Company registration number 11981763 (England and Wales)
REALLY LOCAL GROUP (READING) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
REALLY LOCAL GROUP (READING) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
REALLY LOCAL GROUP (READING) LIMITED (REGISTERED NUMBER: 11981763)
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
965,713
912,971
Current assets
Stocks
6,000
6,000
Debtors
4
93,331
138,273
Cash at bank and in hand
-
0
7,632
99,331
151,905
Creditors: amounts falling due within one year
5
(1,363,357)
(1,031,135)
Net current liabilities
(1,264,026)
(879,230)
Total assets less current liabilities
(298,313)
33,741
Creditors: amounts falling due after more than one year
6
(336,215)
(328,976)
Net liabilities
(634,528)
(295,235)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(634,628)
(295,335)
Total equity
(634,528)
(295,235)

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 (READING) LIMITED (REGISTERED NUMBER: 11981763)
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 (READING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information

Really Local Group (Reading) Limited 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
Straight line over 15 years
Fixtures and fittings
Straight line over 5 years
Computers
Straight line over 5 and 10 years

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 (READING) LIMITED
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.

1.7
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

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

2022
2021
Number
Number
Total
15
12
REALLY LOCAL GROUP (READING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
3
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2022
961,022
-
0
-
0
961,022
Additions
42,043
2,071
96,367
140,481
At 31 December 2022
1,003,065
2,071
96,367
1,101,503
Depreciation and impairment
At 1 January 2022
48,051
-
0
-
0
48,051
Depreciation charged in the year
72,642
328
14,769
87,739
At 31 December 2022
120,693
328
14,769
135,790
Carrying amount
At 31 December 2022
882,372
1,743
81,598
965,713
At 31 December 2021
912,971
-
0
-
0
912,971
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
2,703
-
0
Amounts owed by group undertakings
678
-
0
Other debtors
89,950
138,273
93,331
138,273
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
42,951
-
0
Trade creditors
151,222
490,775
Amounts owed to group undertakings
512,507
414,867
Taxation and social security
42,775
5,327
Other creditors
613,902
120,166
1,363,357
1,031,135
REALLY LOCAL GROUP (READING) LIMITED
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
£
£
Other creditors
336,215
328,976
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
£
£
578,171
739,521
8
Related party transactions

At the year-end, the company owed £512,507 (2022: £414,867) to fellow group companies.

 

At the year end, included within other creditors is an amount owed from a company with common directors totalling £508,836 (2021: 83,274)

 

At the year end, the company was owed £678 (2022: nil) from a fellow group company.

 

 

 

 

9
Parent company

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

 

 

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