Reefsouth Limited 02845584 false 2024-08-01 2025-07-29 2025-07-29 The principal activity of the company is property investment. Digita Accounts Production Advanced 6.30.9574.0 true 02845584 2024-08-01 2025-07-29 02845584 2025-07-29 02845584 bus:OrdinaryShareClass1 bus:CumulativeShares 2025-07-29 02845584 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2025-07-29 02845584 core:CurrentFinancialInstruments 2025-07-29 02845584 core:CurrentFinancialInstruments core:WithinOneYear 2025-07-29 02845584 core:Non-currentFinancialInstruments 2025-07-29 02845584 core:Non-currentFinancialInstruments core:AfterOneYear 2025-07-29 02845584 core:OtherResidualIntangibleAssets 2025-07-29 02845584 core:MotorVehicles 2025-07-29 02845584 core:OtherPropertyPlantEquipment 2025-07-29 02845584 1 2025-07-29 02845584 bus:SmallEntities 2024-08-01 2025-07-29 02845584 bus:AuditExemptWithAccountantsReport 2024-08-01 2025-07-29 02845584 bus:FilletedAccounts 2024-08-01 2025-07-29 02845584 bus:SmallCompaniesRegimeForAccounts 2024-08-01 2025-07-29 02845584 bus:RegisteredOffice 2024-08-01 2025-07-29 02845584 bus:Director1 2024-08-01 2025-07-29 02845584 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-08-01 2025-07-29 02845584 bus:PrivateLimitedCompanyLtd 2024-08-01 2025-07-29 02845584 bus:Agent1 2024-08-01 2025-07-29 02845584 core:MotorVehicles 2024-08-01 2025-07-29 02845584 core:OfficeEquipment 2024-08-01 2025-07-29 02845584 core:OtherPropertyPlantEquipment 2024-08-01 2025-07-29 02845584 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-08-01 2025-07-29 02845584 core:OtherRelatedParties 2024-08-01 2025-07-29 02845584 countries:EnglandWales 2024-08-01 2025-07-29 02845584 1 2024-08-01 2025-07-29 02845584 2024-07-31 02845584 core:OtherResidualIntangibleAssets 2024-07-31 02845584 core:MotorVehicles 2024-07-31 02845584 core:OtherPropertyPlantEquipment 2024-07-31 02845584 1 2024-07-31 02845584 2023-08-01 2024-07-31 02845584 2024-07-31 02845584 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-07-31 02845584 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-07-31 02845584 core:CurrentFinancialInstruments 2024-07-31 02845584 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 02845584 core:Non-currentFinancialInstruments 2024-07-31 02845584 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 02845584 core:OtherResidualIntangibleAssets 2024-07-31 02845584 core:MotorVehicles 2024-07-31 02845584 core:OtherPropertyPlantEquipment 2024-07-31 02845584 1 2024-07-31 02845584 1 2023-08-01 2024-07-31 02845584 1 2023-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02845584

Reefsouth Limited
Annual Report and Unaudited Financial Statements
for the Period from 1 August 2024 to 29 July 2025

Reefsouth Limited

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 10

Reefsouth Limited

Company Information

Director | C Weatherstone

Registered office | 1 English Business Park English Close Hove East Sussex BN3 7ET

Accountants | Chisnall Comer Ismail & Co Chartered AccountantsMaria House 35 Millers Road Brighton BN1 5NP

Reefsouth Limited

(Registration number: 02845584)
Balance Sheet as at 29 July 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 4 | 3,080 | 3,080
Tangible assets | 5 | 3,613 | 4,818
Investment property | 6 | 8,111,181 | 8,110,218
Other financial assets | 7 | 50,201 | 50,201
|  | 8,168,075 | 8,168,317
Current assets |  |  |
Stocks | 8 | 2,943,838 | 2,846,220
Debtors | 9 | 2,841,615 | 2,456,408
Cash at bank and in hand |  | 106,802 | 10,649
|  | 5,892,255 | 5,313,277
Creditors: Amounts falling due within one year | 10 | (102,562) | (180,632)
Net current assets |  | 5,789,693 | 5,132,645
Total assets less current liabilities |  | 13,957,768 | 13,300,962
Creditors: Amounts falling due after more than one year | 10 | (9,121,207) | (8,479,137)
Provisions for liabilities |  | (578,933) | (578,933)
Net assets |  | 4,257,628 | 4,242,892
Capital and reserves |  |  |
Called up share capital | 13 | 202 | 202
Other reserves |  | 2,208,046 | 2,208,046
Retained earnings |  | 2,049,380 | 2,034,644
Shareholders' funds |  | 4,257,628 | 4,242,892

For the financial period ending 29 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
• | The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Reefsouth Limited

(Registration number: 02845584)
Balance Sheet as at 29 July 2025

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 August 2026

.........................................

C Weatherstone

Director

Reefsouth Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2024 to 29 July 2025

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:
1 English Business Park
English Close
Hove
East Sussex
BN3 7ET

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of development properties.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Reefsouth Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2024 to 29 July 2025

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Office equipment | 25% reducing balance
Motor vehicles | 25% reducing balance

Investment property

Investment property is carried at fair value. Gains are recognised in the profit and loss. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Intangible assets

Intangible assets are stated at fair value, this is seen as cost by the Director as the residual value of the asset is likely to be equal to cost.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and net realisable value.

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 profit and loss account 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Non-distributable reserve

The aggregate fair value adjustments relating to movements in the value of the company's investment properties are transferred at the end of each period, net of deferred tax, from the profit and loss reserve to the non-distributable reserve.
On disposal of investment property the aggregate fair value adjustment is transferred back to profit and loss reserves and the deferred tax provision is transferred to current tax liabilities.

Reefsouth Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2024 to 29 July 2025

3 | Staff numbers

The average number of persons employed by the company (including the director) during the period, was 4 (2024 - 4).

Reefsouth Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2024 to 29 July 2025

4 | Intangible assets

| Other intangible assets £ | Total £
Cost or valuation
At 1 August 2024 | 3,080 | 3,080
At 29 July 2025 | 3,080 | 3,080
Amortisation
Carrying amount
At 29 July 2025 | 3,080 | 3,080
At 31 July 2024 | 3,080 | 3,080

5 | Tangible assets

| Motor vehicles £ | Other tangible assets £ | Total £
Cost or valuation
At 1 August 2024 | 6,350 | 4,375 | 10,725
At 29 July 2025 | 6,350 | 4,375 | 10,725
Depreciation
At 1 August 2024 | 1,587 | 4,320 | 5,907
Charge for the period | 1,191 | 14 | 1,205
At 29 July 2025 | 2,778 | 4,334 | 7,112
Carrying amount
At 29 July 2025 | 3,572 | 41 | 3,613
At 31 July 2024 | 4,763 | 55 | 4,818

6 | Investment properties

Reefsouth Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2024 to 29 July 2025

| 2025 £
At 1 August | 8,110,218
Acquired through business combinations | 963
At 29 July | 8,111,181

7 | Other financial assets (current and non-current)

| 2025 £ | 2024 £
Non-current financial assets
Financial assets at cost less impairment | 50,201 | 50,201

8 | Stocks

| 2025 £ | 2024 £
Other inventories | 2,943,838 | 2,846,220

9 | Debtors

| Note | 2025 £ | 2024 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest | 12 | 1,516,538 | 1,193,135
Prepayments |  | 6,315 | 7,216
Other debtors |  | 1,318,762 | 1,256,057
|  | 2,841,615 | 2,456,408

Reefsouth Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2024 to 29 July 2025

10 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 11 | 2,596 | 11,458
Trade creditors |  | 20 | 2,137
Taxation and social security |  | 10,542 | 39,220
Accruals and deferred income |  | 59,904 | 101,567
Other creditors |  | 29,500 | 26,250
|  | 102,562 | 180,632

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 11 | 9,121,207 | 8,479,137

11 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 9,121,207 | 8,479,137

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 2,596 | 11,458

12 | Related party transactions

Transactions with the director

2025 | At 1 August 2024 £ | At 29 July 2025 £
Directors loan from company | 94,520 | 94,520

Reefsouth Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2024 to 29 July 2025

2024 | At 1 August 2023 £ | At 31 July 2024 £
Directors loan from company | 94,520 | 94,520

Directors' remuneration

The director's remuneration for the period was as follows:

| 2025 £ | 2024 £
Remuneration | 42,468 | 58,851

Summary of transactions with all entities with joint control or significant interest

Stonechris Limited, a company who the Director Mr C Weatherstone is a director and shareholder. Loan due from Stonechris Limited amounts to £386,310 ( 2024 - £381,940)

Summary of transactions with other related parties

Weatherstone Properties Limited, a company, in which Mr C Weatherstone is also a director and shareholder. Loan due from Weatherstone Properties amounts to £1,516,538 (2024 £1,193,135). No interest is due on the loan.
Stonerix Limited, a company in which Mr C Weatherstone is also a director and shareholder. Loan due from Stonerix amounting to £61,253 (2024 - £61,775) was due at the year end. No interest is due on the loan.
Franridge Properties Limited, a company in which Mr C Weatherstone is also a director and shareholder. Loan due from Franridge amounting £396,941 (2024 £350,958) was due at the year end. No interest is due on the loan.

13 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £1 each | 202 | 202 | 202 | 202