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REGISTERED NUMBER: 03615345 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Inreach Group Limited

Inreach Group Limited (Registered number: 03615345)






Contents of the Financial Statements
for the year ended 31 January 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 9


Inreach Group Limited

Company Information
for the year ended 31 January 2024







DIRECTORS: Mr A H MacIntyre
Mrs H S MacIntyre





REGISTERED OFFICE: Innovation House
Presley Way
Crown Hill
Milton Keynes
Buckinghamshire
MK8 0ES





REGISTERED NUMBER: 03615345 (England and Wales)





ACCOUNTANTS: Clifford Roberts
Chartered Accountants
Pacioli House
9 Brookfield
Duncan Close
Northampton
Northamptonshire
NN3 6WL

Inreach Group Limited (Registered number: 03615345)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,047,188 3,001,127

CURRENT ASSETS
Stocks 499,029 460,390
Debtors 5 976,823 1,073,075
Cash at bank and in hand 647,600 786,177
2,123,452 2,319,642
CREDITORS
Amounts falling due within one year 6 1,163,128 1,171,009
NET CURRENT ASSETS 960,324 1,148,633
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,007,512

4,149,760

CREDITORS
Amounts falling due after more than one
year

7

(862,659

)

(950,374

)

PROVISIONS FOR LIABILITIES (71,913 ) (83,973 )
NET ASSETS 3,072,940 3,115,413

CAPITAL AND RESERVES
Called up share capital 11 50,001 50,001
Fair value reserve 12 229,887 235,494
Retained earnings 2,793,052 2,829,918
SHAREHOLDERS' FUNDS 3,072,940 3,115,413

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

Inreach Group Limited (Registered number: 03615345)

Balance Sheet - continued
31 January 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





Mr A H MacIntyre - Director


Inreach Group Limited (Registered number: 03615345)

Notes to the Financial Statements
for the year ended 31 January 2024

1. STATUTORY INFORMATION

Inreach Group 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 company has a secondary place of business being Unit 9, 20 Underwood row, Shoreditch, London, N1 7LQ.

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 financial statements are presented in Sterling (£) and cover the period to the 31st January each year.

Significant judgements and estimates
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

No key sources of estimation uncertainty have been identified that have a significant effect on the amounts recognised in the financial statements.

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

Turnover represents the invoiced amount of services and installations provided stated net of value added tax. The turnover and pre tax profit is wholly attributable to the operating activities of the company. Turnover is recognised across the length of the leases.

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.
Freehold property - 2% on cost
Improvements to property - 20% on cost
Plant and machinery - 25% on cost and 20% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Inreach Group Limited (Registered number: 03615345)

Notes to the Financial Statements - continued
for the year ended 31 January 2024

2. ACCOUNTING POLICIES - continued

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.

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.

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.

Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Interest bearing borrowings
Interest bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2023 - 40 ) .

Inreach Group Limited (Registered number: 03615345)

Notes to the Financial Statements - continued
for the year ended 31 January 2024

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 February 2023 3,258,498 119,350 124,124
Additions - - 6,353
Disposals - - -
At 31 January 2024 3,258,498 119,350 130,477
DEPRECIATION
At 1 February 2023 427,396 119,350 118,553
Charge for year 65,170 - 4,061
Eliminated on disposal - - -
At 31 January 2024 492,566 119,350 122,614
NET BOOK VALUE
At 31 January 2024 2,765,932 - 7,863
At 31 January 2023 2,831,102 - 5,571

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 February 2023 258,334 284,465 4,044,771
Additions 27,617 221,802 255,772
Disposals - (24,000 ) (24,000 )
At 31 January 2024 285,951 482,267 4,276,543
DEPRECIATION
At 1 February 2023 223,662 154,683 1,043,644
Charge for year 18,511 100,969 188,711
Eliminated on disposal - (3,000 ) (3,000 )
At 31 January 2024 242,173 252,652 1,229,355
NET BOOK VALUE
At 31 January 2024 43,778 229,615 3,047,188
At 31 January 2023 34,672 129,782 3,001,127

Inreach Group Limited (Registered number: 03615345)

Notes to the Financial Statements - continued
for the year ended 31 January 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 February 2023
and 31 January 2024 99,940
DEPRECIATION
At 1 February 2023 20,821
Charge for year 24,985
At 31 January 2024 45,806
NET BOOK VALUE
At 31 January 2024 54,134
At 31 January 2023 79,119

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 817,591 579,403
Other debtors 159,232 493,672
976,823 1,073,075

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 76,416 75,443
Hire purchase contracts (see note 8) 13,966 12,775
Trade creditors 373,989 456,145
Amounts owed to group undertakings 18 -
Taxation and social security 233,313 203,762
Other creditors 465,426 422,884
1,163,128 1,171,009

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 812,124 885,873
Hire purchase contracts (see note 8) 50,535 64,501
862,659 950,374

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 438,517 530,288

Inreach Group Limited (Registered number: 03615345)

Notes to the Financial Statements - continued
for the year ended 31 January 2024

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 13,966 12,775
Between one and five years 50,535 64,501
64,501 77,276

Non-cancellable operating leases
2024 2023
£    £   
Within one year 35,382 29,976
Between one and five years 47,397 13,769
82,779 43,745

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 888,540 961,316
Hire purchase contracts 64,501 77,276
953,041 1,038,592

At the year end the company has three charges registered, all in favour of Santander UK Plc. The charges are over freehold and leasehold property held, along with fixed and floating charges in relation to all assets held or owned by the company.

Inreach Group Limited (Registered number: 03615345)

Notes to the Financial Statements - continued
for the year ended 31 January 2024

10. FINANCIAL RISK MANAGEMENT

The company has some exposure to credit, liquidity and cash flow interest rate risks, These risks are limited by the company's financial management policies and practices described below.

Foreign currency risk
The company has no exposure to foreign currency risks as all of the company's sales and purchases are denominated in sterling.

Credit risk
The company's exposure and it's customers credit worthiness is continually monitored so that any potential problems are detected at an early stage.

Liquidity risk
The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves and banking facilities.

Market risk
There is a market risk associated with the fluctuation in demand for the products and services provided. Most of this is mitigated by monitoring the markets.

The company holds no derivative financial instruments at the year end.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50,000 Ordinary £1 50,000 50,000
1 A Ordinary £1 1 1
50,001 50,001

12. RESERVES
Fair
value
reserve
£   
At 1 February 2023 235,494
Depreciation written back (7,476 )
Release of deferred tax 1,869

At 31 January 2024 229,887

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at 31st January 2024 a total of £Nil (2023: £185,000) is owed to the company by persons with significant control. The advances were interest free and were unsecured.

14. ULTIMATE CONTROLLING PARTY

The ultimate parent company and controlling party is Inreach Holdings Limited, a company registered in England and registered office being Innovation House, Presley Way, Crownhill, Milton Keynes, Buckinghamshire, MK8 0ES.