Reynards Properties Limited |
Registered number: |
08729708 |
Balance Sheet |
as at 31 March 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
2,342,449 |
|
|
2,242,449 |
|
Current assets |
Debtors |
4 |
|
92 |
|
|
1,203 |
Cash at bank and in hand |
|
|
396,941 |
|
|
350,341 |
|
|
|
397,033 |
|
|
351,544 |
|
Creditors: amounts falling due within one year |
5 |
|
(1,590,604) |
|
|
(1,590,605) |
|
Net current liabilities |
|
|
|
(1,193,571) |
|
|
(1,239,061) |
|
Total assets less current liabilities |
|
|
|
1,148,878 |
|
|
1,003,388 |
|
|
Provisions for liabilities |
|
|
|
(168,199) |
|
|
(108,831) |
|
|
Net assets |
|
|
|
980,679 |
|
|
894,557 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
2,250 |
|
|
2,250 |
Revaluation reserve |
6 |
|
|
632,890 |
|
|
592,258 |
Profit and loss account |
|
|
|
345,539 |
|
|
300,049 |
|
Shareholders' funds |
|
|
|
980,679 |
|
|
894,557 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
G J Griffith |
Director |
Approved by the board on 4 December 2024 |
|
Reynards Properties Limited |
Notes to the Accounts |
for the year ended 31 March 2024 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover comprises revenue recognised by the company in respect of rental income received during the period. |
|
|
Investment properties |
|
Investment properties are included in the Balance Sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary to give a true and fair view of the financial position of the company. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
£ |
|
Cost |
|
At 1 April 2023 |
2,242,449 |
|
Surplus on revaluation |
100,000 |
|
At 31 March 2024 |
2,342,449 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 March 2024 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2024 |
2,342,449 |
|
At 31 March 2023 |
2,242,449 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2024 |
|
2023 |
£ |
£ |
|
Historical cost |
1,541,361 |
|
1,541,361 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
1,541,361 |
|
1,541,361 |
|
|
4 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Other debtors |
92 |
|
1,203 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Taxation and social security costs |
11,593 |
|
9,369 |
|
Other creditors |
1,579,011 |
|
1,581,236 |
|
|
|
|
|
|
1,590,604 |
|
1,590,605 |
|
|
|
|
|
|
|
|
|
|
6 |
Fair value reserve |
2024 |
|
2023 |
£ |
£ |
|
|
At 1 April 2023 |
592,258 |
|
592,258 |
|
Transfer from Profit and Loss reserve |
|
|
|
40,632 |
|
- |
|
|
At 31 March 2024 |
632,890 |
|
592,258 |
|
|
|
|
|
|
|
|
|
|
7 |
Related party transactions |
2024 |
|
2023 |
£ |
£ |
|
R Griffith |
|
Director |
|
Interest free loan repayable on demand |
|
Amount due to the related party |
664,058 |
|
664,058 |
|
|
|
|
|
|
|
|
|
|
G J Griffith |
|
Director |
|
Interest free loan repayable on demand |
|
Amount due to the related party |
912,999 |
|
912,999 |
|
|
|
|
|
|
|
|
|
|
8 |
Controlling party |
|
|
The ultimate controlling party is G J Griffith as director and majority shareholder in the company. |
|
|
9 |
Other information |
|
|
Reynards Properties Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
105 Reynards, West End |
|
Haynes |
|
Bedford |
|
Bedfordshire |
|
MK45 3QU |