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Registered number: 09985327






REILLY'S PROPERTY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










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REILLY'S PROPERTY LIMITED
REGISTERED NUMBER:09985327

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
£
£


Fixed assets
316,615
151,649

Current assets
1,104
45

Creditors: amounts falling due within one year
(206,352)
(152,727)

Net current liabilities
 
 
(205,248)
 
 
(152,682)

Total assets less current liabilities
111,367
(1,033)

Creditors: amounts falling due after more than one year
(113,446)
-


Net liabilities
(2,079)
(1,033)



Capital and reserves
(2,079)
(1,033)


Page 1

 
REILLY'S PROPERTY LIMITED
REGISTERED NUMBER:09985327
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Barry Reilly
Director

Date: 29 July 2024

Page 2

 
REILLY'S PROPERTY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Reilly's Property Limited is a Private Limited Company incorporated in England and Wales. Its registered office is C/O Venthams Limited Unit 8, Phoenix House, Redhill Aerodrome, Kings Mill Lane, Redhill, Surrey, RH1 5JY. 
The company was incorporated on 3 February 2016. Its principle activity being investment properties.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3

 
REILLY'S PROPERTY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 -1).

Page 4

 
REILLY'S PROPERTY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Tangible fixed assets







Plant and machinery

£



Cost or valuation


Additions
442



At 29 February 2024

442



Depreciation


Charge for the year on owned assets
18



At 29 February 2024

18



Net book value



At 29 February 2024
424



At 28 February 2023
-

Page 5

 
REILLY'S PROPERTY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Investment property





Freehold investment property

£



Valuation


At 1 March 2023
151,649


Additions at cost
164,542



At 29 February 2024
316,191

The 2024 valuations were made by the director of the company, on an open market value for existing use basis.



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

29 February
28 February
2024
2023
£
£


Historic cost
304,132
151,649

304,132
151,649


6.


Debtors

29 February
28 February
2024
2023
£
£


Prepayments and accrued income
117
-

117
-



7.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
988
45

988
45


Page 6

 
REILLY'S PROPERTY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Other creditors
205,812
152,187

Accruals and deferred income
540
540

206,352
152,727



9.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Other creditors
113,446
-

113,446
-


 
Page 7