Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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Investments | 5 |
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511,171 | 500,873 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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34,635 | 46,189 | |||
Creditors: amounts falling due within one year | 7 | (
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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 | (
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Provision for liabilities | (
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Net assets/(liabilities) |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Fair value reserve |
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Profit and loss account | (
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Total shareholder's funds/(deficit) |
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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:
M D Little
Director |
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.
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 £.
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.
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.
Vehicles |
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Fixtures and fittings |
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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 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.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Vehicles | Fixtures and fittings | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 August 2022 |
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Additions |
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At 31 July 2023 |
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Accumulated depreciation | |||||
At 01 August 2022 |
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Charge for the financial year |
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At 31 July 2023 |
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Net book value | |||||
At 31 July 2023 |
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At 31 July 2022 |
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Leased assets included above: | |||||
Net book value | |||||
At 31 July 2023 | 0 | 0 | 0 | ||
At 31 July 2022 | 16,983 | 0 | 16,983 |
Investment property | |
£ | |
Valuation | |
As at 01 August 2022 |
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Fair value movement | 15,000 |
As at 31 July 2023 |
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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 |
Investments in subsidiaries
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Cost | |
At 01 August 2022 |
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At 31 July 2023 |
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Carrying value at 31 July 2023 |
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Carrying value at 31 July 2022 |
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2023 | 2022 | ||
£ | £ | ||
Amounts owed by own subsidiaries |
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Prepayments |
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2023 | 2022 | ||
£ | £ | ||
Amounts owed to director |
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Accruals and deferred income |
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Taxation and social security |
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Obligations under finance leases and hire purchase contracts (secured) |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts (secured) |
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Bank borrowings are secured on investment property owned by the Company.
2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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