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Registered number: 12972222









REIGATE LAND LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
REIGATE LAND LIMITED
REGISTERED NUMBER: 12972222

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 4 
2,979,121
3,588,495

Debtors: amounts falling due within one year
 5 
6,171
5,267

Cash at bank and in hand
 6 
5,160
1,551

  
2,990,452
3,595,313

Creditors: amounts falling due within one year
 7 
(2,212,811)
(423,182)

Net current assets
  
 
 
777,641
 
 
3,172,131

Total assets less current liabilities
  
777,641
3,172,131

Creditors: amounts falling due after more than one year
 8 
(772,975)
(3,179,797)

  

Net assets/(liabilities)
  
4,666
(7,666)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
4,566
(7,766)

  
4,666
(7,666)


The directors consider 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 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 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.

Page 1

 
REIGATE LAND LIMITED
REGISTERED NUMBER: 12972222
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

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 on 30 July 2024.




L. J. Murphy
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
REIGATE LAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Reigate Land Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is 30 Orange Street, London, WC2H 7HF.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

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.
Revenue comprises the sale proceeds on the sale of individual properties as property is developed.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.4

Stocks

Stock represents the land on the West side of 4 Strawberry Close, Tunbridge Wells TN2 5PD and development costs. Interest costs relating to purchase of the property and development are added to stock.

 
2.5

Debtors

Short-term debtors are measured at transaction price.

 
2.6

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.

Page 3

 
REIGATE LAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.7

Creditors

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Stocks

2023
2022
£
£

Stock of properties
2,979,121
3,588,495

2,979,121
3,588,495



5.


Debtors

2023
2022
£
£


LSM Homes (TW) Ltd
-
1,495

LSM Homes Limited
2,936
-

VAT repayable
2,785
3,772

Other debtors
450
-

6,171
5,267


Page 4

 
REIGATE LAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank
5,160
1,551

5,160
1,551



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

LendNet Property LLP
2,184,091
-

Trade creditors
6,562
15,557

Whitgift Estates Limited
7,587
-

Loan from David Ottwill
-
398,125

Corporation tax
1,071
-

Other creditors
7,500
7,500

Accruals
6,000
2,000

2,212,811
423,182


The loan from LendNet LLP attracts interest at 8.5% to 10% pa, Interest is accrued over the period of the loan. The loan is repayable as the units are sold.
The loan is secured by a first charge over the freehold land and buildings known as land on the west side of 4 Strawberry Close, Tunbridge Wells.
The loan from David Ottwill was redeemed in full in April 2023.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

LendNet Property LLP
-
2,825,797

Loan from Harry Shaw
100,000
-

Loan from Lusson Limited
672,975
354,000

772,975
3,179,797


The loans from Lusson Limited and Harry Shaw will be repaid following the completion of development and sale of properties prior to the distribution of final profits.

Page 5

 
REIGATE LAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

9.


Related party transactions

During the year, the company paid certain costs on behalf of a related company LSM Homes Limited (LSM). At the year end, the balance due from LSM was £2,936 (2022 - £Nil). 
During the year, the company received loans from a related company Whitgift Estates Limited (WEL) to fund costs. At the year end, the balance due to WEL was £7,587 (2022 - £Nil). 
The loans are interest free.

 
Page 6