| Reo Estates and Property Investment Company Limited |
| Registered number: |
00416273 |
| Balance Sheet |
| as at 31 March 2018 |
|
| Notes |
|
|
2018 |
|
|
2017 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
9,215,000 |
|
|
9,005,000 |
| Investments |
3 |
|
|
22,531 |
|
|
22,531 |
|
|
|
|
9,237,531 |
|
|
9,027,531 |
|
| Current assets |
| Debtors |
4 |
|
4,211,028 |
|
|
4,185,621 |
|
| Creditors: amounts falling due within one year |
5 |
|
(16,212) |
|
|
(47,620) |
|
| Net current assets |
|
|
|
4,194,816 |
|
|
4,138,001 |
|
| Total assets less current liabilities |
|
|
|
13,432,347 |
|
|
13,165,532 |
|
|
| Provisions for liabilities |
|
|
|
(1,205,497) |
|
|
(1,260,603) |
| Deferred tax |
|
| Net assets |
|
|
|
12,226,850 |
|
|
11,904,929 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
50,000 |
|
|
50,000 |
| Non distributable reserve |
6 |
|
|
6,592,112 |
|
|
6,344,947 |
| Profit and loss account |
|
|
|
5,584,738 |
|
|
5,509,982 |
|
| Shareholders' funds |
|
|
|
12,226,850 |
|
|
11,904,929 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| C.N. Rayner |
| Director |
| Approved by the board on 29 November 2018 |
|
| Reo Estates and Property Investment Company Limited |
| Notes to the Accounts |
| for the year ended 31 March 2018 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
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). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes and represents rental income. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Freehold buildings |
over 50 years |
|
Leasehold land and buildings |
over the lease term |
|
Plant and machinery |
over 5 years |
|
Fixtures, fittings, tools and equipment |
over 5 years |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
| 2 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Investment properties |
| £ |
|
Cost |
|
At 1 April 2017 |
9,005,000 |
|
Surplus on revaluation |
296,872 |
|
Disposals |
(86,872) |
|
At 31 March 2018 |
9,215,000 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 March 2018 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2018 |
9,215,000 |
|
At 31 March 2017 |
9,005,000 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2018 |
|
2017 |
| £ |
£ |
|
Historical cost |
1,674,499 |
|
1,676,579 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
1,674,499 |
|
1,676,579 |
|
|
|
|
|
|
|
|
|
|
The investment properties have been revalued by C N Rayner MRICS, a director, on an existing use basis at 31 March 2018 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Investments Unlisted |
| Other |
| investments |
| £ |
|
Cost |
|
At 1 April 2017 |
22,531 |
|
|
At 31 March 2018 |
22,531 |
|
|
The company holds 50% of the issued ordinary share capital of Ennersdale Investments Limited |
|
|
| 4 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
|
Amounts owed by related undertakings |
|
4,158,258 |
|
4,089,707 |
|
Other debtors |
52,770 |
|
95,914 |
|
|
|
|
|
|
4,211,028 |
|
4,185,621 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Taxation and social security costs |
11,623 |
|
46,705 |
|
Other creditors |
4,589 |
|
915 |
|
|
|
|
|
|
16,212 |
|
47,620 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Non distributable reserve |
2018 |
|
2017 |
| £ |
£ |
|
|
At 1 April 2017 |
6,344,947 |
|
5,811,411 |
|
Gain on revaluation of land and buildings |
192,059 |
|
577,128 |
|
Deferred taxation arising on the revaluation of land and buildings |
55,106 |
|
(43,592) |
|
|
At 31 March 2018 |
6,592,112 |
|
6,344,947 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Contingent liabilities |
|
|
The company has entered into a collateral security arrangement with Vectis property Company Limited, an associated comapany, whereby a loan facility is secured on the company's investment properties. |
|
|
| 8 |
Controlling party |
|
|
The ultimate controlling party is C N Rayner, a director, by virtue of his controlling shareholding. |
|
|
|
|
| 9 |
Other information |
|
|
Reo Estates and Property Investment Company Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Christopher Wren House |
|
40 West Street |
|
Reigate |
|
Surrey |
|
RH2 9BT |
