Contents of the Financial Statements
for the Period Ended 31 December 2023
Balance sheet
As at
31 December 2023
|
Notes
|
2023
|
2022
|
|
|
£
|
£
|
Called up share capital not paid: |
|
0
|
0
|
Current assets |
Debtors: |
|
100
|
324
|
Cash at bank and in hand: |
|
432,626
|
436,122
|
Total current assets: |
|
432,726
|
436,446
|
Creditors: amounts falling due within one year: |
|
(3,302)
|
(3,000)
|
Net current assets (liabilities): |
|
429,424
|
433,446
|
Total assets less current liabilities: |
|
429,424
|
433,446
|
Creditors: amounts falling due after more than one year: |
|
0
|
0
|
Provision for liabilities: |
|
0
|
0
|
Total net assets (liabilities): |
|
429,424
|
433,446
|
Capital and reserves |
Called up share capital: |
|
100
|
100
|
Profit and loss account: |
|
429,324
|
433,346
|
Shareholders funds: |
|
429,424
|
433,446
|
The notes form part of these financial statements
Balance sheet statements
For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit & loss account.
This report was approved by the board of directors on
13 September 2024
and signed on behalf of the board by:
Name:
Joseph Gillan
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 31 December 2023
1. Accounting policies
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102Valuation and information policy
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
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 Profit and Loss Account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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.Other accounting policies
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 equivqlents Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Abridged Balance Sheet bank overdrafts are shown within Creditors. 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. Related parties For the purposes of these financial statements a party is considered to be related to the company if: the party has the ability, directly or indirectly, through one or more intermediaries to control the company or exercise significant influence over the company in making financial and operating policy decisions or has joint control over the company; the company and the party are subject to common control; the party is an associate of the company or forms part of a joint venture with the company; the party is a member of key management personnel of the company or the company's parent, or a close family member of such as an individual, or is an entity under the control, joint control or significant influence of such individuals; the party is a close family member of a party referred to above or is an entity under the control or significant influence of such individuals; or the party is a post employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company. Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the company. Taxation and deferred taxation Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date Foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account. Ordinary share capital The ordinary share capital of the company is presented as equity.
Notes to the Financial Statements
for the Period Ended 31 December 2023
2. Employees
|
2023 |
2022 |
Average number of employees during the period |
2
|
2
|
The average number of employees, including directors, during the financial year
Notes to the Financial Statements
for the Period Ended 31 December 2023
3. Financial commitments
The company had no material capital commitments at the financial year ended 31 December 2023
Notes to the Financial Statements
for the Period Ended 31 December 2023
4. Post balance sheet events
Following the disposal of the company’s investment property in a previous financial year, which was its primary asset, the company has not engaged in further trading activities to date. The directors can confirm their intention is to keep the company in existence, with the support of the parent company PR Reilly Limited, so that it can avail of investment opportunities as they arise in future.