Reid & Sons (Property) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10337014 (England and Wales)

REID & SONS (PROPERTY) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S P Reid

A R Reid

REGISTERED OFFICE:

Celtic House

6 Ocean Way

CARDIFF

CF24 5HG

REGISTERED NUMBER:

10337014 (England and Wales)

ACCOUNTANTS:

Watts Gregory LLP

Chartered Accountants

Elfed House

Oak Tree Court

Cardiff Gate Business Park

CARDIFF

County of Cardiff

CF23 8RS

FIXED ASSETS

Tangible assets

4

196,396

-

Investment property

5

1,131,359

496,793

1,327,755

496,793

CURRENT ASSETS

Debtors

6

68,853

-

Cash at bank

-

29,529

68,853

29,529

CREDITORS

Amounts falling due within one year

7

(618,999

)

(101,902

)

NET CURRENT LIABILITIES

(550,146

)

(72,373

)

TOTAL ASSETS LESS CURRENT LIABILITIES

777,609

424,420

CREDITORS

Amounts falling due after more than one year

8

(342,952

)

(235,000

)

PROVISIONS FOR LIABILITIES

(33,811

)

-

NET ASSETS

400,846

189,420

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

400,746

189,320

400,846

189,420

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved for issue by the Board of Directors on 23 May 2019 and were signed on its behalf by:

S P Reid - Director

1.	STATUTORY INFORMATION

Reid & Sons (Property) Limited 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 company's functional and presentational currency in the financial statements is the Sterling (£), rounded to

the nearest pound.

The significant accounting policies applied in the presentation of these financial statements are set out below.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Investment property

Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is

recognised in profit and loss.

Current tax

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and

is calculated using the tax rates and laws that have been enacted or substantively enacted at 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.

Non-derivative financial instruments

Basic financial instruments are recognised at amortised cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

Additions

196,396

At 31 August 2018

196,396

NET BOOK VALUE

At 31 August 2018

196,396

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2017

496,793

Additions

634,566

At 31 August 2018

1,131,359

NET BOOK VALUE

At 31 August 2018

1,131,359

At 31 August 2017

496,793

In the opinion of the directors, who have no formal valuation qualifications, the fair value of the property at the

year end was the same as its cost.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

25,493

-

VAT

43,360

-

68,853

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

32,162

-

Other loans

527,492

55,263

Corporation tax

57,646

46,139

Accruals and deferred income

1,699

500

618,999

101,902

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans - 1-2 years

6,753

-

Bank loans - 2-5 years

21,999

235,000

Bank loans more 5 yr by instal

314,200

-

342,952

235,000

2018

2017

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

314,200

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

349,467

235,000

The above loan is secured by a first legal mortgage over the Investment properties.