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REGISTERED NUMBER: 03205469 (England and Wales)
















Unaudited Financial Statements for the Year Ended 31 October 2024

for

REM Properties Ltd

REM Properties Ltd (Registered number: 03205469)






Contents of the Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


REM Properties Ltd

Company Information
for the Year Ended 31 October 2024







DIRECTORS: R McGowan
Mrs E C McGowan





REGISTERED OFFICE: Unit C7 Harlow Business Centre
Lovet Road
Harlow
Essex
CM19 5AF





REGISTERED NUMBER: 03205469 (England and Wales)





ACCOUNTANTS: Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

REM Properties Ltd (Registered number: 03205469)

Abridged Balance Sheet
31 October 2024

31.10.24 31.10.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 4,300,029 4,300,043

CURRENT ASSETS
Debtors 10,510 485,683
Cash at bank and in hand 274,224 171,732
284,734 657,415
CREDITORS
Amounts falling due within one year 270,647 238,450
NET CURRENT ASSETS 14,087 418,965
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,314,116

4,719,008

CREDITORS
Amounts falling due after more than one
year

(468,905

)

(1,229,538

)

PROVISIONS FOR LIABILITIES (128,899 ) (128,899 )
NET ASSETS 3,716,312 3,360,571

CAPITAL AND RESERVES
Called up share capital 5 2 2
Non-distributable reserves 6 1,844,931 1,844,931
Retained earnings 1,871,379 1,515,638
SHAREHOLDERS' FUNDS 3,716,312 3,360,571

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

REM Properties Ltd (Registered number: 03205469)

Abridged Balance Sheet - continued
31 October 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 October 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 March 2025 and were signed on its behalf by:





Mrs E C McGowan - Director


REM Properties Ltd (Registered number: 03205469)

Notes to the Financial Statements
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

REM Properties Ltd 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 Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents income from the letting of the company's freehold and leasehold properties which is recognised in line with the occupation of the property concerned.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - Straight line over 5 years
Computer equipment - 33% on cost

Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

REM Properties Ltd (Registered number: 03205469)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued

Investment property
The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102 1A. The directors consider that, as these properties are not held for consumption, but for their investment potential, to depreciate them would not give a true and fair view, and that it is necessary to adopt the investment policy under FRS 102 1A in order to give a true and fair view as follows:

Properties are initially recognised at cost, and subsequently revalued to fair value at each reporting date through the income statement

If this departure from the Act had not been made, the profit for the financial year would have been decreased by depreciation. However, the amount of depreciation cannot be reasonably quantified because depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 November 2023
and 31 October 2024 4,494,705
DEPRECIATION
At 1 November 2023 194,662
Charge for year 14
At 31 October 2024 194,676
NET BOOK VALUE
At 31 October 2024 4,300,029
At 31 October 2023 4,300,043

The company owns two freehold investment properties.

The Seed Bed Centre in Harlow has a cost of £1,060,969. The directors consider that the market value of the property is £2,450,000.

The freehold investment property, at Birchanger has a cost of £1,265,201. The directors consider that the market value of the property is £1,850,000.

REM Properties Ltd (Registered number: 03205469)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 October 2024 is represented by:

Totals
£   
Valuation in 2002 689,031
Valuation in 2006 628,842
Valuation in 2008 (594,043 )
Valuation in 2020 750,000
Valuation in 2022 500,000
Cost 2,520,875
4,494,705

If freehold property had not been revalued it would have been included at the following historical cost:

31.10.24 31.10.23
£    £   
Cost 2,326,170 2,326,170

5. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.24 31.10.23
value: £    £   
2 Ordinary £1 2 2

6. RESERVES
Non-distributable
reserves
£   
At 1 November 2023
and 31 October 2024 1,844,931

7. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of R McGowan Ltd, of Hatfield Regis Grange Farm, Hatfield Broad Oak, Bishops Stortford, Herts.