Reigate Property And Shares Limited
Unaudited Financial Statements
For the year ended 30 September 2024
Pages for Filing with Registrar
Company Registration No. 11533411 (England and Wales)
Reigate Property and Shares Limited
Reigate Property And Shares Limited
Company Information
Directors
W.E. Cousins LLB
D.E. Forster
K.D. Keasley FRICS
C.H.W. Richards MRICS
T.E. Mellows MRICS
Secretary
W.E Cousins LLB
Company number
11533411
Registered office
C/O Irwin Mitchell LLP Riverside East
2 Millsands
Sheffield
South Yorkshire
S3 8DT
Accountants
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Reigate Property And Shares Limited
Balance Sheet
As at 30 September 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
7,885,000
7,899,000
Investments
5
910,973
864,451
8,795,973
8,763,451
Current assets
Debtors
6
118,689
101,474
Cash at bank and in hand
677,306
395,144
795,995
496,618
Creditors: amounts falling due within one year
7
(7,488,831)
(7,272,847)
Net current liabilities
(6,692,836)
(6,776,229)
Total assets less current liabilities
2,103,137
1,987,222
Provisions for liabilities
(347,324)
(324,054)
Net assets
1,755,813
1,663,168
Capital and reserves
Called up share capital
9
100
100
Share premium account
14,230
14,230
Revaluation reserve
1,075,518
1,066,248
Profit and loss reserves
665,965
582,590
Total equity
1,755,813
1,663,168

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Reigate Property And Shares Limited
Balance Sheet (Continued)
As at 30 September 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 15 January 2025 and are signed on its behalf by:
W.E. Cousins LLB
Director
Company Registration No. 11533411
Reigate Property And Shares Limited
Statement of Changes in Equity
For the year ended 30 September 2024
Page 3
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2022
100
14,230
789,975
501,584
1,305,889
Year ended 30 September 2023:
Profit for the year
-
-
-
492,690
492,690
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
198,500
-
198,500
Tax relating to other comprehensive income
-
-
77,773
(77,773)
-
Total comprehensive income for the year
-
-
276,273
414,917
691,190
Dividends
-
-
-
(135,411)
(135,411)
Transfers
-
-
-
0
(198,500)
(198,500)
Balance at 30 September 2023
100
14,230
1,066,248
582,590
1,663,168
Year ended 30 September 2024:
Profit for the year
-
-
-
410,635
410,635
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
(14,000)
-
(14,000)
Tax relating to other comprehensive income
-
-
23,270
(23,270)
-
Total comprehensive income for the year
-
-
9,270
387,365
396,635
Dividends
-
-
-
(303,990)
(303,990)
Balance at 30 September 2024
100
14,230
1,075,518
665,965
1,755,813
Reigate Property and Shares Limited
Reigate Property And Shares Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Page 4
1
Accounting policies
Company information

Reigate Property and Shares Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Irwin Mitchell LLP Riverside East, 2 Millsands, Sheffield, South Yorkshire, United Kingdom, S3 8DT.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and listed investments. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rents receivable.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Although this accounting policy is in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102"), it is a departure from the general requirements of the Companies Act 2006 for all tangible fixed assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

Sale and purchase of investment properties are recognised upon the exchange of contracts.

1.4
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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 simultaneously.

Reigate Property and Shares Limited
Reigate Property And Shares Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
Page 5
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Reigate Property and Shares Limited
Reigate Property And Shares Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
Page 6
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Valuation of investment properties

The investment properties owned by the company have been revalued as at 30 September 2024 by the directors on a fair value basis.

Reigate Property and Shares Limited
Reigate Property And Shares Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 7
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 5 (2023 - 5).

4
Investment property
2024
£
Fair value
At 1 October 2023
7,899,000
Revaluations
(14,000)
At 30 September 2024
7,885,000

The investment properties have been valued on the basis of fair value at 30 September 2024 by the directors and believe this value is reflective of the market value of the investment properties as at 30 September 2024.

 

The historical cost of the properties at 30 September 2024 amounted to £6,664,244.

5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
910,973
864,451
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 October 2023
864,451
Valuation changes
46,522
At 30 September 2024
910,973
Carrying amount
At 30 September 2024
910,973
At 30 September 2023
864,451
Reigate Property and Shares Limited
Reigate Property And Shares Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 8
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
107,084
101,366
Prepayments and accrued income
11,605
108
118,689
101,474
7
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
7,134,545
6,998,595
Corporation tax
152,806
105,033
Other creditors
189,898
158,480
Accruals and deferred income
11,582
10,739
7,488,831
7,272,847
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Revaluations
347,324
324,054
2024
Movements in the year:
£
Liability at 1 October 2023
324,054
Charge to profit or loss
23,270
Liability at 30 September 2024
347,324
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Reigate Property and Shares Limited
Reigate Property And Shares Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 9
10
Related party transactions

The company has taken the exemption, in accordance with FRS 102 - Section 33 "Related Party Disclosures", from disclosing related party transactions entered into between members of a group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.

 

The company paid professional fees during the year of £78,082 (2023: £77,555) to Richards & Co. (UK) Ltd, of which C. H. W. Richards is a director and shareholder. The fees were charged at commercial rates.

 

The company paid professional fees during the year of £4,277 (2023: £12,207) to Walker Morris LLP, of which W. E. Cousins is a partner. The fees were charged at a commercial rates.

 

At the year end an amount was due to the directors of the company of £nil (2023: £1,164).

 

Remuneration paid to the directors during the year totalled £56,350 (2023: £54,600).

 

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