| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 |
| FOR |
| REITCO LTD |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 |
| FOR |
| REITCO LTD |
| REITCO LTD (REGISTERED NUMBER: 14234423) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2024 |
| Page |
| Company information | 1 |
| Balance sheet | 2 |
| Notes to the financial statements | 3 |
| Report of the accountants | 5 |
| REITCO LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 JULY 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 1-2 Craven Road |
| Ealing |
| London |
| W5 2UA |
| REITCO LTD (REGISTERED NUMBER: 14234423) |
| BALANCE SHEET |
| 31 JULY 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| The director acknowledges his 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. |
| The financial statements were approved by the director and authorised for issue on |
| REITCO LTD (REGISTERED NUMBER: 14234423) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2024 |
| 1. | STATUTORY INFORMATION |
| Reitco Ltd is a |
| 2. | ACCOUNTING POLICIES |
| BASIS OF PREPARING THE FINANCIAL STATEMENTS |
| TURNOVER |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| INVESTMENT PROPERTY |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Investment properties are properties held to earn rentals or for capital appreciation, or both, rather than for use in the entity’s business operations or for sale in the ordinary course of business. |
| Investment properties are initially recognised at cost, including directly attributable transaction costs. Subsequently, they are measured at fair value at each reporting date, with any changes in fair value recognised in the profit and loss account in accordance with FRS 102 Section 16. |
| No depreciation is charged on investment properties held at fair value. |
| Where it is not possible to determine fair value reliably without undue cost or effort, the investment property is measured at cost less accumulated depreciation and any accumulated impairment losses. |
| Investment properties are derecognised when sold or when the property is permanently withdrawn from use and no future economic benefits are expected from its disposal. Any gain or loss arising on derecognition is recognised in profit or loss. |
| TAXATION |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| REITCO LTD (REGISTERED NUMBER: 14234423) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2024 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2023 - NIL). |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| Additions |
| At 31 July 2024 |
| NET BOOK VALUE |
| At 31 July 2024 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other debtors |
| Prepayments |
| Other debtors include a loan of £100,000 due from Assetico Projects Ltd, a related party under common control with the company. The loan is interest-free and repayable on demand. |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Tax |
| Directors' current accounts | 8,533,669 | - |
| Accruals |
| Deferred income |
| 7. | RELATED PARTY DISCLOSURES |
| During the year, the company advanced a loan of £100,000 to Assetico Projects Ltd, a company under common control through the company’s director. The loan is interest-free and repayable on demand. The amount outstanding at the reporting date was £100,000 (2023: £nil). |
| At the balance sheet date, the company owed a total of £8,533.669 (2023: £nil) to its director, representing funds introduced to the company. The amount is unsecured, interest-free, and repayable on demand. |
| REITCO LTD |
| REPORT OF THE ACCOUNTANTS TO THE DIRECTOR OF |
| REITCO LTD |
| The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance sheet. Readers are cautioned that the Income statement and certain other primary statements and the Report of the director are not required to be filed with the Registrar of Companies. |
| As described on the Balance sheet you are responsible for the preparation of the financial statements for the year ended 31 July 2024 set out on page nil and you consider that the company is exempt from an audit. |
| In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
| 1-2 Craven Road |
| Ealing |
| London |
| W5 2UA |