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COMPANY REGISTRATION NUMBER: 04892771
Real Estate Securities Limited
Filleted Unaudited Financial Statements
29 July 2024
Real Estate Securities Limited
Financial Statements
Year ended 29 July 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Real Estate Securities Limited
Statement of Financial Position
29 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
3,762,042
4,349,101
Investments
6
100
100
------------
------------
3,762,142
4,349,201
Current assets
Stocks
905,635
824,504
Debtors
7
34,402
Cash at bank and in hand
43,666
15,636
---------
---------
983,703
840,140
Creditors: amounts falling due within one year
8
670,132
646,741
---------
---------
Net current assets
313,571
193,399
------------
------------
Total assets less current liabilities
4,075,713
4,542,600
Creditors: amounts falling due after more than one year
9
1,463,227
1,423,010
Provisions
Taxation including deferred tax
291,050
437,815
------------
------------
Net assets
2,321,436
2,681,775
------------
------------
Capital and reserves
Called up share capital
200
200
Other reserves
1,167,341
1,754,400
Profit and loss account
1,153,895
927,175
------------
------------
Shareholders funds
2,321,436
2,681,775
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 29 July 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Real Estate Securities Limited
Statement of Financial Position (continued)
29 July 2024
These financial statements were approved by the board of directors and authorised for issue on 30 April 2025 , and are signed on behalf of the board by:
Mr I Crittenden
Director
Company registration number: 04892771
Real Estate Securities Limited
Notes to the Financial Statements
Year ended 29 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 399 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
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 entity after deducting all of its financial liabilities. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4).
5. Tangible assets
Land and buildings
£
Cost or valuation
At 30 July 2023
4,349,101
Revaluations
( 587,059)
------------
At 29 July 2024
3,762,042
------------
Depreciation
At 30 July 2023 and 29 July 2024
------------
Carrying amount
At 29 July 2024
3,762,042
------------
At 29 July 2023
4,349,101
------------
Of the land and buildings, £3,762,042 (2023: £4,349,101) is in respect of investment properties. Investment properties have been revalued based on valuations provided by Mr R Crittenden, a director of the company, and were last valued at 29 July 2024. The directors believe that the valuations continue to accurately reflect the open market value of the properties.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Land and buildings
£
At 29 July 2024
Aggregate cost
2,594,701
Aggregate depreciation
------------
Carrying value
2,594,701
------------
At 29 July 2023
Aggregate cost
2,594,701
Aggregate depreciation
------------
Carrying value
2,594,701
------------
6. Investments
Shares in group undertakings
£
Cost
At 30 July 2023 and 29 July 2024
100
----
Impairment
At 30 July 2023 and 29 July 2024
----
Carrying amount
At 29 July 2024
100
----
At 29 July 2023
100
----
7. Debtors
2024
2023
£
£
Trade debtors
29,054
Other debtors
5,348
--------
----
34,402
--------
----
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
126,766
126,766
Trade creditors
1,800
Corporation tax
43,199
30,177
Social security and other taxes
128
Other creditors
500,167
487,870
---------
---------
670,132
646,741
---------
---------
The bank loans of £126,766 (2023: £126,766) are secured against properties owned by the company.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,463,227
1,423,010
------------
------------
The bank loans of £1,463,227 (2023: £1,423,010) are secured against properties owned by the company.
10. Related party transactions
At the balance sheet date, the company owed £222,214 (2023: £215,344) to a company with common control. At the year end the company owed the directors £251,395 (2023: £262,032).