Reigate Stock Share and Estates Company Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 30 September 2018
Company Registration No. 00005116 (England and Wales)
Reigate Stock Share and Estates Company Limited
Company Information
Directors
D. E. Forster
K.D. Keasley FRICS
C.H.W Richards MRICS
W.E. Cousins LLB
T.E. Mellows MRICS
Secretary
W.E. Cousins LLB
Company number
00005116
Registered office
Belmont House
Station Way
Crawley
West Sussex
RH10 1JA
Accountants
Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Reigate Stock Share and Estates Company Limited
Balance Sheet
As at 30 September 2018
Page 1
2018
2017
Notes
£
£
£
£
Fixed assets
Investment properties
7
10,764,531
10,009,000
Investments
8
614,391
670,309
11,378,922
10,679,309
Current assets
Debtors
10
95,616
42,300
Cash at bank and in hand
243,662
754,732
339,278
797,032
Creditors: amounts falling due within one year
11
(269,335)
(208,628)
Net current assets
69,943
588,404
Total assets less current liabilities
11,448,865
11,267,713
Creditors: amounts falling due after more than one year
12
-
(129)
Provisions for liabilities
14
(398,814)
(436,749)
Net assets
11,050,051
10,830,835
Capital and reserves
Called up share capital
15
15,049
15,049
Share premium account
802,957
802,957
Revaluation reserve
3,462,979
3,460,044
Profit and loss reserves
6,769,066
6,552,785
Total equity
11,050,051
10,830,835
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
Reigate Stock Share and Estates Company Limited
Balance Sheet (Continued)
As at 30 September 2018
Page 2
The financial statements were approved by the board of directors and authorised for issue on 14 November 2018 and are signed on its behalf by:
D. E. Forster
Director
Company Registration No. 00005116
Reigate Stock Share and Estates Company Limited
Statement of Changes in Equity
For the year ended 30 September 2018
Page 3
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 October 2016
15,049
802,957
3,183,554
6,262,247
10,263,807
Year ended 30 September 2017:
Profit and total comprehensive income for the year
-
-
-
810,822
810,822
Dividends
-
-
-
(243,794)
(243,794)
Transfer of fair value gains on investment properties
-
-
378,239
(378,239)
-
Transfer of movement on deferred tax provision
-
-
(23,510)
23,510
-
Transfer of reversed fair value losses on investment properties
-
-
(78,239)
78,239
-
Transfer of movement on deferred tax provision
-
-
(23,510)
23,510
-
Balance at 30 September 2017
15,049
802,957
3,460,044
6,552,785
10,830,835
Year ended 30 September 2018:
Profit and total comprehensive income for the year
-
-
-
478,059
478,059
Dividends
-
-
-
(258,843)
(258,843)
Transfer of fair value gains on investment properties
-
-
100,000
(100,000)
-
Transfer of movement on deferred tax provision
-
-
37,935
(37,935)
-
Transfer of reversed fair value losses on investment properties
-
-
(135,000)
135,000
-
Transfer of movement on deferred tax provision
-
-
37,935
(37,935)
-
Balance at 30 September 2018
15,049
802,957
3,462,979
6,769,066
11,050,051
Reigate Stock Share And Estates Company Limited
Reigate Stock Share and Estates Company Limited
Notes to the Financial Statements
For the year ended 30 September 2018
Page 4
1
Accounting policies
Company information
Reigate Stock Share and Estates Company Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Belmont House, Station Way, Crawley, West Sussex, RH10 1JA.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and listed investments. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rents receivable.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
Although this accounting policy is in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102"), it is a departure from the general requirements of the Companies Act 2006 for all tangible fixed assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
Sale and purchase of investment properties are recognised upon the exchange of contracts.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.5
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Reigate Stock Share And Estates Company Limited
Reigate Stock Share and Estates Company Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2018
1
Accounting policies
(Continued)
Page 5
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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
Basic financial assets, which include 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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.
Reigate Stock Share And Estates Company Limited
Reigate Stock Share and Estates Company Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2018
1
Accounting policies
(Continued)
Page 6
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Reigate Stock Share And Estates Company Limited
Reigate Stock Share and Estates Company Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2018
1
Accounting policies
(Continued)
Page 7
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Valuation of investment properties
The investment properties owned by the company have been revalued as at 30 September 2018 by the directors on a fair value basis.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2017: 5).
4
Interest receivable and similar income
2018
2017
£
£
Interest income
Interest on bank deposits
495
1,411
Other income from investments
Dividends received
22,643
21,997
23,138
23,408
Reigate Stock Share And Estates Company Limited
Reigate Stock Share and Estates Company Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2018
Page 8
5
Gains/(losses) on investment properties and listed investments
2018
2017
£
£
Fair value gains/(losses) on financial instruments
Change in value of listed investments held at fair value through profit or loss
41,448
82,472
Other gains/(losses)
(Loss)/gain on disposal of listed investments held at fair value through profit or loss
(1,850)
2,869
Changes in the fair value of investment properties
(35,000)
378,239
4,598
463,580
6
Taxation
2018
2017
£
£
Current tax
UK corporation tax on profits for the current period
104,502
87,818
Deferred tax
Deferred tax charge on unrealised fair value gains on investment properties
(37,935)
23,510
Total tax charge
66,567
111,328
7
Investment property
2018
£
Fair value
At 1 October 2017
10,009,000
Additions
790,531
Revaluations
(35,000)
At 30 September 2018
10,764,531
The investment properties have been valued on the basis of fair value at 30 September 2018 by the directors and are stated at their valuation amount. T
he directors are considered qualified to value the investment properties held by the company due to their experience in the field
. The historical cost of the properties at 30 September 2018 amounted to £6,929,720 (2017: £6,139,189).
8
Fixed asset investments
2018
2017
£
£
Investments
614,391
670,309
Reigate Stock Share And Estates Company Limited
Reigate Stock Share and Estates Company Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2018
8
Fixed asset investments
(Continued)
Page 9
Movements in fixed asset investments
Listed investments
£
Cost or valuation
At 1 October 2017
670,309
Valuation changes
41,448
Disposals
(99,546)
At 30 September 2018
614,291
Carrying amount
At 30 September 2018
614,291
At 30 September 2017
670,309
9
Subsidiaries
Details of the company's subsidiaries at 30 September 2018 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Reigate Property and Shares Ltd
England and Wales
Property and Shares Investment
Ordinary £1 Shares
100.00
-
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Reigate Property and Shares Ltd
-
100
10
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
95,616
42,300
Reigate Stock Share And Estates Company Limited
Reigate Stock Share and Estates Company Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2018
Page 10
11
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
1,830
-
Amounts due to group undertakings
100
-
Corporation tax
104,502
87,818
Other creditors
162,903
120,810
269,335
208,628
12
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
-
129
13
Provisions for liabilities
2018
2017
£
£
Deferred tax liabilities
14
398,814
436,749
14
Deferred taxation
Liabilities
Liabilities
2018
2017
Balances:
£
£
Investment property
398,814
436,749
2018
Movements in the year:
£
Liability at 1 October 2017
436,749
Credit to profit and loss
(37,935)
Liability at 30 September 2018
398,814
Reigate Stock Share And Estates Company Limited
Reigate Stock Share and Estates Company Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2018
Page 11
15
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
300,980 Ordinary Shares of 5p each
15,049
15,049
16
Related party transactions
The company paid professional fees during the year of £59,299 (2017: £54,649) to Richards & Co. (UK) Ltd, of which C. H. W. Richards is a director and shareholder. The fees were charged at commercial rates.
Remuneration paid to the directors during the year totalled £51,300 (2017: £50,600).
2018-09-30
2017-10-01
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CCH Software
CCH Accounts Production 2018.300
No description of principal activity
14 November 2018
D. E. Forster
K.D. Keasley FRICS
C.H.W Richards MRICS
W.E. Cousins LLB
T.E. Mellows MRICS
W.E. Cousins LLB
The members have not required the company to obtain an audit
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