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Registered number: 12972222









REIGATE LAND LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2024

 
REIGATE LAND LIMITED
REGISTERED NUMBER: 12972222

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
 4 
-
2,979,121

Debtors: amounts falling due within one year
 5 
858,636
6,171

Cash at bank and in hand
 6 
414
5,160

  
859,050
2,990,452

Creditors: amounts falling due within one year
 7 
(42,616)
(2,212,811)

Net current assets
  
 
 
816,434
 
 
777,641

Total assets less current liabilities
  
816,434
777,641

Creditors: amounts falling due after more than one year
 8 
(612,535)
(772,975)

  

Net assets
  
203,899
4,666


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
203,799
4,566

  
203,899
4,666


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Page 1

 
REIGATE LAND LIMITED
REGISTERED NUMBER: 12972222
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2024

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 April 2025.




L. J. Murphy
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
REIGATE LAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Reigate Land Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is 30 Orange Street, London, WC2H 7HF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the
Company and the revenue can be reliably measured. Revenue is measured as the fair value of the
consideration received or receivable.
Revenue comprises the sale proceeds on the sale of individual properties as property is developed.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


 
2.5

Stocks

Stock represents the land on the West side of 4 Strawberry Close, Tunbridge Wells TN2 5PD and development costs. Interest costs relating to purchase of the property and development are added to stock.

 
2.6

Debtors

Short-term debtors are measured at transaction price.

Page 3

 
REIGATE LAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.8

Creditors

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Stocks

2024
2023
£
£

Stock of properties
-
2,979,121

-
2,979,121



5.


Debtors

2024
2023
£
£


LSM Homes Limited - Property Purchases
800,509
-

LSM Homes Limited
26,242
2,936

LSM Homes (TW) Ltd
2,640
-

Westerham Homes Ltd
27,624
-

VAT repayable
1,141
2,785

Other debtors
480
450

858,636
6,171


Page 4

 
REIGATE LAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank
414
5,160

414
5,160



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

LendNet Property LLP
-
2,184,091

Trade creditors
13,005
6,562

Whitgift Estates Limited
16,111
7,587

Corporation tax
-
1,071

Other creditors
7,500
7,500

Accruals
6,000
6,000

42,616
2,212,811


The loan from LendNet LLP attracted interest at 10% to 10.5% pa, Interest accrued over the period of the loan. The loan was repayed on 11 September 2024 following the sale of the final units.
The loan was secured by a first charge over the freehold land and buildings known as land on the west side of 4 Strawberry Close, Tunbridge Wells.


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Loan from Harry Shaw
-
100,000

Loan from Lusson Limited
612,535
672,975

612,535
772,975


The loan from Lusson Limited will be repaid prior to the distribution of final profits.
The loan from Harry Shaw was repaid in full on 11 September 2024.

Page 5

 
REIGATE LAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

9.


Related party transactions

During the year, the company paid certain costs on behalf of related companies LSM Homes Limited (LSM), LSM (TW) Ltd (LSMTW) and Westerham Homes Ltd (WHL) to fund costs and the purchase of properties by LSM. At the year end, the balance due from LSM was £826,751 (2023 - £2,936), LSMTW  £2,640 (2023 - £Nil) and WHL £27,624 (2023 - £Nil).
During the year, the company received loans from a related company Whitgift Estates Limited (WEL) to fund costs. At the year end, the balance due to WEL was £16,111 (2023 - £7,587). 
The loans are interest free.

 
Page 6