Reigate Stock Share And Estates Company Limited
Unaudited Financial Statements
For the year ended 30 September 2024
Pages for Filing with Registrar
Company Registration No. 00005116 (England and Wales)
Reigate Stock Share and Estates Company Limited
Reigate Stock Share And Estates Company Limited
Company Information
Directors
D.E. Forster
K.D. Keasley FRICS
C.H.W. Richards MRICS
W.E. Cousins LLB
T.E. Mellows MRICS
Secretary
W.E. Cousins LLB
Company number
00005116
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 Stock Share And Estates Company Limited
Balance Sheet
As at 30 September 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
5
1,965,000
1,995,000
Investments
6
14,330
14,330
1,979,330
2,009,330
Current assets
Debtors
8
7,140,702
6,998,595
Cash at bank and in hand
112,338
148,952
7,253,040
7,147,547
Creditors: amounts falling due within one year
9
(69,272)
(43,532)
Net current assets
7,183,768
7,104,015
Total assets less current liabilities
9,163,098
9,113,345
Provisions for liabilities
(125)
(12,625)
Net assets
9,162,973
9,100,720
Capital and reserves
Called up share capital
11
15,049
15,049
Share premium account
802,957
802,957
Revaluation reserve
14,675
Profit and loss reserves
8,344,967
8,268,039
Total equity
9,162,973
9,100,720
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 Stock Share And Estates Company 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. 00005116
Reigate Stock Share And Estates Company 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
15,049
802,957
83,455
8,362,944
9,264,405
Year ended 30 September 2023:
Profit for the year
-
-
-
137,295
137,295
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
(80,000)
-
(80,000)
Tax relating to other comprehensive income
-
-
11,220
11,220
Total comprehensive income for the year
-
-
(68,780)
137,295
68,515
Dividends
-
-
-
(300,980)
(300,980)
Transfers
-
-
68,780
68,780
Balance at 30 September 2023
15,049
802,957
14,675
8,268,039
9,100,720
Year ended 30 September 2024:
Profit for the year
-
-
-
363,417
363,417
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
(30,000)
-
(30,000)
Tax relating to other comprehensive income
-
-
12,500
12,500
Total comprehensive income for the year
-
-
(17,500)
363,417
345,917
Dividends
-
-
-
(303,989)
(303,989)
Transfers
-
-
17,500
17,500
Other movements
-
-
2,825
-
2,825
Balance at 30 September 2024
15,049
802,957
8,344,967
9,162,973
Reigate Stock Share and Estates Company Limited
Reigate Stock Share And Estates Company Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Page 4
1
Accounting policies
Company information
Reigate Stock Share and Estates Company 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 investment properties at fair value. 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
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Cash and cash equivalents
Cash at bank and in hand 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.
Reigate Stock Share and Estates Company Limited
Reigate Stock Share And Estates Company Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
Page 5
1.6
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.
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, 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.
1.7
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.
1.8
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 Stock Share and Estates Company Limited
Reigate Stock Share And Estates Company 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.
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2023: 5).
4
Interest receivable and similar income
2024
2023
£
£
Interest receivable and similar income includes the following:
Income from shares in group undertakings
303,990
135,411
Reigate Stock Share and Estates Company Limited
Reigate Stock Share And Estates Company Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 7
5
Investment property
2024
£
Fair value
At 1 October 2023
1,995,000
Revaluations
(30,000)
At 30 September 2024
1,965,000
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 £1,967,700.
6
Fixed asset investments
2024
2023
£
£
Investments
14,330
14,330
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 October 2023 & 30 September 2024
14,330
Carrying amount
At 30 September 2024
14,330
At 30 September 2023
14,330
7
Subsidiaries
These financial statements are separate company financial statements for year ended 30 September 2024.
Details of the company's subsidiaries at 30 September 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Reigate Property and Shares Ltd
England and Wales
Ordinary £1 Shares
100.00
Reigate Stock Share and Estates Company Limited
Reigate Stock Share And Estates Company Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
7
Subsidiaries
(Continued)
Page 8
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Reigate Property and Shares Ltd
1,755,813
410,635
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
7,134,545
6,998,595
Other debtors
3,353
-
Prepayments and accrued income
2,804
7,140,702
6,998,595
9
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
25,185
19,600
Other taxation and social security
7,373
Other creditors
33,504
21,932
Accruals and deferred income
3,210
2,000
69,272
43,532
10
Deferred taxation
Liabilities
Liabilities
2024
2023
Balances:
£
£
Revaluations
125
12,625
Reigate Stock Share and Estates Company Limited
Reigate Stock Share And Estates Company Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
10
Deferred taxation
(Continued)
Page 9
2024
Movements in the year:
£
Liability at 1 October 2023
12,625
Credit to profit or loss
(12,500)
Liability at 30 September 2024
125
11
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
300,980 Ordinary Shares of 5p each
15,049
15,049
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