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Company No: 10294596 (England and Wales)

REES-LITTLE PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

REES-LITTLE PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

REES-LITTLE PROPERTIES LIMITED

BALANCE SHEET

As at 31 July 2023
REES-LITTLE PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 16,071 20,773
Investment property 4 495,000 480,000
Investments 5 100 100
511,171 500,873
Current assets
Debtors 6 8,681 36,323
Cash at bank and in hand 25,954 9,866
34,635 46,189
Creditors: amounts falling due within one year 7 ( 108,541) ( 166,443)
Net current liabilities (73,906) (120,254)
Total assets less current liabilities 437,265 380,619
Creditors: amounts falling due after more than one year 8 ( 381,049) ( 332,053)
Provision for liabilities ( 12,107) ( 62,443)
Net assets/(liabilities) 44,109 ( 13,877)
Capital and reserves
Called-up share capital 9 100 100
Fair value reserve 104,850 89,850
Profit and loss account ( 60,841 ) ( 103,827 )
Total shareholder's funds/(deficit) 44,109 ( 13,877)

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Rees-Little Properties Limited (registered number: 10294596) were approved and authorised for issue by the Director on 30 January 2025. They were signed on its behalf by:

M D Little
Director
REES-LITTLE PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
REES-LITTLE PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Rees-Little Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Ground Floor, 90 Victoria Street, Bristol, BS1 6DP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts chargeable in respect of property rentals and management.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Vehicles 4 years straight line
Fixtures and fittings 6 - 7 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at the revised market value. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 1

3. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 August 2022 17,344 8,856 26,200
Additions 0 1,118 1,118
At 31 July 2023 17,344 9,974 27,318
Accumulated depreciation
At 01 August 2022 361 5,066 5,427
Charge for the financial year 4,336 1,484 5,820
At 31 July 2023 4,697 6,550 11,247
Net book value
At 31 July 2023 12,647 3,424 16,071
At 31 July 2022 16,983 3,790 20,773
Leased assets included above:
Net book value
At 31 July 2023 0 0 0
At 31 July 2022 16,983 0 16,983

4. Investment property

Investment property
£
Valuation
As at 01 August 2022 480,000
Fair value movement 15,000
As at 31 July 2023 495,000

Valuation

Investment property consists of freehold properties. The fair value of the investment property is based on the director's best estimate having considered properties of a similar nature, condition and location.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 390,150 390,150

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 August 2022 100
At 31 July 2023 100
Carrying value at 31 July 2023 100
Carrying value at 31 July 2022 100

6. Debtors

2023 2022
£ £
Amounts owed by own subsidiaries 0 25,799
Prepayments 8,681 10,524
8,681 36,323

7. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to director 101,955 162,135
Accruals and deferred income 4,680 1,565
Taxation and social security 0 996
Obligations under finance leases and hire purchase contracts (secured) 1,906 1,747
108,541 166,443

Obligations under finance leases and hire purchase contracts of £1,906 (2022 - £1,747) are secured by way of fixed and floating charges over the assets of the company.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 376,703 325,800
Obligations under finance leases and hire purchase contracts (secured) 4,346 6,253
381,049 332,053

The hire purchase liabilities disclosed under creditors are secured against the assets to which they relate.

Bank borrowings are secured on investment property owned by the Company.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100