Silverfin false false 31/03/2024 01/04/2023 31/03/2024 P A J Reyland 13/02/1997 23 July 2024 The principal activity of the Company during the financial year was the holding of an investment property portfolio. 03318244 2024-03-31 03318244 bus:Director1 2024-03-31 03318244 2023-03-31 03318244 core:CurrentFinancialInstruments 2024-03-31 03318244 core:CurrentFinancialInstruments 2023-03-31 03318244 core:ShareCapital 2024-03-31 03318244 core:ShareCapital 2023-03-31 03318244 core:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 03318244 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 03318244 core:RetainedEarningsAccumulatedLosses 2024-03-31 03318244 core:RetainedEarningsAccumulatedLosses 2023-03-31 03318244 2023-04-01 2024-03-31 03318244 bus:FilletedAccounts 2023-04-01 2024-03-31 03318244 bus:SmallEntities 2023-04-01 2024-03-31 03318244 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03318244 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03318244 bus:Director1 2023-04-01 2024-03-31 03318244 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 03318244 (England and Wales)

P REYLAND PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

P REYLAND PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

P REYLAND PROPERTIES LIMITED

BALANCE SHEET

As at 31 March 2024
P REYLAND PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 2,341,000 2,341,000
2,341,000 2,341,000
Current assets
Debtors 4 314,852 85,725
Cash at bank and in hand 769,407 908,427
1,084,259 994,152
Creditors: amounts falling due within one year 5 ( 187,915) ( 122,124)
Net current assets 896,344 872,028
Total assets less current liabilities 3,237,344 3,213,028
Provision for liabilities ( 52,162) ( 50,380)
Net assets 3,185,182 3,162,648
Capital and reserves
Called-up share capital 10,000 10,000
Fair value reserve 391,172 391,172
Profit and loss account 2,784,010 2,761,476
Total shareholders' funds 3,185,182 3,162,648

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of P Reyland Properties Limited (registered number: 03318244) were approved and authorised for issue by the Director on 23 July 2024. They were signed on its behalf by:

P A J Reyland
Director
P REYLAND PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
P REYLAND PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

P Reyland Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Rock House, 5 Palmer Street, South Petherton, TA13 5DB, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rents in relation to investment properties which is recognised in the period of occupation of the property by the tenant. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Investment property

Investment property
£
Valuation
As at 01 April 2023 2,341,000
As at 31 March 2024 2,341,000

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 1,899,448 1,899,448

4. Debtors

2024 2023
£ £
Trade debtors 0 1,369
Other debtors 314,852 84,356
314,852 85,725

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 135 2,868
Corporation tax 5,253 8,680
Other creditors 182,527 110,576
187,915 122,124