6 6 Reilly Developments Limited 03552933 false 2023-12-01 2024-11-30 2024-11-30 The principal activity of the company is property development. Digita Accounts Production Advanced 6.30.9574.0 true 03552933 2023-12-01 2024-11-30 03552933 2024-11-30 03552933 bus:OrdinaryShareClass1 2024-11-30 03552933 bus:OrdinaryShareClass2 2024-11-30 03552933 bus:OrdinaryShareClass3 2024-11-30 03552933 core:CapitalRedemptionReserve 2024-11-30 03552933 core:RetainedEarningsAccumulatedLosses 2024-11-30 03552933 core:ShareCapital 2024-11-30 03552933 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-11-30 03552933 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-11-30 03552933 core:CurrentFinancialInstruments 2024-11-30 03552933 core:CurrentFinancialInstruments core:WithinOneYear 2024-11-30 03552933 core:Non-currentFinancialInstruments core:AfterOneYear 2024-11-30 03552933 core:MotorVehicles 2024-11-30 03552933 core:OfficeEquipment 2024-11-30 03552933 core:PlantMachinery 2024-11-30 03552933 bus:SmallEntities 2023-12-01 2024-11-30 03552933 bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 03552933 bus:FilletedAccounts 2023-12-01 2024-11-30 03552933 bus:SmallCompaniesRegimeForAccounts 2023-12-01 2024-11-30 03552933 bus:RegisteredOffice 2023-12-01 2024-11-30 03552933 bus:CompanySecretaryDirector1 2023-12-01 2024-11-30 03552933 bus:OrdinaryShareClass1 2023-12-01 2024-11-30 03552933 bus:OrdinaryShareClass2 2023-12-01 2024-11-30 03552933 bus:OrdinaryShareClass3 2023-12-01 2024-11-30 03552933 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 03552933 core:MotorVehicles 2023-12-01 2024-11-30 03552933 core:OfficeEquipment 2023-12-01 2024-11-30 03552933 core:PlantMachinery 2023-12-01 2024-11-30 03552933 countries:EnglandWales 2023-12-01 2024-11-30 03552933 2023-11-30 03552933 core:MotorVehicles 2023-11-30 03552933 core:OfficeEquipment 2023-11-30 03552933 core:PlantMachinery 2023-11-30 03552933 2022-12-01 2023-11-30 03552933 2023-11-30 03552933 bus:OrdinaryShareClass1 2023-11-30 03552933 bus:OrdinaryShareClass2 2023-11-30 03552933 bus:OrdinaryShareClass3 2023-11-30 03552933 core:CapitalRedemptionReserve 2023-11-30 03552933 core:RetainedEarningsAccumulatedLosses 2023-11-30 03552933 core:ShareCapital 2023-11-30 03552933 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-11-30 03552933 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-11-30 03552933 core:CurrentFinancialInstruments 2023-11-30 03552933 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 03552933 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 03552933 core:MotorVehicles 2023-11-30 03552933 core:OfficeEquipment 2023-11-30 03552933 core:PlantMachinery 2023-11-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 03552933

Reilly Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Reilly Developments Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Reilly Developments Limited

(Registration number: 03552933)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

142,052

190,128

Current assets

 

Stocks

5

12,192,531

12,446,939

Debtors

6

489,032

227,772

Cash at bank and in hand

 

48,417

225,320

 

12,729,980

12,900,031

Creditors: Amounts falling due within one year

7

(13,650,277)

(13,023,648)

Net current liabilities

 

(920,297)

(123,617)

Total assets less current liabilities

 

(778,245)

66,511

Creditors: Amounts falling due after more than one year

7

(15,928)

(55,372)

Net (liabilities)/assets

 

(794,173)

11,139

Capital and reserves

 

Called up share capital

8

750

750

Capital redemption reserve

250

250

Retained earnings

(795,173)

10,139

Shareholders' (deficit)/funds

 

(794,173)

11,139

For the financial year ending 30 November 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 11 March 2025 and signed on its behalf by:
 

.........................................
Mr D P Reilly
Company secretary and director

 

Reilly Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
Barley House
Duncan Road
Park Gate
Southampton
Hampshire
SO31 1ZT

These financial statements were authorised for issue by the Board on 11 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 receivable from the sale of property, and is shown net of VAT and other sales related taxes.

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.

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.

 

Reilly Developments Limited

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

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:

Asset class

Depreciation method and rate

Plant and machinery

15% Reducing balance

Office equipment

25% Reducing balance

Motor vehicles

25% Reducing balance

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.

Stock and work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads, based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Reilly Developments Limited

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

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.

Employee benefits and retirement benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year.

Financial instruments

Classification
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.
 Recognition and measurement
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

 

Reilly Developments Limited

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

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

65,433

7,660

188,964

262,057

Disposals

-

-

(30,000)

(30,000)

At 30 November 2024

65,433

7,660

158,964

232,057

Depreciation

At 1 December 2023

20,811

2,698

48,420

71,929

Charge for the year

6,694

1,241

33,467

41,402

Eliminated on disposal

-

-

(23,326)

(23,326)

At 30 November 2024

27,505

3,939

58,561

90,005

Carrying amount

At 30 November 2024

37,928

3,721

100,403

142,052

At 30 November 2023

44,622

4,962

140,544

190,128

5

Stocks

2024
£

2023
£

Work in progress

12,192,531

12,446,939

6

Debtors

2024
£

2023
£

Trade debtors

8,561

5,000

Other debtors

449,055

177,772

Prepayments

31,416

45,000

489,032

227,772

 

Reilly Developments Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

3,008,277

3,463,344

Trade creditors

 

25,895

87,802

Social security and other taxes

 

11,825

21,805

Outstanding defined contribution pension costs

 

881

-

Other payables

 

10,601,199

9,448,897

Accruals

 

2,200

1,800

 

13,650,277

13,023,648

Due after one year

 

Loans and borrowings

9

15,928

55,372


Loans of £4,854,050 (2023 - £5,134,567) are secured against items of stock and work in progress.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

15,928

55,372

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Ordinary shares of £1 each

250

250

250

250

B Ordinary shares of £1 each

250

250

250

250

C Ordinary shares of £1 each

250

250

250

250

750

750

750

750

 

Reilly Developments Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

15,928

55,372

Current loans and borrowings

2024
£

2023
£

Bank borrowings

2,969,569

3,424,171

Hire purchase contracts

38,708

39,173

3,008,277

3,463,344