Depreciation charged in the year
1,528
389
1,917
At 31 October 2023
6,132
1,872
8,004
Carrying amount
At 31 October 2023
9,859
393
10,252
At 31 October 2022
8,308
782
9,090
REACH OUT PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
4
Investment property
2023
£
Fair value
At 1 November 2022
1,005,761
Additions
552,066
At 31 October 2023
1,557,827
The directors have assessed the market value of the properties and consider that there has been no significant change in the market value at the year end.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,935
7,550
Other debtors
3,750
7,050
12,685
14,600
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
262,060
130,213
Taxation and social security
1,477
851
Other creditors
4,760
4,863
268,297
135,927
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,192,849
791,108
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
1,192,849
791,108
Bank loans are secured against the properties to which they relate.
REACH OUT PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
40,499
40,588
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary of £1 each
2
2
2
2
11
Non-distributable profits reserve
2023
2022
£
£
At the beginning and end of the year
74,598
74,598
12
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
13
Control
Ultimate parent company
The ultimate parent company is Quadrant 2 Holdings Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr M K Bull and Mrs I Bull by virtue of their controlling interest in the ultimate parent company.