| Reger Property Limited |
| Notes to the Accounts |
| for the year ended 31 March 2022 |
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| 1 |
Accounting policies |
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Basis of preparation |
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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). There were no material departures from that standard. |
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The accounts are presented in pounds sterling (£). |
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The accounts are prepared on the historical cost basis except that investment properties are stated at their fair value.
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The Company is exempt under the small companies regime of the Companies Act 2006 from the requirement to prepare group financial statements. These financial statements present information about the Company as an individual undertaking and not about its group. |
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Going concern |
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At the year end the company has net current liabilities of £(1,920) (2021: net current assets of £314,476) which includes amounts due to related undertakings. The company meets its day to day working capital requirements through funding provided by related parties. These related party relationships will continue for the foreseeable future and provide the necessary working capital and financial support to allow the company to continue to trade. This on-going financial support means that the directors are confident that the company has sufficient resources to meet its liabilities as they fall due for at least 12 months from the date of approval of these accounts. Therefore these accounts are prepared on a going concern basis |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Investment Property |
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Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are stated at fair value. Any gain or loss arising from a change in fair value is recognised in the profit and loss statement. Deferred taxation is provided on these gains or losses at the rate expected to apply when the property is sold. Rental income from investment property is accounted for as described in the turnover accounting policy. Gains or losses arising from the retirement or disposal of investment property, being the difference between the net disposal proceeds and carrying value, are included in profit or loss for the year of the retirement/disposal. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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| 2 |
Employees |
2022 |
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2021 |
| Number |
Number |
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Average number of persons employed by the company |
0 |
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0 |
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The company had no employees during the current or preceeding financial years. No fees are paid in respect of directors' services. |
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| 3 |
Investment Property |
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The company does not currently hold any investment property. |
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| 4 |
Debtors |
2022 |
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2021 |
| £ |
£ |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest (see note 7) |
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- |
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317,130 |
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Other taxation |
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190 |
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284 |
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190 |
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317,414 |
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| 5 |
Creditors: amounts falling due within one year |
2022 |
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2021 |
| £ |
£ |
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Trade creditors |
1,140 |
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967 |
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Other creditors & accruals |
1,000 |
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1,971 |
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2,140 |
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2,938 |
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| 6 |
Called up share capital |
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The company has the shares issued in GBP and Euro. The number of shares allotted, called up and fully paid are as follows: |
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2022 |
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2021 |
| Number |
Number |
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Ordinary shares of £1 |
1 |
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1 |
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A' ordinary shares of €1 |
2,000,000 |
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2,000,000 |
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Following the change in presentation and functional currency, the value attributed to share capital was restated to GBP as follows: |
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2022 |
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2021 |
| £ |
£ |
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At 31 March |
1,769,756 |
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1,769,756 |
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| 7 |
Related party transactions |
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The company undertook the following transactions with entities whose directors include directors of this company: |
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Transactions in the year |
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Amounts due from / (to) |
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2022 |
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2021 |
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2022 |
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2021 |
| £ |
£ |
£ |
£ |
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Reger Holding Limited |
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Payments made on account |
- |
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- |
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316,020 |
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317,130 |
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Provision is made against this receivable of £316,020 (2021: £nil) as it is not expected to be recoverable. |
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All related party balances are unsecured. |
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| 8 |
Controlling party |
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The company is a wholly owned subsidiary of Reger Holding Limited, a company registered in England and Wales whose registered address is the same as for Reger Property Limited, which is disclosed on the company information page and the note below.
The directors regard Reger Holding Limited as the immediate controlling party. In the directors' opinion there is no ultimate controlling party.
The results of the company are not included in any group financial statements. |
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| 9 |
Other information |
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Reger Property Limited is a private company limited by shares and incorporated in England. The registered number is 06309143 and the registered office is: |
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First Floor, Finchale House |
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Belmont Business Park |
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Durham |
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DH1 1TW |
