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Registration number: 12423833

Prepared for the registrar

Within Reach (South West) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Within Reach (South West) Limited

(Registration number: 12423833)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

325,000

325,000

Investments

5

100

100

 

325,100

325,100

Current assets

 

Debtors

6

63,346

48,367

Cash at bank and in hand

 

1,312

1,549

 

64,658

49,916

Creditors: Amounts falling due within one year

7

(182,451)

(181,497)

Net current liabilities

 

(117,793)

(131,581)

Total assets less current liabilities

 

207,307

193,519

Creditors: Amounts falling due after more than one year

7

(151,414)

(149,919)

Deferred tax liabilities

 

(5,948)

(5,948)

Net assets

 

49,945

37,652

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

17,845

23,793

Profit and loss account

32,000

13,759

Shareholders' funds

 

49,945

37,652

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 2 October 2023 and signed on its behalf by:
 


A S Williamson
Company secretary and director

 

Within Reach (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/O Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

The principal place of business is:
Maxet House
22 Lansdown Industrial Estate
Gloucester Road
Cheltenham
GL51 8PL

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of the investment property in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Within Reach (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Within Reach (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

4

Investment properties

£

At 1 May 2022 and at 30 April 2023

325,000


At 30 April 2023 the investment property was valued by the director on an open market basis. The original cost of the property was £301,207 (2022: £301,207).

There has been no valuation of investment property by an independent valuer.

 

Within Reach (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

 

5

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost

At 1 May 2022

100

Provision

Carrying amount

At 30 April 2023

100

At 30 April 2022

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Within Reach Services Limited

C/O Hazlewoods Llp Windsor House, Bayshill Road, Cheltenham, United Kingdom, GL50 3AT

England and Wales

Ordinary

100%

100%

Subsidiary undertakings

Within Reach Services Limited

The principal activity of Within Reach Services Limited is residential care activities.

 

6

Debtors

Note

2023
 £

2022
 £

Amounts owed by related parties

9

63,346

48,367

 

Within Reach (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

 

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

11,900

11,900

Amounts due to related parties

9

165,951

165,951

Other creditors

 

217

217

Accrued expenses

 

1,500

1,200

Corporation tax liability

2,883

2,229

 

182,451

181,497

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

151,414

149,919

 

8

Loans and borrowings

Note

2023
£

2022
£

Current loans and borrowings

Other borrowings

9

11,900

11,900

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

151,414

149,919

The bank borrowings are secured on the investment property.

 

9

Related party transactions

Summary of transactions with other related parties

At 30 April 2023 the company owed £165,951 (2022: £165,951) to BWC Property Ventures Nationwide Limited, a company under common control. No interest was charged on this balance and there are no fixed repayment terms.

At 30 April 2023 the company owed £11,900 (2022: £11,900) to the directors. No interest was charged on this balance and there are no fixed repayment terms.

At 30 April 2023 the company was owed £63,346 (2022: £48,367) by Within Reach Services Limited, its wholly owned subsidiary. No interest was charged on this balance and there are no fixed repayment terms.