REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
for |
M Rhys Property Investment Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
for |
M Rhys Property Investment Limited |
M Rhys Property Investment Limited (Registered number: 11039321) |
Contents of the Financial Statements |
for the Year Ended 31 October 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
M Rhys Property Investment Limited |
Company Information |
for the Year Ended 31 October 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Building 6000 |
Langstone Technology Park |
Langstone Road |
Havant |
Hampshire |
PO9 1SA |
M Rhys Property Investment Limited (Registered number: 11039321) |
Abridged Balance Sheet |
31 October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
M Rhys Property Investment Limited (Registered number: 11039321) |
Abridged Balance Sheet - continued |
31 October 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
M Rhys Property Investment Limited (Registered number: 11039321) |
Notes to the Financial Statements |
for the Year Ended 31 October 2023 |
1. | STATUTORY INFORMATION |
M Rhys Property Investment Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Valuations are carried out on the basis of comparable evidence of properties available for sale, advertised properties under offer at the time and Land Registry actual sales evidence. All of this information is readily available online. |
Revenue recognition |
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for rent charged for the period, net of value added tax and discounts given. |
The company recognises revenue when (a) significant risks and rewards of ownership have been transferred to the buyer; (b) the amount of revenue can be measured reliably; (c) it is probable that future economic benefits will flow to the entity and (d) when the specific criteria relating to each of the company's sales channels have been met, as described below. |
Rental Income |
The company earns rental income from residential properties. Revenue is recognised as and when goods and services are provided. |
Tangible fixed assets |
Office equipment | - |
Computer equipment | - |
Land and buildings are stated at deemed cost after revaluation. |
Land and buildings are included at fair value. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
M Rhys Property Investment Limited (Registered number: 11039321) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2022 |
Disposals | ( |
) |
Revaluations | (43,000 | ) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
M Rhys Property Investment Limited (Registered number: 11039321) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 31 October 2023 is represented by: |
£ |
Valuation in 2021 | 155,802 |
Valuation in 2022 | 198,375 |
Valuation in 2023 | (93,803 | ) |
Cost | 1,426,626 |
1,687,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
31.10.23 | 31.10.22 |
£ | £ |
Cost | 1,426,626 | 1,607,823 |
Investment Property was valued on an open market basis on 31 October 2023 by M Rhys . |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
31.10.23 | 31.10.22 |
£ | £ |
Repayable otherwise than by instalments |
Other loans more 5yrs |
Mortgage accounts | 1,087,405 | 1,216,905 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.10.23 | 31.10.22 |
£ | £ |
Mortgage accounts | 1,087,405 | 1,157,132 |
There are 14 outstanding charges registered at Companies House. The persons entitled are the individual mortgage companies. |
8. | RESERVES |
Revaluation |
reserve |
£ |
At 1 November 2022 |
Revaluation Reserve | (73,391 | ) |
At 31 October 2023 |
M Rhys Property Investment Limited (Registered number: 11039321) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
9. | RELATED PARTY DISCLOSURES |
As at the 31 October 2023 the company owed the directors £331,962 (2022 £419,956). This loan account was not overdrawn during the year and is provided interest free and repayable on demand. |
Due to the nature of the business, the directors do not intend to request repayment in the foreseeable future.The liability is therefore included in other creditors (long term liabilities). |
10. | ULTIMATE CONTROLLING PARTY |
The controlling party is M C Rhys. |