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REGISTERED NUMBER: 11039321 (England and Wales)















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: M C Rhys
Mrs A Rhys





REGISTERED OFFICE: Building 6000 Langstone Technology Park
Langstone Road
Havant
Hampshire
PO9 1SA





REGISTERED NUMBER: 11039321 (England and Wales)





ACCOUNTANTS: AM-PM Accounting Solutions Limited
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 47 63
Investment property 5 1,687,000 1,962,000
1,687,047 1,962,063

CURRENT ASSETS
Debtors 6,301 6,242
Cash at bank 2,105 951
8,406 7,193
CREDITORS
Amounts falling due within one year 8,339 1,080
NET CURRENT ASSETS 67 6,113
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,687,114

1,968,176

CREDITORS
Amounts falling due after more than one
year

6

(1,419,367

)

(1,636,861

)

PROVISIONS FOR LIABILITIES (46,894 ) (67,306 )
NET ASSETS 220,853 264,009

CAPITAL AND RESERVES
Called up share capital 150 150
Revaluation reserve 8 213,492 286,883
Retained earnings 7,211 (23,024 )
SHAREHOLDERS' FUNDS 220,853 264,009

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

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


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 31 July 2024 and were signed on its behalf by:





M C Rhys - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - 25% on reducing balance
Computer equipment - 25% on cost

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 2 (2022 - NIL ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 November 2022
and 31 October 2023 1,100
DEPRECIATION
At 1 November 2022 1,037
Charge for year 16
At 31 October 2023 1,053
NET BOOK VALUE
At 31 October 2023 47
At 31 October 2022 63

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022 1,962,000
Disposals (232,000 )
Revaluations (43,000 )
At 31 October 2023 1,687,000
NET BOOK VALUE
At 31 October 2023 1,687,000
At 31 October 2022 1,962,000

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 331,962 419,956
Mortgage accounts 1,087,405 1,216,905
1,419,367 1,636,861

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 286,883
Revaluation Reserve (73,391 )

At 31 October 2023 213,492

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.