REGISTERED NUMBER: |
READ POUNDS ESTATE INVESTMENT AND |
MANAGEMENT LTD. |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
30 APRIL 2024 |
REGISTERED NUMBER: |
READ POUNDS ESTATE INVESTMENT AND |
MANAGEMENT LTD. |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
30 APRIL 2024 |
READ POUNDS ESTATE INVESTMENT AND |
MANAGEMENT LTD. (REGISTERED NUMBER: SC503797) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
READ POUNDS ESTATE INVESTMENT AND |
MANAGEMENT LTD. |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
9 Royal Crescent |
Glasgow |
G3 7SP |
READ POUNDS ESTATE INVESTMENT AND |
MANAGEMENT LTD. (REGISTERED NUMBER: SC503797) |
BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
READ POUNDS ESTATE INVESTMENT AND |
MANAGEMENT LTD. (REGISTERED NUMBER: SC503797) |
BALANCE SHEET - continued |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Fair value reserve | 12 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
The director acknowledges her responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
READ POUNDS ESTATE INVESTMENT AND |
MANAGEMENT LTD. (REGISTERED NUMBER: SC503797) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Read Pounds Estate Investment and Management Ltd. is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover and revenue recognition |
The turnover shown in the profit and loss account represents the rental income receivable for the year. Income is recognised on the basis of rent due for the year. |
Tangible fixed assets |
Equipment and Fittings | - |
Investment property |
Investment properties are shown at their fair value. The surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market is not considered to be permanent. |
This is in accordance with FRS102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view. |
Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve together with the fair value movement. |
Financial instruments |
Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised. |
READ POUNDS ESTATE INVESTMENT AND |
MANAGEMENT LTD. (REGISTERED NUMBER: SC503797) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company contributes to the individual personal pensions of its employees. Contributions payable are charged to the accounts in the period to which they relate. |
Loans and borrowings |
Employee benefits |
When employees have rendered service to the company , short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
READ POUNDS ESTATE INVESTMENT AND |
MANAGEMENT LTD. (REGISTERED NUMBER: SC503797) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
4. | TANGIBLE FIXED ASSETS |
Equipment |
and |
Fittings |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Fair value at 30 April 2024 is represented by: |
£ |
Valuation in 2018 | 36,086 |
Valuation in 2021 | 188,454 |
Valuation in 2022 | 93,130 |
Cost | 617,330 |
935,000 |
READ POUNDS ESTATE INVESTMENT AND |
MANAGEMENT LTD. (REGISTERED NUMBER: SC503797) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
5. | INVESTMENT PROPERTY - continued |
The investment properties were revalued on an open market basis by the director on 30 April 2022. The director's valuation at 30 April 2024 remains unchanged. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Loans to related companies |
Other debtors |
Prepayments and accrued income |
The loans to related companies and other debtors is interest free and repayable on demand. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Corporation Tax |
Social security and other taxes |
Other creditors |
Director's current accounts |
Accruals and prepaid income |
The director's loan is interest free and repayable on demand. |
The loan from other creditors is repayable on demand and interest of £1000 is charged for the year. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 9) |
READ POUNDS ESTATE INVESTMENT AND |
MANAGEMENT LTD. (REGISTERED NUMBER: SC503797) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2024 | 2023 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 191,280 | 197,685 |
9. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 191,280 | 197,685 |
10. | SECURED DEBTS |
The property loans are secured by standard security over the company's investment properties. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
READ POUNDS ESTATE INVESTMENT AND |
MANAGEMENT LTD. (REGISTERED NUMBER: SC503797) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
12. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 May 2023 | 375,512 |
Profit for the year |
At 30 April 2024 | 393,715 |
13. | RELATED PARTY DISCLOSURES |
The loan balance due to the director amounted to £ |
Included within creditors is a loan balance due to a former director of £240,606 (2023 : £239,606). |