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Registered number: 10560236









THE REISS FAMILY INVESTMENT COMPANY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
THE REISS FAMILY INVESTMENT COMPANY LIMITED
REGISTERED NUMBER: 10560236

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,263
13,935

Fixed asset investments
 5 
4,515,840
4,515,840

Investment property
  
16,500,000
16,500,000

  
21,021,103
21,029,775

Current assets
  

Debtors: amounts falling due within one year
 7 
496,335
138,377

Current asset investments
 8 
7,618,276
8,550,427

Cash at bank and in hand
  
333,615
1,719,456

  
8,448,226
10,408,260

Creditors: amounts falling due within one year
 9 
(27,621,789)
(29,104,473)

Total assets less current liabilities
  
 
 
1,847,540
 
 
2,333,562

Creditors: amounts falling due after more than one year
 10 
(1,524,037)
(2,118,280)

Provisions for liabilities
  

Deferred tax
 11 
(33,433)
(29,963)

  
 
 
(33,433)
 
 
(29,963)

Net assets
  
290,070
185,319


Capital and reserves
  

Called up share capital 
  
100
100

Investment property reserve
  
149,763
-

Profit and loss account
  
140,207
185,219

  
290,070
185,319


Page 1

 
THE REISS FAMILY INVESTMENT COMPANY LIMITED
REGISTERED NUMBER: 10560236
    
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: 22 January 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

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

1.


General information

The principal activity of The Reiss Family Investment Company Limited ("the Company") is that of a property investment company.
The Company is a private company, limited by shares and is incorporated in England and Wales.
The registered office address is First Floor, 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

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

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.

 
2.4

Functional and presentation currency

The Company's functional and presentational currency is GBP.

 
2.5

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.

 
2.6

Interest income

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

Page 3

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

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

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.

 
2.10

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.

Page 4

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

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

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:

Fixtures and fittings
-
20%
straight line
Office equipment
-
25%
straight line

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.

 
2.11

Investment property

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

 
2.12

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 Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.13

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.

Page 5

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

2.Accounting policies (continued)

 
2.14

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 5 (2023 -6).

Page 6

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

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 February 2023
79,581
15,344
94,925



At 31 January 2024

79,581
15,344
94,925



Depreciation


At 1 February 2023
67,977
13,013
80,990


Charge for the year on owned assets
7,604
1,068
8,672



At 31 January 2024

75,581
14,081
89,662



Net book value



At 31 January 2024
4,000
1,263
5,263



At 31 January 2023
11,604
2,331
13,935

Page 7

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

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 February 2023
4,515,840



At 31 January 2024
4,515,840






Net book value



At 31 January 2024
4,515,840



At 31 January 2023
4,515,840


6.


Investment property


Freehold investment property

£



Valuation


At 1 February 2023
16,500,000



At 31 January 2024
16,500,000

The 2024 valuations were made by the 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
16,307,642
16,307,642

Accumulated depreciation and impairments
(1,262,421)
(1,001,498)

15,045,221
15,306,144

Page 8

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

7.


Debtors

2024
2023
£
£


Trade debtors
18,421
30,569

Amounts owed by group undertakings
361,794
95

Other debtors
108,454
99,650

Prepayments and accrued income
7,666
8,063

496,335
138,377



8.


Current asset investments

2024
2023
£
£

Unlisted investments
7,618,276
8,550,427

7,618,276
8,550,427



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
11,061
68,091

Amounts owed to group undertakings
21,230,556
21,351,871

Corporation tax
3,928
-

Other taxation and social security
29,942
9,749

Other creditors
6,207,472
7,570,025

Accruals and deferred income
138,830
104,737

27,621,789
29,104,473


The following liabilities were secured:




Details of security provided:

Included in other creditors are amounts of £7,618,276 (2023 £8,550,427) secured on current asset investments.

Page 9

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

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
1,524,037
2,118,280

1,524,037
2,118,280



11.


Deferred taxation




2024
2023


£

£






At beginning of year
(29,963)
9,298


Charged to profit or loss
(3,470)
(39,261)



At end of year
(33,433)
(29,963)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
3,847
7,405

Short term timing differences
160
73

Capital Gains/(losses)
(40,214)
(37,441)

Other
2,774
-

(33,433)
(29,963)


12.


Related party transactions

The Company has taken advantage of Section 33.1A of FRS102 in not disclosing transactions with wholly-owned subsidiaries.
Included within other creditors are amounts due to a director of the Company of £5,554,929 (2023: £5,896,342).
Included within other creditors are amounts due to trusts controlled by directors of the Company totalling £2,130,271 (2023: £3,750,597) which have been invested with third parties.

 
Page 10