General Information
Reay Security Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 10961973, registration address Arms Evertyne House Quay Road, Dun Cow Quay, Blyth, Northumberland, NE24 2AS.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
As with most businesses the company has been impacted by the Coronavirus (Covid-19). This has had an impact on operations, customers, suppliers and staff. The Company is taking the steps it can to protect the future of the business and although the total impact is still uncertain the director believes that it is appropriate to prepare the accounts on a going concern basis.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Land and Buildings |
NIL Straight Line |
| Plant and Machinery |
20% Straight Line
|
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
| 2. |
Average number of employees
Average number of employees during the year was 1 (2022 : 1).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Land and Buildings |
|
Plant and Machinery |
|
Total |
| |
£ |
|
£ |
|
£ |
| At 01 September 2022 |
2,966,000 |
|
115,806 |
|
3,081,806 |
| Additions |
44,497 |
|
30,140 |
|
74,637 |
| Disposals |
- |
|
- |
|
- |
| At 31 August 2023 |
3,010,497 |
|
145,946 |
|
3,156,443 |
| Depreciation |
| At 01 September 2022 |
- |
|
85,556 |
|
85,556 |
| Charge for year |
- |
|
23,161 |
|
23,161 |
| On disposals |
- |
|
- |
|
- |
| At 31 August 2023 |
- |
|
108,717 |
|
108,717 |
| Net book values |
| Closing balance as at 31 August 2023 |
3,010,497 |
|
37,229 |
|
3,047,726 |
| Opening balance as at 01 September 2022 |
2,966,000 |
|
30,250 |
|
2,996,250 |
|
| 4. |
Debtors: amounts falling due within one year
|
2023
£ |
|
2022
£ |
| Trade Debtors |
49,606 |
|
41,356 |
| Amount Owed by Group Undertakings |
691,199 |
|
443,738 |
| Prepayments & Accrued Income |
9,689 |
|
8,847 |
|
750,494 |
|
493,941 |
|
| 5. |
Creditors: amount falling due within one year
|
2023
£ |
|
2022
£ |
| Trade Creditors |
4,538 |
|
11,219 |
| Bank Loans & Overdrafts |
82,768 |
|
82,768 |
| Amounts Owed to Group Undertakings |
905,746 |
|
781,741 |
| Corporation Tax |
66,653 |
|
60,602 |
| Accrued Expenses |
1,381 |
|
6,596 |
| Directors' Current Accounts |
4,518 |
|
0 |
| VAT |
17,597 |
|
16,090 |
|
1,083,201 |
|
959,016 |
|
| 6. |
Creditors: amount falling due after more than one year
|
2023
£ |
|
2022
£ |
| Bank Loans & Overdrafts |
1,095,104 |
|
1,177,872 |
|
1,095,104 |
|
1,177,872 |
|
| 7. |
Provisions for liabilities
|
2023
£ |
|
2022
£ |
| Deferred Tax |
7,074 |
|
(12,666) |
|
7,074 |
|
(12,666) |
|
| 8. |
Financial commitments, guarantees and contingent liabilities
The total amount of guarantees not included in the balance sheet is £373,410 (2022 - £596,897). The Company guarantee has been given in the form of a debenture to secure the bank borrowings of a fellow group company.
|
| 9. |
Parent Company
The ultimate parent undertaking incorporated in the United Kingdom is Reay Security Holdings Limited.
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2
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