REGISTERED NUMBER: 12024415 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MAY 2025

FOR

REEF PROPERTY DEVELOPMENT LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

L F D Venter

Ms R Venter

REGISTERED OFFICE:

Finches

Kings Barn Villas

Steyning

BN44 3FA

REGISTERED NUMBER:

12024415 (England and Wales)

ACCOUNTANTS:

Galloways Accounting Limited

15 West Street

Brighton

East Sussex

BN1 2RL

FIXED ASSETS

Tangible assets

4

18,182

27,694

Investment property

5

269,818

231,703

288,000

259,397

CURRENT ASSETS

Debtors

6

120,518

118,195

Cash at bank

75

173

120,593

118,368

CREDITORS

Amounts falling due within one year

7

107,406

40,297

NET CURRENT ASSETS

13,187

78,071

TOTAL ASSETS LESS CURRENT LIABILITIES

301,187

337,468

PROVISIONS FOR LIABILITIES

7,505

-

NET ASSETS

293,682

337,468

CAPITAL AND RESERVES

Called up share capital

200

200

Revaluation reserve

8

22,515

36,122

Retained earnings

270,967

301,146

293,682

337,468

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 May 2025 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.

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2026 and were signed on its behalf by:

L F D Venter - Director

1.	STATUTORY INFORMATION

Reef Property Development 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 the following types of income

- Rental income

- Income from the sale of properties

All income is recognised on a receivable basis.

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

-

25% on cost

Computer equipment

-

33% on cost

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 31 May 2024

25,600

5,166

2,236

33,002

Additions

-

23,299

4,748

28,047

Reclassification/transfer

(25,600

)

-

-

(25,600

)

At 30 May 2025

-

28,465

6,984

35,449

DEPRECIATION

At 31 May 2024

1,453

3,077

778

5,308

Charge for year

(1,453

)

10,204

3,208

11,959

At 30 May 2025

-

13,281

3,986

17,267

NET BOOK VALUE

At 30 May 2025

-

15,184

2,998

18,182

At 30 May 2024

24,147

2,089

1,458

27,694

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 31 May 2024

231,703

Additions

18,616

Revaluations

(6,101

)

Reclassification/transfer

25,600

At 30 May 2025

269,818

NET BOOK VALUE

At 30 May 2025

269,818

At 30 May 2024

231,703

Fair value at 30 May 2025 is represented by:

£

Valuation in 2024

231,703

Valuation in 2025

38,115

269,818

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed by associates

-

7,229

Other debtors

30,411

28,001

Directors' loan accounts

90,107

82,965

120,518

118,195

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

1,824

-

Amounts owed to group undertakings

49,643

-

Amounts owed to associates

36,724

-

Tax

13,197

28,001

Other creditors

3,917

10,471

Accrued expenses

2,101

1,825

107,406

40,297

8.

RESERVES

Revaluation

reserve

£

At 31 May 2024

36,122

Transfer between reserves

(1

)

Transfer between reserves

(6,101

)

Retained earnings adjustment

(7,505

)

At 30 May 2025

22,515

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 May 2025 and 30 May 2024:

2025

2024

£

£

L F D Venter

Balance outstanding at start of year

82,965

51,005

Amounts advanced

15,324

32,975

Amounts repaid

(8,182

)

(1,015

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

90,107

82,965

This balance represented the maximum amount outstanding during the period. Interest is charged on any overdrawn amounts at the beneficial loan interest rate.

Also during the year, the company paid Mr & Mrs Venter rent amounting to £1,677 (2024: £nil) as a result of utilising office space within their home.

10.	RELATED PARTY DISCLOSURES

Mediavision Interactive Limited

The balance outstanding to Mediavision Interactive Limited as at 30 May 2025 was £49,643 (2024 : £Nil). All transactions were undertaken on a commercial arms length basis and any outstanding amounts are interest free and repayable on demand.

Reef Property Development Pty Ltd

The balance outstanding to Reef Property Development Pty Ltd as at 30 May 2025 was £36,724 (2024 : £7,229 owed by Reef Property Development Pty Ltd). All transactions were undertaken on a commercial arms length basis and any outstanding amounts are interest free and repayable on demand.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is L F D Venter & Ms R Venter.

This is by virtue of their combined 100% holding of the issued share capital.