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REGISTERED NUMBER: 04302220 (England and Wales)















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2024

for

REEF ESTATES LIMITED

REEF ESTATES LIMITED (REGISTERED NUMBER: 04302220)

Contents of the Consolidated Financial Statements
for the year ended 31 March 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 6

Consolidated Other Comprehensive Income 7

Consolidated Balance Sheet 8

Company Balance Sheet 9

Consolidated Statement of Changes in Equity 10

Company Statement of Changes in Equity 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


REEF ESTATES LIMITED

Company Information
for the year ended 31 March 2024







Directors: P A Slater
E Q Slater





Secretary: E Q Slater





Registered office: 13-14 Welbeck Street
London
W1G 9XU





Registered number: 04302220 (England and Wales)





Auditors: Duncan & Toplis Audit Limited, Statutory Auditor
3rd Floor, Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ

REEF ESTATES LIMITED (REGISTERED NUMBER: 04302220)

Group Strategic Report
for the year ended 31 March 2024


The directors present their strategic report of the company and the group for the year ended 31 March 2024.

Review of business
Reef is a privately owned property developer with a passion for design and our expert team includes in-house design and construction specialists. Working with our partners we revitalise cities and places through substantial regeneration and placemaking. Reef manages the whole development process from identifying and securing new opportunities, through pre-development, delivery and post construction.

The results for the year show sales of £4.078m (2023: £44.220m) and a pre-tax loss of £4.720m (2023 Profit: £1.471m).

The group considers its key performance indicator of the business to be its net assets. The net assets of the Group decreased from £13.756m to £4.763m, a 65.3% decrease. The Group held a cash balance of £1.738m (2023: £8.628m) at the year end.

Principal risks and uncertainties
Property development is inherently risky. The financial strategy seeks to limit Reef's exposure on each project to a level which is appropriate to Reef's balance sheet and capital base. Reef's key risks are:

Economic and Market Risk
Development activity remains cyclical with levels of activity following the UK economic cycle. To enable Reef to maintain its team and profitability in a down-turn it is essential that the company maintains an adequate cash balance and generates development management and architectural fees in addition to profit shares and equity positions in order to cover its overheads.

Finance and Risk Management
Cash flow forecasts are produced and reviewed on a monthly basis for the Group and for each of our developments and the company looks to forward fund projects wherever possible in order to minimise the company's capital which is tied up in a project.

Post balance sheet considerations
Since the balance sheet date, the outlook of the UK and the Global economy has become increasingly uncertain due to high levels of inflation and the increase in Bank of England base rate to try to bring inflation down. The directors are taking appropriate actions to steer the business through this difficult period and while the outlook is uncertain, we believe the company is well-placed to overcome the challenges ahead.

Key performance indicators
Reef uses a number of key performance indicators for managing the business, principally revenue, profitability, liquidity and risk.

At the project level, an analysis of both resourcing and opportunity costs set against potential returns and risk is used for investment decisions.

Future developments
The trading environment in which the company operates is expected to remain competitive for the foreseeable future, but the directors remain confident that the company can continue to find development opportunities to create value for the business.

On behalf of the board:





E Q Slater - Director


9 January 2025

REEF ESTATES LIMITED (REGISTERED NUMBER: 04302220)

Report of the Directors
for the year ended 31 March 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

Principal activity
The principal activity of the group in the year under review was that of commercial and residential property development and trading.

Dividends
The directors recommend that no final dividend is paid for the year ended 31 March 2024 (2023: £Nil).

The directors further recommend that interim dividends paid during the year amounting in aggregate to £1,936,754 (2023: £2,402,528).

Directors
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

P A Slater
E Q Slater

Other changes in directors holding office are as follows:

S A Deering - resigned 24 October 2023

Financial instruments
The directors considered the risks attached to the group's financial instruments which principally comprise operating debtors, operating creditors and loans. The directors have taken a prudent approach in their consideration of the various risks attached to the financial instruments of the group. The group's exposure to price risk, credit risk, liquidity risk and cash flow risk is not material for the assessment of assets, liabilities and the financial statements.

Political donations and expenditure
Total donations for the year is £24,819 (2023: £1,604). No political donations have been made during the year.

Statement of directors' responsibilities
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

On behalf of the board:





E Q Slater - Director


9 January 2025

Report of the Independent Auditors to the Members of
Reef Estates Limited (Registered number: 04302220)


Opinion
We have audited the financial statements of Reef Estates Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Reef Estates Limited (Registered number: 04302220)


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.
- Enquiring of management concerning actual and potential litigation and claims.
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Hassan Behcet (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
3rd Floor, Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ

10 January 2025

REEF ESTATES LIMITED (REGISTERED NUMBER: 04302220)

Consolidated
Income Statement
for the year ended 31 March 2024

2024 2023
Notes £ £

Turnover 4,077,626 44,220,885

Cost of sales 64,827 (29,188,749 )
Gross profit 4,142,453 15,032,136

Administrative expenses (8,958,003 ) (13,841,975 )
(4,815,550 ) 1,190,161

Other operating income 33,068 48,006
Group operating (loss)/profit 5 (4,782,482 ) 1,238,167

Share of operating profit in
Associates 105,458 273,679


Interest payable and similar expenses 6 (42,816 ) (40,587 )
(Loss)/profit before taxation (4,719,840 ) 1,471,259

Tax on (loss)/profit 7 164,381 (409,381 )
(Loss)/profit for the financial year (4,555,459 ) 1,061,878
(Loss)/profit attributable to:
Owners of the parent (4,555,459 ) 1,061,878

REEF ESTATES LIMITED (REGISTERED NUMBER: 04302220)

Consolidated
Other Comprehensive Income
for the year ended 31 March 2024

2024 2023
Notes £ £

(Loss)/profit for the year (4,555,459 ) 1,061,878


Other comprehensive income
Purchase of own shares (2,499,730 ) -
Income tax relating to other comprehensive income - -
Other comprehensive income for the year, net of
income tax

(2,499,730

)

-
Total comprehensive income for the year (7,055,189 ) 1,061,878

Total comprehensive income attributable to:
Owners of the parent (7,055,189 ) 1,061,878

REEF ESTATES LIMITED (REGISTERED NUMBER: 04302220)

Consolidated Balance Sheet
31 March 2024

2024 2023
Notes £ £ £ £
Fixed assets
Intangible assets 10 - -
Tangible assets 11 206,582 143,600
Investments 12
Interest in associate 23 315,456
Other investments 445,808 445,810
652,413 904,866

Current assets
Stocks 13 682,543 1,168,544
Debtors 14 6,615,248 11,341,644
Cash at bank 1,737,795 8,628,338
9,035,586 21,138,526
Creditors
Amounts falling due within one year 15 4,924,018 8,287,195
Net current assets 4,111,568 12,851,331
Total assets less current liabilities 4,763,981 13,756,197

Capital and reserves
Called up share capital 17 1,808 2,080
Capital redemption reserve 18 270 -
Retained earnings 18 4,761,903 13,754,117
4,763,981 13,756,197

The financial statements were approved by the Board of Directors and authorised for issue on 9 January 2025 and were signed on its behalf by:





E Q Slater - Director


REEF ESTATES LIMITED (REGISTERED NUMBER: 04302220)

Company Balance Sheet
31 March 2024

2024 2023
Notes £ £ £ £
Fixed assets
Intangible assets 10 - -
Tangible assets 11 205,881 142,551
Investments 12 495,918 495,920
701,799 638,471

Current assets
Stocks 13 583,410 685,109
Debtors 14 10,360,798 13,660,304
Cash at bank 1,016,204 5,080,847
11,960,412 19,426,260
Creditors
Amounts falling due within one year 15 6,655,298 4,853,561
Net current assets 5,305,114 14,572,699
Total assets less current liabilities 6,006,913 15,211,170

Capital and reserves
Called up share capital 17 1,812 2,082
Capital redemption reserve 18 270 -
Retained earnings 18 6,004,831 15,209,088
6,006,913 15,211,170

Company's (loss)/profit for the financial year (4,767,502 ) 2,600,525

The financial statements were approved by the Board of Directors and authorised for issue on 9 January 2025 and were signed on its behalf by:





E Q Slater - Director


REEF ESTATES LIMITED (REGISTERED NUMBER: 04302220)

Consolidated Statement of Changes in Equity
for the year ended 31 March 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£ £ £ £
Balance at 1 April 2022 2,082 15,094,767 - 15,096,849

Changes in equity
Issue of share capital (2 ) - - (2 )
Dividends - (2,402,528 ) - (2,402,528 )
Total comprehensive income - 1,061,878 - 1,061,878
Balance at 31 March 2023 2,080 13,754,117 - 13,756,197

Changes in equity
Issue of share capital (272 ) - - (272 )
Dividends - (1,936,755 ) - (1,936,755 )
Total comprehensive income - (7,055,459 ) 270 (7,055,189 )
Balance at 31 March 2024 1,808 4,761,903 270 4,763,981

REEF ESTATES LIMITED (REGISTERED NUMBER: 04302220)

Company Statement of Changes in Equity
for the year ended 31 March 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£ £ £ £
Balance at 1 April 2022 2,082 15,011,091 - 15,013,173

Changes in equity
Dividends - (2,402,528 ) - (2,402,528 )
Total comprehensive income - 2,600,525 - 2,600,525
Balance at 31 March 2023 2,082 15,209,088 - 15,211,170

Changes in equity
Issue of share capital (270 ) - - (270 )
Dividends - (1,936,755 ) - (1,936,755 )
Total comprehensive income - (7,267,502 ) 270 (7,267,232 )
Balance at 31 March 2024 1,812 6,004,831 270 6,006,913

REEF ESTATES LIMITED (REGISTERED NUMBER: 04302220)

Consolidated Cash Flow Statement
for the year ended 31 March 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 (2,567,286 ) 5,786,794
Interest paid (42,816 ) (40,587 )
Tax paid (389,903 ) (1,055,869 )
Net cash from operating activities (3,000,005 ) 4,690,338

Cash flows from investing activities
Purchase of tangible fixed assets (109,600 ) (27,367 )
Purchase of fixed asset investments (208,094 ) (273,679 )
Sale of fixed asset investments 10,868 -
Net cash from investing activities (306,826 ) (301,046 )

Cash flows from financing activities
Amount introduced by directors (1,365,849 ) (1,080,825 )
Amount withdrawn by directors (5,000 ) 1
Share issue (272 ) (2 )
Loan movements in the year (275,836 ) 165,000
Equity dividends paid (1,936,755 ) (2,402,528 )
Net cash from financing activities (3,583,712 ) (3,318,354 )

(Decrease)/increase in cash and cash equivalents (6,890,543 ) 1,070,938
Cash and cash equivalents at beginning of year 2 8,628,338 7,557,400

Cash and cash equivalents at end of year 2 1,737,795 8,628,338

REEF ESTATES LIMITED (REGISTERED NUMBER: 04302220)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 March 2024


1. Reconciliation of (loss)/profit before taxation to cash generated from operations

2024 2023
£ £
(Loss)/profit before taxation (4,719,840 ) 1,471,259
Depreciation charges 46,621 64,709
Profit on disposal of fixed assets (10,866 ) -
Finance costs 42,816 40,587
(4,641,269 ) 1,576,555
Decrease in stocks 486,001 482,041
Decrease in trade and other debtors 4,951,159 2,209,933
(Decrease)/increase in trade and other creditors (3,363,177 ) 1,518,265
Cash generated from operations (2,567,286 ) 5,786,794

2. Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31/3/24 1/4/23
£ £
Cash and cash equivalents 1,737,795 8,628,338
Year ended 31 March 2023
31/3/23 1/4/22
£ £
Cash and cash equivalents 8,628,338 7,557,400


3. Analysis of changes in net funds

At 1/4/23 Cash flow At 31/3/24
£ £ £
Net cash
Cash at bank 8,628,338 (6,890,543 ) 1,737,795
8,628,338 (6,890,543 ) 1,737,795
Total 8,628,338 (6,890,543 ) 1,737,795

REEF ESTATES LIMITED (REGISTERED NUMBER: 04302220)

Notes to the Consolidated Financial Statements
for the year ended 31 March 2024


1. Statutory information

Reef Estates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group financial statements consolidate those of the parent company and all its subsidiary undertakings drawn up to 31 March each year. All intra-group balances, transactions, income and expenses are eliminated in full on consolidation. Investments in associates and joint ventures are accounted for using the equity method. The consolidated profit and loss account includes the group's share of the joint venture's profits less losses while the group's share of gross assets and liabilities of the joint venture is reflected in the consolidated balance sheet.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in valuing stock. A full line by line review of stock is carried out by management regularly. Whilst every attempt is made to ensure that stock is recorded at the lower of cost or net realisable value, there remains a risk that projects may not return a profit and therefore stock is valued incorrectly.

There is estimation uncertainty in providing for retentions. A full line by line review of retentions is carried out by management regularly. Whilst every attempt is made to ensure that retentions are accurate and correctly recorded, there remains a risk that unforeseen additional expenditure may be incurred.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group and Company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statement.

Turnover
Turnover represents amounts invoiced by the company, net of Value Added Tax, in accordance with the development agreements pertaining to each project.

Goodwill
Purchased goodwill arising on acquisition is capitalised and amortised through the profit and loss account on a straight line basis over its estimated useful life. In respect of all existing goodwill, this is estimated to be 20 years. Negative goodwill arising on acquisition is credited to the balance sheet and released through the profit and loss account as the underlying assets are realised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property - 10 years straight line
Fixtures and fittings - 25% straight line
Office equipment - 25% straight line
Computer equipment - 33 1/3% straight line

Investments in associates
Investments in associate undertakings are recognised at cost.

REEF ESTATES LIMITED (REGISTERED NUMBER: 04302220)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024


2. Accounting policies - continued

Work-in progress
Work in progress represents cost of planning, initial development and contractors costs. These are are then recharged to the client on agreed conclusion of the project. Work in progress is valued at the lower of cost and net realisable value.

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Fixed asset investments
Investments are stated at cost less any provision for any impairment in value.

3. Employees and directors
2024 2023
£ £
Wages and salaries 2,598,638 5,146,787
Social security costs 474,459 446,871
Other pension costs 83,120 74,281
3,156,217 5,667,939

The average number of employees during the year was as follows:
2024 2023

Management and office 24 25

The average number of employees by undertakings that were proportionately consolidated during the year was 24 (2023 - 25 ) .

REEF ESTATES LIMITED (REGISTERED NUMBER: 04302220)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024


4. Directors' emoluments
2024 2023
£ £
Directors' remuneration 493,764 155,000

Information regarding the highest paid director for the year ended 31 March 2024 is as follows:
2024
£
Emoluments etc 302,417

5. Operating (loss)/profit

The operating loss (2023 - operating profit) is stated after charging/(crediting):

2024 2023
£ £
Depreciation - owned assets 46,618 64,709
Profit on disposal of fixed assets (10,866 ) -
Auditors' remuneration 16,300 31,035
Taxation compliance services - 1,000
Other non- audit services 40,000 77,060

6. Interest payable and similar expenses
2024 2023
£ £
Interest payable 42,816 40,587

7. Taxation

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax (36,098 ) 409,381
Underprovision of prior years charge (128,283 ) -

Tax on (loss)/profit (164,381 ) 409,381

UK corporation tax was charged at 19 %) in 2023.

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£ £
(Loss)/profit before tax (4,719,840 ) 1,471,259
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 19 % (2023 - 19
%)

(896,770

)

279,539

Effects of:
Expenses not deductible for tax purposes - 166,204
Capital allowances in excess of depreciation - (27,037 )
Utilisation of tax losses 896,770 -
Consolidation adjustment - (9,325 )
Tax losses carried back (244,763 ) -
Tax paid in advance 80,382 -
Total tax (credit)/charge (164,381 ) 409,381

REEF ESTATES LIMITED (REGISTERED NUMBER: 04302220)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024


7. Taxation - continued

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£ £ £
Purchase of own shares (2,499,730 ) - (2,499,730 )

8. Individual income statement

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. Dividends

During the year interim dividends were paid amounting in aggregate to £1,936,755 (2023: £2,402,528).

10. Intangible fixed assets

Group
Computer
Goodwill software Totals
£ £ £
Cost
At 1 April 2023
and 31 March 2024 49,000 3,849 52,849
Amortisation
At 1 April 2023
and 31 March 2024 49,000 3,849 52,849
Net book value
At 31 March 2024 - - -
At 31 March 2023 - - -

11. Tangible fixed assets

Group
Fixtures
Improvements and Computer
to property fittings equipment Totals
£ £ £ £
Cost
At 1 April 2023 213,477 199,562 279,847 692,886
Additions 32,929 62,222 14,449 109,600
At 31 March 2024 246,406 261,784 294,296 802,486
Depreciation
At 1 April 2023 105,778 197,809 245,699 549,286
Charge for year 22,152 5,271 19,195 46,618
At 31 March 2024 127,930 203,080 264,894 595,904
Net book value
At 31 March 2024 118,476 58,704 29,402 206,582
At 31 March 2023 107,699 1,753 34,148 143,600

REEF ESTATES LIMITED (REGISTERED NUMBER: 04302220)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024


11. Tangible fixed assets - continued

Company
Fixtures
Improvements and Computer
to property fittings equipment Totals
£ £ £ £
Cost
At 1 April 2023 213,477 197,812 279,847 691,136
Additions 32,929 62,222 14,449 109,600
At 31 March 2024 246,406 260,034 294,296 800,736
Depreciation
At 1 April 2023 105,778 197,109 245,698 548,585
Charge for year 22,152 4,921 19,197 46,270
At 31 March 2024 127,930 202,030 264,895 594,855
Net book value
At 31 March 2024 118,476 58,004 29,401 205,881
At 31 March 2023 107,699 703 34,149 142,551

12. Fixed asset investments

Group
Interest in Unlisted
associate investments Totals
£ £ £
Cost
At 1 April 2023 315,456 445,810 761,266
Disposals - (2 ) (2 )
Share of profit/(loss) (315,433 ) - (315,433 )
At 31 March 2024 23 445,808 445,831
Net book value
At 31 March 2024 23 445,808 445,831
At 31 March 2023 315,456 445,810 761,266
Company
Unlisted
investments
£
Cost
At 1 April 2023 495,920
Disposals (2 )
At 31 March 2024 495,918
Net book value
At 31 March 2024 495,918
At 31 March 2023 495,920

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries


REEF ESTATES LIMITED (REGISTERED NUMBER: 04302220)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024


12. Fixed asset investments - continued

UrbanR Ltd
Registered office: 13-14 Welbeck Street, London, England, W1G 9XU
Nature of business: Architectural and project management consultancy
%
Class of shares: holding
Ordinary £1 Shares 100.00
2024 2023
£ £
Aggregate capital and reserves 1,676,704 1,197,072
Profit for the year 479,632 2,126,333

Reef Estates (Ashby) Limited
Registered office: 13-14 Welbeck Street, London, England, W1G 9XU
Nature of business: Property development
%
Class of shares: holding
Ordinary £1 shares 100.00
2024 2023
£ £
Aggregate capital and reserves (1,255 ) (1,255 )
Profit for the year - 550

Oaks Devco Ltd
Registered office: 13-14 Welbeck Street, London, England, W1G 9XU
Nature of business: Property development
%
Class of shares: holding
Ordinary £1 shares 100.00
2024 2023
£ £
Aggregate capital and reserves (1,318 ) (1,064 )
Loss for the year (254 ) (4,899 )

RG17 Limited
Registered office: 13-14 Welbeck Street, London, England, W1G 9XU
Nature of business: Property management
%
Class of shares: holding
Ordinary £1 shares 100.00
2024 2023
£ £
Aggregate capital and reserves (2,614,330 ) (2,590,931 )
Loss for the year (23,399 ) (127,197 )

Reef Estates (Wimbledon) Limited
Registered office: 13-14 Welbeck Street, London, England, W1G 9XU
Nature of business: Property development
%
Class of shares: holding
Ordinary £1 shares 100.00
2024 2023
£ £
Aggregate capital and reserves 964,920 801,057
Profit for the year 163,863 5,040,875

REEF ESTATES LIMITED (REGISTERED NUMBER: 04302220)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024


12. Fixed asset investments - continued

Reef Estates Regen Limited
Registered office: 13-14 Welbeck Street, London, W1G 9XU
Nature of business: Property development
%
Class of shares: holding
Ordinary £1 shares 100.00
2024 2023
£ £
Aggregate capital and reserves 388,170 252,770
Profit for the year 135,400 5,368

Reef Estates Regen 1 Limited
Registered office: 13-14 Welbeck Street, London, W1G 9XU
Nature of business: Property development
%
Class of shares: holding
Ordinary £1 shares 100.00
2024 2023
£ £
Aggregate capital and reserves (1,083,605 ) (870,712 )
Loss for the year (212,893 ) (1,019,765 )

Reef Estates Regen 2 Limited
Registered office: 13-14 Welbeck Street, London, W1G 9XU
Nature of business: Property development
%
Class of shares: holding
Ordinary £1 shares 100.00
2024 2023
£ £
Aggregate capital and reserves (371,392 ) (347,840 )
Loss for the year (23,552 ) (329,050 )

Reef Estates (Kingston) Limited
Registered office: 13-14 Welbeck Street, London, W1G 9XU
Nature of business: Property development
%
Class of shares: holding
Ordinary £1 shares 100.00
2024 2023
£ £
Aggregate capital and reserves (150,739 ) (148,551 )
Loss for the year (2,188 ) (2,439 )

During the year the Reef Estates Limited disposed 100% of their interest in Reef Estates 19 Limited and Fourth Mile Limited

Associated company

Blue Retail Properties Limited
Registered office: 51 Welbeck Street, London, England, W1G 9HL
Nature of business: Property development
%
Class of shares: holding
Ordinary £1 shares 50.00
2024 2023
£ £
Aggregate capital and reserves 51 529,668
Profit for the year 312,066 444,360


REEF ESTATES LIMITED (REGISTERED NUMBER: 04302220)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024


13. Stocks

Group Company
2024 2023 2024 2023
£ £ £ £
Property stock held for trading 5,358 313,142 - -
Development work in progress 677,185 855,402 583,410 685,109
682,543 1,168,544 583,410 685,109

14. Debtors: amounts falling due within one year

Group Company
2024 2023 2024 2023
£ £ £ £
Trade debtors 822,697 1,758,516 300,805 796,529
Amounts owed by group undertakings - - 6,486,925 5,094,545
Amounts owed by associates - 106,999 - 106,999
Other debtors 4,670,682 3,133,966 2,497,672 2,181,697
Tax 270,155 66,741 224,763 -
VAT 177,119 87,416 176,038 118,753
Prepayments and accrued income 674,595 6,188,006 674,595 5,361,781
6,615,248 11,341,644 10,360,798 13,660,304

15. Creditors: amounts falling due within one year

Group Company
2024 2023 2024 2023
£ £ £ £
Trade creditors 293,986 433,829 258,219 307,731
Amounts owed to group undertakings - - 3,776,568 7
Tax 3,828 354,698 - (96,481 )
Social security and other taxes 233,727 87,562 233,727 87,562
Other creditors 1,319,492 1,301,050 1,313,586 1,153,837
Directors' current accounts 227,227 782,807 227,227 782,807
Accruals and deferred income 2,845,758 5,327,249 845,971 2,618,098
4,924,018 8,287,195 6,655,298 4,853,561

16. Leasing agreements

Minimum lease payments fall due as follows:

Group
Non-cancellable
operating leases
2024 2023
£ £
Within one year 99,556 248,847
Between one and five years 308,000 903,176
407,556 1,152,023

Company
Non-cancellable
operating leases
2024 2023
£ £
Within one year 99,556 248,847
Between one and five years 308,000 903,176
407,556 1,152,023

REEF ESTATES LIMITED (REGISTERED NUMBER: 04302220)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024


17. Called up share capital

Allotted, issued and fully paid:


2023 2022
Share class Nominal Value £ £

Ordinary A £1 - 270
Ordinary B £1 802 802
Ordinary C £1 385 385
Ordinary D £1 208 208
Ordinary E £1 417 417
1,812 2,082

18. Reserves

Group
Capital
Retained redemption
earnings reserve Totals
£ £ £

At 1 April 2023 13,754,117 - 13,754,117
Deficit for the year (4,555,459 ) (4,555,459 )
Dividends (1,936,755 ) (1,936,755 )
Purchase of own shares (2,500,000 ) 270 (2,499,730 )
At 31 March 2024 4,761,903 270 4,762,173

Company
Capital
Retained redemption
earnings reserve Totals
£ £ £

At 1 April 2023 15,209,088 - 15,209,088
Deficit for the year (4,767,502 ) (4,767,502 )
Dividends (1,936,755 ) (1,936,755 )
Purchase of own shares (2,500,000 ) 270 (2,499,730 )
At 31 March 2024 6,004,831 270 6,005,101


19. Capital commitments

At the balance sheet date amounts contracted but not provided for in the financial statements amounted to £Nil (2023: £4,183,160).

20. Directors' advances, credits and guarantees

Interest is charged on directors advances at the HMRC official rate of interest. Advances to directors are repayable on demand.

REEF ESTATES LIMITED (REGISTERED NUMBER: 04302220)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024


21. Related party disclosures

Group

During the year the company provided funding to Whitechurch Ventures Limited, a company in which P A Slater and E Q Slater are directors. At the balance sheet date, other debtors due within one year includes an amount of £479,907 (2023: £479,907) due from Whitechurch Ventures Limited.

During the year the company provided funding to Pembroke Road Limited, a company in which P A Slater and E Q Slater are directors. At the balance sheet date, other debtors due within one year includes an amount of £194,375 (2023: £123,375) due from Pembroke Road Limited.

During the year the group provided funding to Reef Investors LLP, a partnership in which P A Slater and E Q Slater are members. Reef Estates Limited has a significant influence in partnership. At the balance sheet date, other debtors due within one year includes an amount of £15,263 (2023: £14,813) due from Reef Investors LLP.

At the balance sheet date, amounts of £222,896 (2023: £294,027), £4,331 (2023: £44,856) due to the directors P A Slate and E Q Slater respectively.

Company

During the year the company provided funding to Whitechurch Ventures Limited, a company in which P A Slater and E Q Slater are directors. At the balance sheet date, other debtors due within one year includes an amount of £479,907 (2023: £479,907) due from Whitechurch Ventures Limited.

During the year the company provided funding to Pembroke Road Limited, a company in which P A Slater and E Q Slater are directors. At the balance sheet date, other debtors due within one year includes an amount of £194,375 (2023: £123,375) due from Pembroke Road Limited.

During the year the group provided funding to Reef Investors LLP, a partnership in which P A Slater and E Q Slater are members. Reef Estates Limited has a significant influence in partnership. At the balance sheet date, other debtors due within one year includes an amount of £15,263 (2023: £14,813) due from Reef Investors LLP.

At the balance sheet date, amounts of £222,896 (2023: £294,027), £4,331 (2023: £44,856) due to the directors P A Slate and E Q Slater respectively.

The company has taken advantage of exemption, under the terms of FRS 102 not to disclose related party transactions with wholly owned subsidiaries within the group.

22. Ultimate controlling party

During the year, P Slater was the ultimate controlling party of Reef Estates Limited by virtue of the majority shareholding.