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Registration number: 05496098

Reeth Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Reeth Properties Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Reeth Properties Limited

Company Information

Directors

Mrs CJ Reith

Mr P C Reith

Company secretary

Mr P C Reith

Registered office

93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW

Accountants

Matthews Hanton Limited
Chartered Certified Accountants93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW

 

Reeth Properties Limited

(Registration number: 05496098)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

381,582

199,590

Current assets

 

Debtors

5

-

12

Cash at bank and in hand

 

53,334

42,489

 

53,334

42,501

Creditors: Amounts falling due within one year

6

(197,109)

(196,551)

Net current liabilities

 

(143,775)

(154,050)

Total assets less current liabilities

 

237,807

45,540

Provisions for liabilities

(34,679)

-

Net assets

 

203,128

45,540

Capital and reserves

 

Called up share capital

7

6

6

Other reserves

182,519

-

Retained earnings

20,603

45,534

Shareholders' funds

 

203,128

45,540

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 March 2025 and signed on its behalf by:
 

.........................................
Mr P C Reith
Company secretary and director

 

Reeth Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW
England

The principal place of business is:
Peony Cottage
Valewood Lane
Grayshott
Hindhead
Surrey
GU26 6LX
England

The directors have decided that switching to FRS102 is more appropriate for this company, as they feel that revaluing the property to it's market value provides a more true and fair view of the company's value.

These financial statements were authorised for issue by the Board on 5 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Reeth Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Reeth Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

197,481

20,801

218,282

Revaluations

182,519

-

182,519

At 30 September 2024

380,000

20,801

400,801

Depreciation

At 1 October 2023

-

18,692

18,692

Charge for the year

-

527

527

At 30 September 2024

-

19,219

19,219

Carrying amount

At 30 September 2024

380,000

1,582

381,582

At 30 September 2023

197,481

2,109

199,590

Included within the net book value of land and buildings above is £380,000 (2023 - £197,481) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Land and property was revalued on 30 September 2024. An independent valuer was not involved.
An online tool was used to provide a market valuation of the property.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £197,481 (2023 - £197,481).

5

Debtors

Current

2024
£

2023
£

Other debtors

-

12

 

-

12

 

Reeth Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

450

550

Other creditors

196,659

196,001

197,109

196,551

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

6

6

6

6

       

8

Dividends

2024

2023

£

£

Interim dividend of £1,000.00 (2023 - £2,000.00) per ordinary share

6,000

12,000