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Registered number: 13082649









THE REISS FAMILY FINANCE COMPANY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
THE REISS FAMILY FINANCE COMPANY LIMITED
REGISTERED NUMBER: 13082649

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,010
-

  
1,010
-

Current assets
  

Debtors: amounts falling due within one year
 5 
77,053,553
77,715,918

Cash at bank and in hand
  
41,221
1,116,145

  
77,094,774
78,832,063

Creditors: amounts falling due within one year
 6 
(29,950,123)
(34,505,716)

Net current assets
  
 
 
47,144,651
 
 
44,326,347

Total assets less current liabilities
  
47,145,661
44,326,347

Provisions for liabilities
  

Deferred tax
 7 
(253)
-

  
 
 
(253)
 
 
-

Net assets
  
47,145,408
44,326,347


Capital and reserves
  

Called up share capital 
  
40,319
40,319

Share premium account
  
40,277,682
40,277,682

Profit and loss account
  
6,827,407
4,008,346

  
47,145,408
44,326,347


Page 1

 
THE REISS FAMILY FINANCE COMPANY LIMITED
REGISTERED NUMBER: 13082649
    
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 7 form part of these financial statements.

Page 2

 
THE REISS FAMILY FINANCE COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

The principal activity of Reiss Family Finance Company is that of a finance company.
The Company is a private company limited by shares and is incorporated in England and Wales.
The registered office is First Floor, The White Lion House, 64a Highgate High Street, London, United Kingdom, 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.
interest income generated from the Company's investing activities is recognised at the point the Company has earned a right to the income.

 
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

 
THE REISS FAMILY FINANCE COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

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.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
20%
Straight-line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
THE REISS FAMILY FINANCE COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.10

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

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.

 
2.13

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.


3.


Employees

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

Page 5

 
THE REISS FAMILY FINANCE COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


Additions
1,027



At 31 January 2024

1,027



Depreciation


Charge for the year on owned assets
17



At 31 January 2024

17



Net book value



At 31 January 2024
1,010


5.


Debtors

2024
2023
£
£


Trade debtors
900
-

Amounts owed by group undertakings
77,049,112
77,710,871

Other debtors
3,541
5,047

77,053,553
77,715,918


Page 6

 
THE REISS FAMILY FINANCE COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans and overdrafts
17,000,849
-

Amounts owed to group undertakings
200,000
-

Corporation tax
485,708
522,495

Other creditors
12,246,572
33,977,822

Accruals and deferred income
16,994
5,399

29,950,123
34,505,716



7.


Deferred taxation




2024


£






Charged to profit or loss
(253)



At end of year
(253)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(253)
-

(253)
-


8.


Related party transactions

Included within other creditors are amounts due to a director of the Company of £12,246,572 (2023: £33,977,823).


9.


Parent company

The parent company is Reiss Family Holdings Limited. The Company's registered office address is First Floor, White Lion House, 64a Highgate High Street, London, N6 5HX.

 
Page 7