Caseware UK (AP4) 2023.0.135 2023.0.135 1042023-01-01falseNo description of principal activity91falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11751772 2023-01-01 2023-12-31 11751772 2022-01-01 2022-12-31 11751772 2023-12-31 11751772 2022-12-31 11751772 c:Director1 2023-01-01 2023-12-31 11751772 d:Buildings 2023-01-01 2023-12-31 11751772 d:Buildings 2023-12-31 11751772 d:Buildings 2022-12-31 11751772 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11751772 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 11751772 d:Buildings d:ShortLeaseholdAssets 2023-12-31 11751772 d:Buildings d:ShortLeaseholdAssets 2022-12-31 11751772 d:OfficeEquipment 2023-01-01 2023-12-31 11751772 d:OfficeEquipment 2023-12-31 11751772 d:OfficeEquipment 2022-12-31 11751772 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11751772 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11751772 d:CurrentFinancialInstruments 2023-12-31 11751772 d:CurrentFinancialInstruments 2022-12-31 11751772 d:Non-currentFinancialInstruments 2023-12-31 11751772 d:Non-currentFinancialInstruments 2022-12-31 11751772 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11751772 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11751772 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 11751772 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 11751772 d:ShareCapital 2023-12-31 11751772 d:ShareCapital 2022-12-31 11751772 d:RetainedEarningsAccumulatedLosses 2023-12-31 11751772 d:RetainedEarningsAccumulatedLosses 2022-12-31 11751772 c:FRS102 2023-01-01 2023-12-31 11751772 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11751772 c:FullAccounts 2023-01-01 2023-12-31 11751772 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 11751772













Reeves Independent Limited

Financial statements
Information for filing with the registrar

31 December 2023




 
Reeves Independent Limited


Balance sheet
At 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,666,969
176,611

  
1,666,969
176,611

Current assets
  

Debtors: amounts falling due within one year
 5 
2,394,870
1,952,389

Current asset investments
 6 
-
245

Bank and cash balances
  
336,103
331,637

  
2,730,973
2,284,271

Creditors: amounts falling due within one year
 7 
(1,272,772)
(707,210)

Net current assets
  
 
 
1,458,201
 
 
1,577,061

Total assets less current liabilities
  
3,125,170
1,753,672

Creditors: amounts falling due after more than one year
 8 
(873,284)
(62,864)

Provisions for liabilities
  

Deferred tax
  
(29,188)
(39,498)

  
 
 
(29,188)
 
 
(39,498)

Net assets
  
2,222,698
1,651,310


Capital and reserves
  

Called up share capital 
  
15,000
15,000

Profit and loss account
  
2,207,698
1,636,310

  
2,222,698
1,651,310


Page 1

 
Reeves Independent Limited

    
Balance sheet (continued)
At 31 December 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 September 2024.




N Reeves
Director

Company registered number: 11751772
The notes on pages 3 to 8 form part of these financial statements. 

Page 2

 
Reeves Independent Limited
 
 

Notes to the financial statements
Year ended 31 December 2023

1.


General information

The company is a private company limited by shares, incorporated and domiciled in the United Kingdom. The registered office is 2nd Floor, Park View House, Front Street, Benton, Newcastle upon Tyne, NE7 7TZ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is the amount derived from the provision of financial services and advice, being fees
receivable during the period, stated net of value added tax. Revenue is recognised when the
appropriate service has been delivered

 
2.3

Operating leases: the company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Finance costs

Finance costs are charged to profit or loss 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension 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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 3

 
Reeves Independent Limited
 

 
Notes to the financial statements
Year ended 31 December 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 balance sheet 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 balance sheet 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 values 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 balance sheet date.

Page 4

 
Reeves Independent Limited
 

 
Notes to the financial statements
Year ended 31 December 2023

2.Accounting policies (continued)

 
2.8

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 the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, straight line and reducing balance.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Short-term leasehold property
-
15% reducing balance
Office equipment
-
33% straight line and 15% 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 profit or loss.

 
2.9

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

 
2.10

Financial instruments

Basic financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.


3.


Employees

The average monthly number of employees, including directors, during the year was 104 (2022 - 91).

Page 5

 
Reeves Independent Limited
 
 

Notes to the financial statements
Year ended 31 December 2023

4.


Tangible fixed assets





Freehold property
Short-term leasehold property
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
-
34,343
266,046
300,389


Additions
1,518,745
1,620
44,102
1,564,467



At 31 December 2023

1,518,745
35,963
310,148
1,864,856



Depreciation


At 1 January 2023
-
8,618
115,160
123,778


Charge for the year
-
7,170
66,939
74,109



At 31 December 2023

-
15,788
182,099
197,887



Net book value



At 31 December 2023
1,518,745
20,175
128,049
1,666,969



At 31 December 2022
-
25,725
150,886
176,611

Page 6

 
Reeves Independent Limited
 
 

Notes to the financial statements
Year ended 31 December 2023

5.


Debtors

2023
2022
£
£


Trade debtors
1,833
6,777

Amounts owed by group companies
2,149,595
1,710,179

Other debtors
141,422
134,463

Prepayments and accrued income
102,020
100,970

2,394,870
1,952,389



6.


Current asset investments

2023
2022
£
£

Unlisted investments
-
245

-
245



7.


Creditors: amounts falling due within one year

2023
2022
£
£

Bank loans
37,758
-

Other loans
56,455
143,756

Trade creditors
692
13,380

Amounts owed to group undertakings
98,634
-

Corporation tax
67,658
108,427

Other taxation and social security
87,431
77,892

Obligations under finance lease and hire purchase contracts
3,521
4,225

Other creditors
501,461
137,043

Accruals and deferred income
419,162
222,487

1,272,772
707,210


Page 7

 
Reeves Independent Limited
 
 

Notes to the financial statements
Year ended 31 December 2023

8.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Bank loans
817,729
-

Net obligations under finance leases and hire purchase contracts
-
3,521

Other creditors
55,555
59,343

873,284
62,864



9.


Related party transactions

During the year, the company used a loan account to record amounts due to and from companies in the group. At the year end, the following balances were owed to/(by) the company. The loans are unsecured, interest free and no fixed terms of repayment have been agreed.


2023
2022
£
£

Reeves Group Holdings Limited
2,076,123
1,591,960
Reeves Financial Services Limited
(98,634)
33
Reeves Business Services Limited
-
1,152
Reeves Independent (Acquisitions) Limited
72,477
49,876
Reeves Independent Property Limited
995
4,185
Reeves Independent Wills and Estate Planning Ltd
-
1,531
Reeves Investment Services Limited
-
2,124
Reeves Property Services
-
56,819
Saruja Property Limited
-
2,499
2,050,961
1,710,179

 
Page 8