Reid & Sons (Property) Limited - Accounts to registrar (filleted) - small 18.2
Reid & Sons (Property) Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| REID & SONS (PROPERTY) LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2019 |
| REID & SONS (PROPERTY) LIMITED (REGISTERED NUMBER: 10337014) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| REID & SONS (PROPERTY) LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 AUGUST 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Elfed House |
| Oak Tree Court |
| Cardiff Gate Business Park |
| CARDIFF |
| County of Cardiff |
| CF23 8RS |
| REID & SONS (PROPERTY) LIMITED (REGISTERED NUMBER: 10337014) |
| BALANCE SHEET |
| 31 AUGUST 2019 |
| 2019 | 2018 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| 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. |
| REID & SONS (PROPERTY) LIMITED (REGISTERED NUMBER: 10337014) |
| BALANCE SHEET - continued |
| 31 AUGUST 2019 |
| 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 and authorised for issue on and were signed on its behalf by: |
| REID & SONS (PROPERTY) LIMITED (REGISTERED NUMBER: 10337014) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2019 |
| 1. | STATUTORY INFORMATION |
| Reid & Sons (Property) Limited is a |
| 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 |
| Going Concern |
| The financial statements have been prepared on a going concern basis, although as at 31 August 2019 the |
| company had net current liabilities of £719,528 (2018: £550,146). Of this amount, £929,773 is owed to a |
| company under common control. The going concern basis is considered appropriate as the company under |
| common control is committed to continue to support Reid & Sons (Property) Limited. |
| The directors are satisfied that despite the Coronavirus pandemic, it is appropriate for the company's financial |
| statements to be prepared on a going concern basis. The pandemic has resulted in a number of uncertainties |
| arising and the directors have taken steps to minimise the effect on the company and will continue to do so. In |
| the circumstances they have concluded that no adjustments are required to the financial statements at this time. |
| 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 |
| Plant and machinery | - |
| 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. |
| REID & SONS (PROPERTY) LIMITED (REGISTERED NUMBER: 10337014) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2019 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2018 - NIL). |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| £ |
| COST |
| At 1 September 2018 |
| Additions |
| At 31 August 2019 |
| DEPRECIATION |
| Charge for year |
| At 31 August 2019 |
| NET BOOK VALUE |
| At 31 August 2019 |
| At 31 August 2018 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 September 2018 |
| Additions |
| Disposals | ( |
) |
| At 31 August 2019 |
| NET BOOK VALUE |
| At 31 August 2019 |
| At 31 August 2018 |
| 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 |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Other debtors |
| VAT |
| REID & SONS (PROPERTY) LIMITED (REGISTERED NUMBER: 10337014) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2019 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans and overdrafts |
| Other loans |
| Trade creditors |
| Corporation tax |
| Accruals and deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Bank loans more 5 yr by instal |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 469,948 | 314,200 |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| £ | £ |
| Bank loans |
| The above loan is secured by a first legal mortgage over the Investment properties. |