REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
REAPER LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
REAPER LIMITED |
REAPER LIMITED (REGISTERED NUMBER: 00723045) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
REAPER LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 January 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants and Statutory Auditor |
5 Crescent East |
Thornton Cleveleys |
Lancashire |
FY5 3LJ |
REAPER LIMITED (REGISTERED NUMBER: 00723045) |
BALANCE SHEET |
31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
REAPER LIMITED (REGISTERED NUMBER: 00723045) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Reaper Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Reaper Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, GA Pet Food Partners Group Limited, The Albert Suite, Unit 2 Revolution Park, Buckshaw Avenue, Buckshaw Village, Chorley, Lancashire, PR7 7DW. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Tangible fixed assets |
Plant and machinery | - |
Stocks |
Stock is valued at the lower of cost and net realisable value. |
Financial instruments |
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. They are recognised when the company becomes party to the contractual provisions of the instrument. |
The following assets and liabilities are classified as basic financial instruments - cash at bank, debtors : amounts falling due within one year and creditors : amounts falling due within one year. They are measured at the transaction price less any known impairment, unless the arrangement indicates otherwise, in which case they would be measured at the present value of the future receipts discounted at the market rate of interest. |
Bank loan, and loan from the company's own retirement benefits scheme payable after more than one year are classified as basic financial instruments in accordance with FRS 102 and are also measured at the transaction price less any known impairment. |
REAPER LIMITED (REGISTERED NUMBER: 00723045) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 January 2024 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
Pension costs and other post-retirement benefits |
Pension payments, when made, are to the company's self administered scheme as recommended by the Scheme's advisers. The pension scheme is a defined benefits scheme. Contributions payable for the year are charged in the profit and loss account where applicable. |
Pension costs |
Pension payments, when made, are to the Company's self administered scheme as advised by the Scheme's advisers. The pension scheme is a funded defined benefits scheme. Contributions for the year are charged in the profit and loss account where applicable. The scheme's surplus referred to later in the notes to the financial statements mean that there is no need for future contributions to the scheme. |
Revenue recognition |
Turnover is recognised when a contract for the sale of property becomes unconditional. |
Rents receivable are recognised when under the terms of a lease agreement rental receipts become due on an accruals basis. |
Bank deposit interest is recognised when it is receiveable. |
Other interest is accounted for on an accruals basis relating to interest receivable during the period. |
Investments in subsidiaries and associates |
Investments in subsidiaries and associates are accounted for at cost less impairments. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
REAPER LIMITED (REGISTERED NUMBER: 00723045) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 January 2024 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
6. | STOCKS |
31.1.24 | 31.1.23 |
£ | £ |
Stock of land |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
R2 Co-owner loan | 190,575 | 160,472 |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans and overdrafts |
Tax |
Social security and other taxes |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
REAPER LIMITED (REGISTERED NUMBER: 00723045) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 January 2024 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans |
The bank loans referred to in notes 9 and 10 relate to the company's share of its ownership in a property held in trading stock. The company's bankers have a first legal charge over the property. |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | EMPLOYEE BENEFIT OBLIGATIONS |
The company operates a defined benefit pension scheme. |
No contributions were made during the year and none are envisaged due to the surplus of the scheme. |
The scheme rules prohibit the return of the surplus therefore no pension asset is recognised on the balance sheet. No allowance is therefore made in these accounts for recovery of the excess assets on the grounds that they are not recoverable by this company, the sponsoring employer. |
Value of scheme assets and liabilities |
2024 | 2023 |
£ | £ |
Market value of assets | 15,123,085 | 14,499,381 |
Present value of scheme liabilities | (210,000) | (245,000) |
Surplus in scheme | 14,913,085 | 14,254,381 |
Net pension asset | 14,913,085 | 14,254,381 |
Movement in deficit during the year |
2024 | 2023 |
£ | £ |
Deficit in scheme at end of year | - | - |
The valuation method used to determine the present value of scheme liabilities was carried out by the scheme's professional advisers using a simplified approach relying upon data provided by the company to determine how much a lifetime annuity would cost on the open market replicating the scheme's pensions in payment and on the assumption of the schemes members being in good health. |
REAPER LIMITED (REGISTERED NUMBER: 00723045) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 January 2024 |
13. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with its holding company and other wholly owned subsidiaries within the group. |
14. | ULTIMATE CONTROLLING PARTY |
On 31 August 2021, 59% of the Company's voting share capital was acquired by GA Pet Food Partners Group Limited. |
Mr R.J.T.A. Bracewell is considered by the directors to be the ultimate controlling party by virtue of his control of the voting share capital of GA Pet Food Partners Group Limited. |