Reading Real Estate (UK) Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 09790745 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

FOR

READING REAL ESTATE (UK) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Almutawa

M Almutawa

REGISTERED OFFICE:

Griffins Court

24-32 London Road

NEWBURY

Berkshire

RG14 1JX

REGISTERED NUMBER:

09790745 (England and Wales)

ACCOUNTANTS:

Wilkins Kennedy LLP

Chartered Accountants

Griffins Court

24-32 London Road

NEWBURY

Berkshire

RG14 1JX

FIXED ASSETS

Tangible assets

3

1,206

-

Investment property

4

4,322,811

4,236,798

4,324,017

4,236,798

CURRENT ASSETS

Debtors

5

4,107

2,600

Cash at bank

112,207

36,861

116,314

39,461

CREDITORS

Amounts falling due within one year

6

2,237,557

2,097,967

NET CURRENT LIABILITIES

(2,121,243

)

(2,058,506

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,202,774

2,178,292

CREDITORS

Amounts falling due after more than one year

7

(2,152,500

)

(2,152,500

)

PROVISIONS FOR LIABILITIES

(229

)

-

NET ASSETS

50,045

25,792

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

49,945

25,692

SHAREHOLDERS' FUNDS

50,045

25,792

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 29 June 2018 and were signed on its behalf by:

J Almutawa - Director

M Almutawa - Director

1.	STATUTORY INFORMATION

Reading Real Estate (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the

nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies

have been consistently applied to all years presented unless otherwise stated.

Significant judgements and estimates

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect

the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and

expenses during the period. However, the nature of estimation means that actual outcomes could differ from those

estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts

recognised in the financial statements.

Revenue recognition

The key judgement made by management in respect of revenue is the point at which that revenue should be recognised.

Management consider the underlying contract terms and conclude upon the most appropriate point of the cycle at which

to recognise revenue based upon these terms and in particular where the risks and rewards of ownership transfer.

Tangible Fixed Assets

Tangible fixed assets are depreciation over their useful lives taking into account residual values, where appropriate. The

actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual

value assessments consider issues such as the remaining life of the asset and projected disposal values.

Investment Property

The directors have also made key assumptions in the determination of the fair value of the investment property in respect

of the state of the property market in the location where the property is situated and in respect of the range of reasonable

fair value estimates of the asset.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Turnover relates to the sales within the UK market. The policy adopted for the recognition of turnover is as follows:

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from the rendering of services is recognised as the

service is performed.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value

is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent

that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been

enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet

date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of

transaction. Exchange differences are taken into account in arriving at the operating result.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

1,800

At 30 September 2017

1,800

DEPRECIATION

Charge for year

594

At 30 September 2017

594

NET BOOK VALUE

At 30 September 2017

1,206

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2016

4,236,798

Additions

86,013

At 30 September 2017

4,322,811

NET BOOK VALUE

At 30 September 2017

4,322,811

At 30 September 2016

4,236,798

If investment property had not been revalued it would have been included at the following historic cost::

30/9/17

30/9/16

£

£

Cost

4,322,811

4,236,798

Investment property was subject to valuation by a director, who is not a professionally qualified valuer, but has recent

experience in the location and class of investment property being revalued.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

4,107

2,600

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Taxation and social security

10,757

7,813

Other creditors

2,226,800

2,090,154

2,237,557

2,097,967

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

2,152,500

2,152,500

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

2,152,500

2,152,500

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

10.	RELATED PARTY DISCLOSURES

At the year end, the company owed key management personnel £2,206,205 (2016 - £2,189,432).

11.	FIRST YEAR ADOPTION

This is the first year that the Company had presented its financial statements under Financial Reporting Standards 102

Section 1A (FRS 102) issued by Financial Reporting Council. The last financial statements prepared under the previous UK

GAAP were for the period ended 30 September 2016 and the date of transition is therefore 23 September 2015. As a

consequence of adopting FRS 102 the directors are of the opinion that no changes need to be made upon transition to this

accounting standard as the effect of any changes are not material.