REACHVIEW PROPERTIES LIMITED Filleted accounts for Companies House (small and micro)

REACHVIEW PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04026167

REACHVIEW PROPERTIES LIMITED

Filleted Unaudited Financial Statements

31 October 2017

REACHVIEW PROPERTIES LIMITED

Statement of Financial Position

31 October 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		1,412,404	1,412,404

Current assets

Debtors	6	179,240	182,527
Cash at bank and in hand		2,419	1,512
		---------	---------
		181,659	184,039

Creditors: amounts falling due within one year	7	776,872		767,604
		---------		---------
Net current liabilities			595,213	583,565
			------------	------------
Total assets less current liabilities			817,191	828,839

Creditors: amounts falling due after more than one year	8		422,597	448,924

Provisions

Taxation including deferred tax	49,712	49,712
	---------	---------
Net assets	344,882	330,203
	---------	---------

Capital and reserves

Called up share capital	1	1
Fair value reserve	242,713	242,713
Profit and loss account	102,168	87,489
	---------	---------
Shareholders funds	344,882	330,203
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

REACHVIEW PROPERTIES LIMITED

Statement of Financial Position (continued)

31 October 2017

These financial statements were approved by the board of directors and authorised for issue on 11 January 2019 , and are signed on behalf of the board by:

S Feldman
Director

Company registration number: 04026167

REACHVIEW PROPERTIES LIMITED

Notes to the Financial Statements

Year ended 31 October 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).

5. Tangible assets

	Land and buildings
	£
Cost
At 1 November 2016 and 31 October 2017	1,412,404
	------------
Depreciation
At 1 November 2016 and 31 October 2017	–
	------------
Carrying amount
At 31 October 2017	1,412,404
	------------
At 31 October 2016	1,412,404
	------------

Included within the above is investment property as follows:

	£
	------------
At 1 November 2016 and 31 October 2017	1,412,404
	------------

The director believes that the investment properties are expressed at fair value. No independent valuation was undertaken.

6. Debtors

	2017	2016
	£	£
Trade debtors	946	3,441
Other debtors	178,294	179,086
	---------	---------
	179,240	182,527
	---------	---------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	25,576	24,826
Corporation tax	8,730	5,006
Social security and other taxes	1,521	1,509
Other creditors	700,912	700,912
Other creditors	40,133	35,351
	---------	---------
	776,872	767,604
	---------	---------

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	422,597	448,924
	---------	---------

9. Related party transactions

The company was under the control of Mr S Feldman throughout the current and previous year. Mr S Feldman is the managing director.

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2015.

Reconciliation of equity

	1 November 2015			31 October 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	1,412,404	–	1,412,404	1,412,404	–	1,412,404
Current assets	185,145	–	185,145	184,039	–	184,039
Creditors: amounts falling due within one year	( 728,378)	–	( 728,378)	( 767,604)	–	( 767,604)
	------------	----	------------	------------	----	------------
Net current liabilities	( 543,233)	–	( 543,233)	( 583,565)	–	( 583,565)
	------------	----	------------	------------	----	------------
Total assets less current liabilities	869,171	–	869,171	828,839	–	828,839

Creditors: amounts falling due after more than one year	( 474,280)	–	( 474,280)	( 448,924)	–	( 448,924)
Provisions	–	–	–	–	( 49,712)	( 49,712)
	------------	----	------------	------------	--------	------------
Net assets	394,891	–	394,891	379,915	( 49,712)	330,203
	------------	----	------------	------------	--------	------------

	------------	----	------------	------------	--------	------------
Capital and reserves	394,891	–	394,891	379,915	( 49,712)	330,203
	------------	----	------------	------------	--------	------------

1. Fair value adjustments On the adoption of FRS 102 the carrying value of the company's investment properties has been valued with any resultant surplus being recognised within the Statement of Comprehensive Income. 2. Deferred taxation Prior to the adoption of FRS 102, deferred taxation on the revaluation of investment properties was not provided on the basis that there was no intention to dispose of the properties. Under FRS 102, deferred taxation is provided in full on such revaluation gains. 3. Revaluation reserve Prior to the adoption of FRS 102, revaluation gains on investment properties were recognised in the Statement of Total Gains and Losses and included in a revaluation reserve. Under FRS 102, such gains are recognised within the Statement of Comprehensive Income. In addition, the revaluation reserve has been renamed to the fair value reserve.