Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-31Property Investment32023-02-01false3truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05174046 2023-02-01 2024-01-31 05174046 2022-02-01 2023-01-31 05174046 2024-01-31 05174046 2023-01-31 05174046 2022-02-01 05174046 5 2023-02-01 2024-01-31 05174046 d:Director1 2023-02-01 2024-01-31 05174046 e:FreeholdInvestmentProperty 2024-01-31 05174046 e:FreeholdInvestmentProperty 2023-01-31 05174046 e:CurrentFinancialInstruments 2024-01-31 05174046 e:CurrentFinancialInstruments 2023-01-31 05174046 e:Non-currentFinancialInstruments 2024-01-31 05174046 e:Non-currentFinancialInstruments 2023-01-31 05174046 e:CurrentFinancialInstruments e:WithinOneYear 2024-01-31 05174046 e:CurrentFinancialInstruments e:WithinOneYear 2023-01-31 05174046 e:Non-currentFinancialInstruments e:AfterOneYear 2024-01-31 05174046 e:Non-currentFinancialInstruments e:AfterOneYear 2023-01-31 05174046 e:ShareCapital 2023-02-01 2024-01-31 05174046 e:ShareCapital 2024-01-31 05174046 e:ShareCapital 2022-02-01 2023-01-31 05174046 e:ShareCapital 2023-01-31 05174046 e:ShareCapital 2022-02-01 05174046 e:RevaluationReserve 2023-02-01 2024-01-31 05174046 e:RevaluationReserve 2024-01-31 05174046 e:RevaluationReserve 5 2023-02-01 2024-01-31 05174046 e:RevaluationReserve 2022-02-01 2023-01-31 05174046 e:RevaluationReserve 2023-01-31 05174046 e:RevaluationReserve 2022-02-01 05174046 e:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 05174046 e:RetainedEarningsAccumulatedLosses 2024-01-31 05174046 e:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 05174046 e:RetainedEarningsAccumulatedLosses 2023-01-31 05174046 e:RetainedEarningsAccumulatedLosses 2022-02-01 05174046 e:AcceleratedTaxDepreciationDeferredTax 2024-01-31 05174046 e:AcceleratedTaxDepreciationDeferredTax 2023-01-31 05174046 d:FRS102 2023-02-01 2024-01-31 05174046 d:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 05174046 d:FullAccounts 2023-02-01 2024-01-31 05174046 d:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 05174046 4 2023-02-01 2024-01-31 05174046 6 2023-02-01 2024-01-31 05174046 f:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Registered number: 05174046









REISS (PICTON PLACE) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
REISS (PICTON PLACE) LIMITED
REGISTERED NUMBER: 05174046

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
1
1,552,742

Investment property
 5 
14,855,000
14,855,000

  
14,855,001
16,407,742

Current assets
  

Debtors: amounts falling due within one year
 6 
563,815
506,986

Cash at bank and in hand
 7 
26,988
-

  
590,803
506,986

Creditors: amounts falling due within one year
 8 
(14,720,857)
(14,366,316)

Net current liabilities
  
 
 
(14,130,054)
 
 
(13,859,330)

Total assets less current liabilities
  
724,947
2,548,412

Creditors: amounts falling due after more than one year
 9 
(295,289)
(295,289)

Provisions for liabilities
  

Deferred tax
  
(1,027)
-

  
 
 
(1,027)
 
 
-

Net assets
  
428,631
2,253,123


Capital and reserves
  

Called up share capital 
  
1
1

Revaluation reserve
 11 
3,082
-

Profit and loss account
 11 
425,548
2,253,122

  
428,631
2,253,123


Page 1

 
REISS (PICTON PLACE) LIMITED
REGISTERED NUMBER: 05174046
    
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 profit and loss account 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 4 to 9 form part of these financial statements.

Page 2

 
REISS (PICTON PLACE) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 February 2022
1
-
-
1


Comprehensive income for the year

Profit for the year

-
-
2,253,122
2,253,122


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
2,253,122
2,253,122


Total transactions with owners
-
-
-
-



At 1 February 2023
1
-
2,253,122
2,253,123


Comprehensive income for the year

Loss for the year

-
-
(1,824,492)
(1,824,492)

Surplus on revaluation of freehold property
-
3,082
(3,082)
-


Other comprehensive income for the year
-
3,082
(3,082)
-


Total comprehensive income for the year
-
3,082
(1,827,574)
(1,824,492)


Total transactions with owners
-
-
-
-


At 31 January 2024
1
3,082
425,548
428,631


The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
REISS (PICTON PLACE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

The principal activity of Reiss (Picton Place) 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

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 4

 
REISS (PICTON PLACE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

 
2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 5

 
REISS (PICTON PLACE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.11

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 6

 
REISS (PICTON PLACE) 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.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 February 2023
1,552,742


Amounts written off
(1,552,741)



At 31 January 2024
1





5.


Investment Property


Freehold investment property

£



Valuation


At 1 February 2023
14,855,000



At 31 January 2024
14,855,000

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
14,855,000
14,855,000

Accumulated depreciation and impairments
(336,713)
(99,033)

14,518,287
14,755,967

Page 7

 
REISS (PICTON PLACE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


Debtors

2024
2023
£
£


Trade debtors
162,557
116,813

Amounts owed by group undertakings
388,426
390,172

Other debtors
10,500
-

Called up share capital not paid
1
1

Prepayments and accrued income
2,331
-

563,815
506,986



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
26,988
-



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
48,792
-

Amounts owed to group undertakings
14,536,955
14,243,693

Other taxation and social security
40,488
20,467

Accruals and deferred income
94,622
102,156

14,720,857
14,366,316



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Deposits
295,289
295,289


Page 8

 
REISS (PICTON PLACE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

10.


Deferred taxation




2024


£






Charged to profit or loss
(1,027)



At end of year
(1,027)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,027)
-

(1,027)
-


11.


Reserves

Revaluation reserve

The revaluation reseve is made up of the £4,109 gain on the investment property valuation from 2023 less deferred tax of £1,027.

Profit and loss account

The profit and loss account is made up of the 2023 profits and 2024 losses, which totalled £1,823,465 in 2024 after transferring the deferred tax charge to the revaluation reserve (2023: £2,249,013 after transferring £4,109 to the revaluation reserve in the current year).


12.


Parent company

The ultimate parent company is Reiss Family Holdings Limited, registered at First Floor, White Lion House, 64a Highgate High Street, London N6 5HX.

 
Page 9