Registration number:
R. Eyres Limited
for the Year Ended 30 September 2024
R. Eyres Limited
Contents
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
R. Eyres Limited
(Registration number: 00312347)
Statement of Financial Position as at 30 September 2024
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Note |
2024 |
(As restated) |
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Fixed assets |
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Investment property |
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Current assets |
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Cash at bank and in hand |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
5,000 |
5,000 |
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Non-distributable reserve |
353,122 |
353,122 |
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Profit and loss account |
(215,109) |
(237,205) |
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Shareholders' funds |
143,013 |
120,917 |
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:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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R. Eyres Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Principal activity
The principal activity of the company is that of letting real estate.
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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.
The financial statements are prepared in sterling which is the functional currency of the entity.
Reclassification of comparative amounts
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. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Revenue recognition
Revenue - described as turnover - is the value of rent receivable under a lease.
R. Eyres Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises current 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.
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 taxable income.
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 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 carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
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 statement of comprehensive income 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.
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
R. Eyres Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Investment properties |
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2024 |
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At 1 October |
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At 30 September |
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The investment property had an original cost of £29,171 and was revalued to £500,000 by the director in a previous period, no revaluation has been undertaken in the current period as the directors believe this still represents the fair value of the property.
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Loans and borrowings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Bank loans and overdrafts are secured by way of fixed and floating charge on the freehold property and any other current or future fixed assets of the company.
Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Loans and borrowings |
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Bank loans and overdrafts are secured by way of fixed and floating charge on the freehold property and any other current or future fixed assets of the company.
R. Eyres Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
Non-Distributable Reserve:
This reserve records revaluations of investment property less any deferred tax provision on the revaluation, and is made up of undistributable amounts.
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Bank overdrafts |
- |
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Bank loans and overdrafts are secured by way of fixed and floating charge on the freehold property and any other current or future fixed assets of the company.
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Related party transactions |
During the year the director entered into the following advances and credits with the company:
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2024 |
At 1 October 2023 |
Advances to director |
Repayments by director |
At 30 September 2024 |
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J L Jones |
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Directors |
( |
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( |
( |
R. Eyres Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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8 |
Related party transactions (continued) |
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2023 |
At 1 October 2022 |
Advances to director |
Repayments by director |
At 30 September 2023 |
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J L Jones |
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Directors |
( |
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( |
( |