Registered number
00437536
Reeves of Petersfield Limited
Filleted Accounts
30 June 2023
Reeves of Petersfield Limited
Registered number: 00437536
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 71 84
Tangible assets 4 243,078 185,218
Investments 5 26,841 26,841
269,990 212,143
Current assets
Stocks 5,250 5,250
Debtors 6 57,882 119,965
Cash at bank and in hand 501,219 428,997
564,351 554,212
Creditors: amounts falling due within one year 7 (285,059) (285,818)
Net current assets 279,292 268,394
Total assets less current liabilities 549,282 480,537
Creditors: amounts falling due after more than one year 8 (127,626) (187,017)
Provisions for liabilities (37,112) (21,249)
Net assets 384,544 272,271
Capital and reserves
Called up share capital 1,500 1,500
Share premium 4,080 4,080
Profit and loss account 378,964 266,691
Shareholders' funds 384,544 272,271
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A J Shotbolt
Director
Approved by the board on 12 January 2024
Reeves of Petersfield Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
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).
Turnover
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings 5% straight line basis
Plant and machinery 20% reducing balance basis
Fixtures, fittings, tools and equipment 15% reducing balance basis
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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.
Creditors
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.
Taxation
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.
Provisions
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 22 21
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2022 56,000
At 30 June 2023 56,000
Amortisation
At 1 July 2022 55,916
Provided during the year 13
At 30 June 2023 55,929
Net book value
At 30 June 2023 71
At 30 June 2022 84
Goodwill is being written off over its estimated economic life.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 604,963 179,084 104,680 888,727
Additions - - 125,635 125,635
At 30 June 2023 604,963 179,084 230,315 1,014,362
Depreciation
At 1 July 2022 537,892 111,236 54,381 703,509
Charge for the year 22,419 10,171 35,185 67,775
At 30 June 2023 560,311 121,407 89,566 771,284
Net book value
At 30 June 2023 44,652 57,677 140,749 243,078
At 30 June 2022 67,071 67,848 50,299 185,218
5 Investments
Other
investments
£
Cost
At 1 July 2022 26,841
At 30 June 2023 26,841
6 Debtors 2023 2022
£ £
Trade debtors 22,412 71,832
Other debtors 35,470 48,133
57,882 119,965
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 54,862 55,404
Trade creditors 77,465 98,182
Taxation and social security costs 95,970 81,169
Other creditors 56,762 51,063
285,059 285,818
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 127,626 187,017
9 Related party transactions
Included within other creditors is the amount of £41,889 (2022 - £41,889) owed to the directors. This amount is undated, unsecured, interest free and repayable upon demand.    
# Other information
Reeves of Petersfield Limited is a private company limited by shares and incorporated in England. Its registered office is:
140 The Causeway
Petersfield
Hampshire
GU31 4LL
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