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Registered number: 05171807









REISS (BARRETT STREET) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
REISS (BARRETT STREET) LIMITED
REGISTERED NUMBER: 05171807

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
27,800,000
27,800,000

  
27,800,000
27,800,000

Current assets
  

Debtors: amounts falling due within one year
 5 
58,378
5,229

Bank and cash balances
  
25,109
462,749

  
83,487
467,978

Creditors: amounts falling due within one year
 6 
(27,456,675)
(27,868,672)

Net current liabilities
  
 
 
(27,373,188)
 
 
(27,400,694)

Total assets less current liabilities
  
426,812
399,306

  

Net assets
  
426,812
399,306


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
426,811
399,305

  
426,812
399,306


Page 1

 
REISS (BARRETT STREET) LIMITED
REGISTERED NUMBER: 05171807
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2024

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.

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 by: 




................................................
D A Reiss
Director
Date: 15 January 2025

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

Page 2

 
REISS (BARRETT STREET) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

The principal activity of Reiss (Barrett Street) Limited ("the Company") is that of property investment.
The Company is a private company limited by shares and is incorporated in England and Wales.
The registered office is First Floor, White Lion House, 64a Highgate High Street, London, N6 5HX.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis.
The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

 
2.3

Functional and presentation currency

The Company's functional and presentational currency is GBP.

 
2.4

Revenue

Revenue from rental income 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, excluding discounts, rebates, value added tax.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
REISS (BARRETT STREET) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.7

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Investment property

Investment property is carried at fair value determined annually by the directors on the basis of open market value for its current use. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.
(i) Financial Assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at market rate of interest.
(ii) Financial Liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Page 4

 
REISS (BARRETT STREET) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 -3).


4.


Investment property


Freehold investment property

£



Valuation


At 1 February 2023
27,800,000



At 31 January 2024
27,800,000

The 2024 valuations were made by directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
27,800,000
27,800,000

Accumulated depreciation and impairments
(889,600)
(444,800)

26,910,400
27,355,200

Page 5

 
REISS (BARRETT STREET) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Debtors

2024
2023
£
£


Trade debtors
300
3,038

Unpaid share capital
1
1

Other debtors
56,248
-

Prepayments and accrued income
1,829
2,190

58,378
5,229



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
19,972
-

Amounts owed to group undertakings
27,112,847
27,474,647

Corporation tax
-
74,262

Other taxation and social security
79,259
76,514

Accruals and deferred income
244,597
243,249

27,456,675
27,868,672



7.


Controlling party

The Company is a wholly owned subsidiary of Reiss Family Holdings Limited, which is the ultimate controlling party.

 
Page 6