Company registration number 00552212 (England and Wales)
REED VENTURES LIMITED
Unaudited Financial Statements
for the Year Ended 31 January 2024
REED VENTURES LIMITED
Contents
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 5
REED VENTURES LIMITED
Company Information
- 1 -
Directors
Mr G D Delves
Mr D P Delves
Mrs S A Attwell
Secretary
Mrs S A Attwell
Company number
00552212
Registered office
Crosslikey
Churchstoke
Montgomery
Powys
SY15 6AR
Accountants
RCH Accountants Limited
Wellfield House
Temple Street
Llandrindod Wells
Powys
LD1 5HG
REED VENTURES LIMITED
Balance Sheet
As at 31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
295,463
291,143
Current assets
Debtors
5
11,784
4,747
Cash at bank and in hand
7,567
7,095
19,351
11,842
Creditors: amounts falling due within one year
6
(310,295)
(301,504)
Net current liabilities
(290,944)
(289,662)
Net assets
4,519
1,481
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
4,518
1,480
Total equity
4,519
1,481

The notes on pages 3 to 5 form part of these financial statements.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 15 October 2024 and are signed on its behalf by:
Mr D P Delves
Director
Company registration number 00552212 (England and Wales)
REED VENTURES LIMITED
Notes to the Financial Statements
For the Year Ended 31 January 2024
- 3 -
1
Accounting policies
Company information

Reed Ventures Limited is a private company limited by shares incorporated in England and Wales. The registered office is Crosslikey, Churchstoke, Montgomery, Powys, SY15 6AR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

REED VENTURES LIMITED
Notes to the Financial Statements
For the Year Ended 31 January 2024
1
Accounting policies
- 4 -
1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
REED VENTURES LIMITED
Notes to the Financial Statements
For the Year Ended 31 January 2024
- 5 -
4
Investment property
2024
£
Fair value
At 1 February 2023
291,143
Additions
4,320
At 31 January 2024
295,463

There has been no valuation of investment property by an independent valuer, but in the opinion of the directors, fair value is not significantly different to cost.

 

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
11,784
4,384
Prepayments and accrued income
-
0
363
11,784
4,747
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
272,034
272,034
Trade creditors
16,213
12,132
Corporation tax
713
347
Other creditors
20,651
16,331
Accruals and deferred income
684
660
310,295
301,504
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