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Registration number: 00312347

R. Eyres Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

R. Eyres Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

R. Eyres Limited

(Registration number: 00312347)
Statement of Financial Position as at 30 September 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Investment property

4

500,000

500,000

Current assets

 

Cash at bank and in hand

 

4,014

-

Creditors: Amounts falling due within one year

5

(243,080)

(248,446)

Net current liabilities

 

(239,066)

(248,446)

Total assets less current liabilities

 

260,934

251,554

Creditors: Amounts falling due after more than one year

5

(18,453)

(31,169)

Provisions for liabilities

(99,468)

(99,468)

Net assets

 

143,013

120,917

Capital and reserves

 

Called up share capital

5,000

5,000

Non-distributable reserve

353,122

353,122

Profit and loss account

(215,109)

(237,205)

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:

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 Statement of Comprehensive Income.

Approved and authorised by the Board on 24 June 2025 and signed on its behalf by:
 


T R Jones
Company secretary and director

 

R. Eyres Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
Brooklyn Garage
Wadebridge
Cornwall
PL27 7AT

Principal activity

The principal activity of the company is that of letting real estate.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Reclassification of comparative amounts

The comparative figures have been restated to move £1,200 of recharged light and heat costs from admin expenses to other operating income. The deferred tax provision has also been restated to account for indexation on the investment property, this has resulted in a £18,239 reduction in the deferred tax provision.

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)

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
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

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)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Investment properties

2024
£

At 1 October

500,000

At 30 September

500,000


 

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.

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

7

12,884

17,185

Taxation and social security

 

5,245

4,051

Accruals and deferred income

 

8,745

8,650

Other creditors

 

216,206

218,560

 

243,080

248,446


 

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

Note

2024
£

2023
£

Loans and borrowings

7

18,453

31,169


 

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)

6

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.

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

18,453

31,169

Current loans and borrowings

2024
£

2023
£

Bank borrowings

12,884

15,657

Bank overdrafts

-

1,528

12,884

17,185

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.

8

Related party transactions

During the year the director entered into the following advances and credits with the company:

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

J L Jones

Directors

(218,560)

5,200

(2,846)

(216,206)

         
       

 

 

R. Eyres Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

8

Related party transactions (continued)

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

J L Jones

Directors

(219,785)

1,950

(725)

(218,560)