Company registration number 12899337 (England and Wales)
REALLY LOCAL GROUP (BROADWAY) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
REALLY LOCAL GROUP (BROADWAY) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
REALLY LOCAL GROUP (BROADWAY) LTD (REGISTERED NUMBER: 12899337)
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,186,738
574,654
Current assets
Stocks
8,271
-
Debtors
4
1,392,404
411,861
Cash at bank and in hand
303
448
1,400,978
412,309
Creditors: amounts falling due within one year
5
(2,882,297)
(1,079,847)
Net current liabilities
(1,481,319)
(667,538)
Total assets less current liabilities
(294,581)
(92,884)
Creditors: amounts falling due after more than one year
6
(168,675)
-
0
Net liabilities
(463,256)
(92,884)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(463,356)
(92,984)
Total equity
(463,256)
(92,884)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

REALLY LOCAL GROUP (BROADWAY) LTD (REGISTERED NUMBER: 12899337)
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 6 February 2024
Mr Preston Benson
Director
REALLY LOCAL GROUP (BROADWAY) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information

Really Local Group (Broadway) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 305 Baltic Quay, 1 Sweden Gate, London, SE16 7TJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
depreciated across the life of the lease (15 years or 180 months beginning July 2022)
Fixtures and fittings
10% straight line
Computers & Office equipment
10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

REALLY LOCAL GROUP (BROADWAY) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.5
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.6
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
23
1
REALLY LOCAL GROUP (BROADWAY) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
3
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers & Office equipment
Total
£
£
£
£
Cost
At 1 January 2022
574,654
-
0
-
0
574,654
Additions
273,744
347,020
40,557
661,321
At 31 December 2022
848,398
347,020
40,557
1,235,975
Depreciation and impairment
At 1 January 2022
-
0
-
0
-
0
-
0
Depreciation charged in the year
27,793
17,388
4,056
49,237
At 31 December 2022
27,793
17,388
4,056
49,237
Carrying amount
At 31 December 2022
820,605
329,632
36,501
1,186,738
At 31 December 2021
574,654
-
0
-
0
574,654
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
40
-
0
Amounts owed by group undertakings
1,319,466
384,719
Other debtors
72,898
27,142
1,392,404
411,861
5
Creditors: amounts falling due within one year
2022
2021
£
£
Obligations under finance leases
129,591
-
0
Trade creditors
409,550
71,413
Taxation and social security
123,023
54,495
Deferred income
9,871
432,477
Other creditors
2,044,368
455,138
Accruals and deferred income
165,894
66,324
2,882,297
1,079,847
REALLY LOCAL GROUP (BROADWAY) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
6
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Obligations under finance leases
168,675
-
0

Finance leases are secured against the assets purchased under the finance agreement.

7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022
2021
£
£
557,498
713,078
8
Related party transactions

At the year-end, the company was owed £1,319,466 (2021: £384,719) from fellow group companies.

 

At the year-end, the company owed £8,432 (2021: Nil) to fellow group companies.

 

At the year end, included within other creditors is an amount owed from a company with common directors totalling £1,912,137 (2021: £455,138)

9
Parent company

The ultimate parent company is Really Local Group Ltd, a company registered in England and Wales.

 

 

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