Reilly Developments Limited - Period Ending 2022-11-30

Reilly Developments Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 10

Reilly Developments Limited

(Registration number: 03552933)
Balance Sheet as at 30 November 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	50,019	50,959
Current assets
Stocks	5	5,465,523	8,737,102
Debtors	6	76,139	474,168
Cash at bank and in hand		3,633,429	-
		9,175,091	9,211,270
Creditors: Amounts falling due within one year	7	(8,903,072)	(9,227,054)
Net current assets/(liabilities)		272,019	(15,784)
Net assets		322,038	35,175
Capital and reserves
Called up share capital	8	750	750
Capital redemption reserve		250	250
Retained earnings		321,038	34,175
Shareholders' funds		322,038	35,175

For the financial year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 March 2023 and signed on its behalf by:
 

......................................... Mr D P Reilly Company secretary and director

Reilly Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

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:
Barley House
Duncan Road
Park Gate
Southampton
Hampshire
SO31 1ZT

These financial statements were authorised for issue by the Board on 13 March 2023.

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 receivable from the sale of property, and is shown net of VAT and other sales related taxes.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

Reilly Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

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
Plant and machinery	15% Reducing balance
Office equipment	25% Reducing balance
Motor vehicles	25% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stock and work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads, based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Reilly Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

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.

Employee benefits and retirement benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year.

Financial instruments

Classification
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 Recognition and measurement
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
 

Reilly Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2021 - 3).

Reilly Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

4	Tangible assets

	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 December 2021	32,210	4,556	62,000	98,766
Additions	10,223	1,748	-	11,971
Disposals	-	(1,979)	-	(1,979)
At 30 November 2022	42,433	4,325	62,000	108,758
Depreciation
At 1 December 2021	8,924	1,386	37,497	47,807
Charge for the year	5,027	519	6,125	11,671
Eliminated on disposal	-	(739)	-	(739)
At 30 November 2022	13,951	1,166	43,622	58,739
Carrying amount
At 30 November 2022	28,482	3,159	18,378	50,019
At 30 November 2021	23,286	3,170	24,503	50,959

5

Stocks

	2022 £	2021 £
Work in progress	5,465,523	8,737,102

6

Debtors

	Note	2022 £	2021 £
Trade debtors		5,000	5,000
Other debtors		64,524	238,012
Prepayments		6,615	36,730
Corporation tax recoverable		-	194,426
		76,139	474,168

Reilly Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

7

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	2021 £
Due within one year
Loans and borrowings	9	1,265,166	1,451,293
Trade creditors		93,194	114,001
Amounts due to related parties	11	7,136,441	7,153,318
Social security and other taxes		9,195	12,870
Other payables		397,276	488,072
Accruals		1,800	7,500
		8,903,072	9,227,054

Bank loans of £1,265,166 (2021- £789,175) are secured against items of stock and work in progress.

8	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
A Ordinary shares of £1 each	250	250	250	250
B Ordinary shares of £1 each	500	500	500	500
	750	750	750	750

9	Loans and borrowings

	2022 £	2021 £
Current loans and borrowings
Bank borrowings	1,265,166	789,175
Bank overdrafts	-	662,118
	1,265,166	1,451,293

10	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £158,490 (2021 - £Nil). This relates to the purchase of new motor vehicles.

Reilly Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

11	Related party transactions

Transactions with directors

2022	At 1 December 2021 £	Repayments by director £	At 30 November 2022 £
Mr J Reilly
Loan from Director	2,384,439	(5,626)	2,378,813
Mr M J Reilly
Loan from Director	2,384,439	(5,626)	2,378,813
Mr D P Reilly
Loan from Director	2,384,439	(5,626)	2,378,813
Mr P J Reilly
Loan to Director	(1,120)	-	(1,120)

2021	At 1 December 2020 £	Repayments by director £	At 30 November 2021 £
Mr J Reilly
Loan from Director	2,883,500	(499,061)	2,384,439
Mr M J Reilly
Loan from Director	2,733,500	(349,061)	2,384,439
Mr D P Reilly
Loan from Director	2,733,500	(349,061)	2,384,439
Mr P J Reilly
Loan to Director	(1,120)	-	(1,120)

Directors' remuneration

The directors' remuneration for the year was as follows:

	2022 £	2021 £
Contributions paid to money purchase schemes	2,642	2,636
Directors remuneration	189,500	152,000
	192,142	154,636

Reilly Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

Other transactions with directors

During the year, the company was involved in a project on behalf of a director. At the year end, £Nil (2021 - £43) had been invoiced to the director and £9,228 (2021 - £17,651) of costs had been incurred on the project. At 30 November 2022 £26,879 (2021 - £17,651) remained outstanding.

During the year, the company was involved a project on behalf of a close relative of a director. At the year end £189,327 had been invoiced and £195,644 of costs had been incurred on the project. At 30 November 2022 £102,610 (2021 - £96,292) remained outstanding.

Expenditure with and payables to related parties

2022	Entities with joint control or significant influence £
Rendering of services	453,061
Settlement of liabilities	(452,048)
	1,013
Amounts payable to related party	35,132

2021	Entities with joint control or significant influence £
Rendering of services	803,514
Settlement of liabilities	(1,131,787)
	(328,273)
Amounts payable to related party	33,819

Loans from related parties

2022	Entities with joint control or significant influence £	Total £
Advanced	100,000	100,000
Repaid	(100,000)	(100,000)
At end of period	-	-

Reilly Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

2021	Entities with joint control or significant influence £	Total £
At start of period	300,000	300,000
Advanced	100,000	100,000
Repaid	(400,000)	(400,000)
At end of period	-	-