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REGISTERED NUMBER: 04634133 (England and Wales)















Financial Statements

for the Year Ended 31 March 2024

for

Real Engineering (Yorkshire) Limited

Real Engineering (Yorkshire) Limited (Registered number: 04634133)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Real Engineering (Yorkshire) Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: W J Middleton
K B Young





REGISTERED OFFICE: Unit 4 Aireside Business Park
Royd Ings Avenue
Keighley
West Yorkshire
BD21 4BZ





REGISTERED NUMBER: 04634133 (England and Wales)





AUDITORS: Stirk Lambert & Co
Chartered Accountants
Statutory Auditors
Russell Chambers
61a North Street
Keighley
West Yorkshire
BD21 3DS

Real Engineering (Yorkshire) Limited (Registered number: 04634133)

Statement of Financial Position
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 73,995 97,342
73,995 97,342

CURRENT ASSETS
Stocks 192,641 455,822
Debtors 6 1,152,965 1,440,003
Cash at bank 238,131 360,939
1,583,737 2,256,764
CREDITORS
Amounts falling due within one year 7 (955,261 ) (1,619,670 )
NET CURRENT ASSETS 628,476 637,094
TOTAL ASSETS LESS CURRENT
LIABILITIES

702,471

734,436

PROVISIONS FOR LIABILITIES (18,035 ) (13,044 )
NET ASSETS 684,436 721,392

CAPITAL AND RESERVES
Called up share capital 200 200
Share premium 299,800 299,800
Retained earnings 384,436 421,392
SHAREHOLDERS' FUNDS 684,436 721,392

Real Engineering (Yorkshire) Limited (Registered number: 04634133)

Statement of Financial Position - continued
31 March 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 July 2024 and were signed on its behalf by:





K B Young - Director


Real Engineering (Yorkshire) Limited (Registered number: 04634133)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Real Engineering (Yorkshire) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2. 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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods:
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
-the Company has transferred the significant risks and rewards of ownership to the buyer;
-the Company retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;
-the amount of turnover can be measured reliably;
-it is probable that the Company will receive the consideration due under the transaction; and
-the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of Services:
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
-the amount of turnover can be measured reliably;
-it is probable that the Company will receive the consideration due under the contract;
-the stage of completion of the contract at the end of the reporting period can be measured reliably; and
-the costs incurred and the costs to complete the contract can be measured reliably.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life.

Real Engineering (Yorkshire) Limited (Registered number: 04634133)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Goodwill10 years

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management.

Depreciation is charged so as to allocated the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Improvements to property10% on cost
Plant and machinery15% on reducing balance
Motor vehicles25% on reducing balance
Fixtures and fittings15% on reducing balance
Computer equipment25% on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Real Engineering (Yorkshire) Limited (Registered number: 04634133)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit or loss.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest rate method, less any impairment.

Long term contracts
Where the outcome of a long-term contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at each reporting date. Stage of completion is measured by reference to labour costs incurred as a proportion of the estimated total labour costs. Where the outcome of a long-term contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred that it is probable it will be recoverable.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially ar fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.


Real Engineering (Yorkshire) Limited (Registered number: 04634133)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Current and deferred taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:

-The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered
against the reversal of deferred tax liabilities or other future taxable profits; and
-Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances
have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair value of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Foreign currencies
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

Operating leases: the company as a lessee
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Dividends
Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which dividends are declared and paid.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2023 - 31 ) .

Real Engineering (Yorkshire) Limited (Registered number: 04634133)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 32,500
AMORTISATION
At 1 April 2023
and 31 March 2024 32,500
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 109,030 302,799 19,649
Additions - 4,095 704
Disposals - (108,622 ) (5,381 )
At 31 March 2024 109,030 198,272 14,972
DEPRECIATION
At 1 April 2023 106,326 221,185 16,558
Charge for year 848 11,873 456
Eliminated on disposal - (85,802 ) (4,789 )
At 31 March 2024 107,174 147,256 12,225
NET BOOK VALUE
At 31 March 2024 1,856 51,016 2,747
At 31 March 2023 2,704 81,614 3,091

Real Engineering (Yorkshire) Limited (Registered number: 04634133)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 5,795 37,840 475,113
Additions 11,138 1,267 17,204
Disposals - (10,348 ) (124,351 )
At 31 March 2024 16,933 28,759 367,966
DEPRECIATION
At 1 April 2023 1,448 32,254 377,771
Charge for year 2,135 1,437 16,749
Eliminated on disposal - (9,958 ) (100,549 )
At 31 March 2024 3,583 23,733 293,971
NET BOOK VALUE
At 31 March 2024 13,350 5,026 73,995
At 31 March 2023 4,347 5,586 97,342

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 309,983 636,479
Amounts owed by group undertakings 566,161 566,161
Tax - 12,502
VAT - 32,762
Prepayments 276,821 192,099
1,152,965 1,440,003

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 310,752 618,013
Tax 27,447 -
Social security and other taxes 47,611 32,102
VAT 19,545 -
Other creditors 21,775 21,303
Accruals and deferred income 528,131 948,252
955,261 1,619,670

Real Engineering (Yorkshire) Limited (Registered number: 04634133)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 49,984 131,176
Between one and five years 435,108 477,794
485,092 608,970

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Catherine Hill FCA CTA (Senior Statutory Auditor)
for and on behalf of Stirk Lambert & Co

10. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £57,258 (2023: £62,466). There were no outstanding contributions payable at either year end.

11. RELATED PARTY DISCLOSURES

TVI Group Limited, the Company's ultimate parent, charged management fees to the Company of £75,000 (2023: £60,000). The balance due at the period end was £NIL (2023: £NIL).

During the period a payment was made to TVC3 Limited, the parent company. In March 2024 this was then borrowed from TVC3 again. The loan is interest free and repayable on demand. The balance due at the period end was £566,161 (2023: £566,161).

The Company declared and paid dividends of £22,500 (2023: £NIL) to W J Middleton. The company declared and paid dividends of £127,500 (2023: £NIL) to TVC3 Limited.

12. ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking is TVI Group Limited, a company incorporated in England and Wales, registration number 08957594, registered office 3rd Floor, Davidson House, Forbury Square, Reading, Berkshire, RG1 3EU.

The ultimate controlling party is B M Gordon.