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REGISTERED NUMBER: 03893798












FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

REYNOLDS & READ LIMITED

REYNOLDS & READ LIMITED (REGISTERED NUMBER: 03893798)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


REYNOLDS & READ LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: Mr K Read
Mr P Read





REGISTERED OFFICE: Brickfields
Newnham Road
Binstead
Isle of Wight
PO33 3TH





REGISTERED NUMBER: 03893798





ACCOUNTANTS: Mackenzies
Chartered Accountants
1 Langley Court
Pyle Street
Newport
Isle of Wight
PO30 1LA

REYNOLDS & READ LIMITED (REGISTERED NUMBER: 03893798)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible assets 3 - -
Tangible assets 4 467,461 495,250
467,461 495,250

CURRENT ASSETS
Debtors 5 1,550,042 1,605,519
Cash at bank 2,264,764 2,416,120
3,814,806 4,021,639
CREDITORS
Amounts falling due within one year 6 981,886 1,202,833
NET CURRENT ASSETS 2,832,920 2,818,806
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,300,381

3,314,056

PROVISIONS FOR LIABILITIES 7 19,499 26,662
NET ASSETS 3,280,882 3,287,394

CAPITAL AND RESERVES
Called up share capital 8 72 72
Share premium 116,988 116,988
Retained earnings 3,163,822 3,170,334
SHAREHOLDERS' FUNDS 3,280,882 3,287,394

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 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.

REYNOLDS & READ LIMITED (REGISTERED NUMBER: 03893798)

BALANCE SHEET - continued
31 JULY 2023


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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2024 and were signed on its behalf by:





Mr K Read - Director


REYNOLDS & READ LIMITED (REGISTERED NUMBER: 03893798)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


1. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

REYNOLDS & READ LIMITED (REGISTERED NUMBER: 03893798)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


1. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 51 (2022 - 53 ) .

3. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 August 2022
and 31 July 2023 35,500
AMORTISATION
At 1 August 2022
and 31 July 2023 35,500
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 -

REYNOLDS & READ LIMITED (REGISTERED NUMBER: 03893798)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Improvements Plant and and Motor
to property machinery fittings vehicles Totals
£ £ £ £ £
COST
At 1 August 2022 400,082 549,454 52,834 22,000 1,024,370
Additions 6,686 12,000 584 - 19,270
At 31 July 2023 406,768 561,454 53,418 22,000 1,043,640
DEPRECIATION
At 1 August 2022 54,574 412,736 42,747 19,063 529,120
Charge for year 8,013 35,680 2,631 735 47,059
At 31 July 2023 62,587 448,416 45,378 19,798 576,179
NET BOOK VALUE
At 31 July 2023 344,181 113,038 8,040 2,202 467,461
At 31 July 2022 345,508 136,718 10,087 2,937 495,250

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Plant and
machinery
£
COST
At 1 August 2022
and 31 July 2023 549,454
DEPRECIATION
At 1 August 2022 412,736
Charge for year 34,180
At 31 July 2023 446,916
NET BOOK VALUE
At 31 July 2023 102,538
At 31 July 2022 136,718

5. DEBTORS
2023 2022
£ £
Amounts falling due within one year:
Trade debtors 1,199,837 1,257,216
Other debtors 180,000 60,000
Directors' current accounts 8,580 6,253
Prepayments 2,258 520
1,390,675 1,323,989

REYNOLDS & READ LIMITED (REGISTERED NUMBER: 03893798)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


5. DEBTORS - continued
2023 2022
£ £
Amounts falling due after more than one year:
Other debtors 159,367 281,530

Aggregate amounts 1,550,042 1,605,519

Other debtors consist of a commercial loan balance of £339,367 (2022: £341,530). £180,000 (2022: £60,000) is payable within one year with £159,367 (2022: £281,530) due in more than one year. Interest is being charged on this loan, which is being repaid over 12 years.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 240,072 303,233
Amounts owed to group undertakings 596,714 684,247
Tax - 87,390
Social security and other taxes 38,095 37,642
VAT 83,591 69,237
Other creditors 16,789 13,722
Directors' current accounts - 627
Accrued expenses 6,625 6,735
981,886 1,202,833

Other creditors consist of net pay due of £10,012 (2022: £6,303), pension due of £1,660 (2022: £2,971) and credit card £5,117 (2022: £4,447).

7. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax 19,499 26,662

Deferred tax
£
Balance at 1 August 2022 26,662
Provided during year (7,163 )
Balance at 31 July 2023 19,499

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
72 Ordinary £1 72 72