Silverfin false false 31/03/2024 01/04/2023 31/03/2024 E J Beard 03/04/2017 M Beard 03/04/2017 P R Beard 03/04/2017 R M T Beard 03/04/2017 20 October 2024 The principal activity of the Company during the financial year was a pharmacy. 04683064 2024-03-31 04683064 bus:Director1 2024-03-31 04683064 bus:Director2 2024-03-31 04683064 bus:Director3 2024-03-31 04683064 bus:Director4 2024-03-31 04683064 2023-03-31 04683064 core:CurrentFinancialInstruments 2024-03-31 04683064 core:CurrentFinancialInstruments 2023-03-31 04683064 core:ShareCapital 2024-03-31 04683064 core:ShareCapital 2023-03-31 04683064 core:RetainedEarningsAccumulatedLosses 2024-03-31 04683064 core:RetainedEarningsAccumulatedLosses 2023-03-31 04683064 core:Goodwill 2023-03-31 04683064 core:OtherResidualIntangibleAssets 2023-03-31 04683064 core:Goodwill 2024-03-31 04683064 core:OtherResidualIntangibleAssets 2024-03-31 04683064 core:FurnitureFittings 2023-03-31 04683064 core:ComputerEquipment 2023-03-31 04683064 core:FurnitureFittings 2024-03-31 04683064 core:ComputerEquipment 2024-03-31 04683064 bus:OrdinaryShareClass1 2024-03-31 04683064 core:WithinOneYear 2024-03-31 04683064 core:WithinOneYear 2023-03-31 04683064 core:BetweenOneFiveYears 2024-03-31 04683064 core:BetweenOneFiveYears 2023-03-31 04683064 core:MoreThanFiveYears 2024-03-31 04683064 core:MoreThanFiveYears 2023-03-31 04683064 2023-04-01 2024-03-31 04683064 bus:FilletedAccounts 2023-04-01 2024-03-31 04683064 bus:SmallEntities 2023-04-01 2024-03-31 04683064 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04683064 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04683064 bus:Director1 2023-04-01 2024-03-31 04683064 bus:Director2 2023-04-01 2024-03-31 04683064 bus:Director3 2023-04-01 2024-03-31 04683064 bus:Director4 2023-04-01 2024-03-31 04683064 core:Goodwill core:TopRangeValue 2023-04-01 2024-03-31 04683064 core:FurnitureFittings core:TopRangeValue 2023-04-01 2024-03-31 04683064 core:ComputerEquipment core:TopRangeValue 2023-04-01 2024-03-31 04683064 2022-04-01 2023-03-31 04683064 core:FurnitureFittings 2023-04-01 2024-03-31 04683064 core:ComputerEquipment 2023-04-01 2024-03-31 04683064 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 04683064 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04683064 (England and Wales)

K L REYNOLDS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

K L REYNOLDS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

K L REYNOLDS LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
K L REYNOLDS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS E J Beard
M Beard
P R Beard
R M T Beard
REGISTERED OFFICE Centenary House Peninsula Park
Rydon Lane
Exeter
EX2 7XE
United Kingdom
COMPANY NUMBER 04683064 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
K L REYNOLDS LIMITED

BALANCE SHEET

As at 31 March 2024
K L REYNOLDS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 2,375 4,610
2,376 4,611
Current assets
Stocks 38,748 41,557
Debtors 5 364,911 319,527
Cash at bank and in hand 38,405 42,301
442,064 403,385
Creditors: amounts falling due within one year 6 ( 132,584) ( 123,365)
Net current assets 309,480 280,020
Total assets less current liabilities 311,856 284,631
Provision for liabilities ( 500) ( 1,136)
Net assets 311,356 283,495
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 311,256 283,395
Total shareholder's funds 311,356 283,495

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of K L Reynolds Limited (registered number: 04683064) were approved and authorised for issue by the Board of Directors on 20 October 2024. They were signed on its behalf by:

R M T Beard
Director
K L REYNOLDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
K L REYNOLDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

K L Reynolds Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Other intangible assets not amortised
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings 7 years straight line
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 10

3. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 April 2023 380,000 1 380,001
At 31 March 2024 380,000 1 380,001
Accumulated amortisation
At 01 April 2023 380,000 0 380,000
At 31 March 2024 380,000 0 380,000
Net book value
At 31 March 2024 0 1 1
At 31 March 2023 0 1 1

4. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 April 2023 25,016 6,194 31,210
Additions 329 1,764 2,093
At 31 March 2024 25,345 7,958 33,303
Accumulated depreciation
At 01 April 2023 22,241 4,359 26,600
Charge for the financial year 2,549 1,779 4,328
At 31 March 2024 24,790 6,138 30,928
Net book value
At 31 March 2024 555 1,820 2,375
At 31 March 2023 2,775 1,835 4,610

5. Debtors

2024 2023
£ £
Trade debtors 69,347 68,297
Amounts owed by Group undertakings 281,687 238,276
Prepayments 4,662 3,424
VAT recoverable 9,030 9,174
Other debtors 185 356
364,911 319,527

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 101,170 92,634
Amounts owed to directors 0 211
Accruals 13,450 11,418
Taxation and social security 16,680 18,888
Other creditors 1,284 214
132,584 123,365

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 11,949 5,750
between one and five years 30,232 23,000
after five years 14,162 19,928
56,343 48,678

The total amount of financial commitments not included in the balance sheet is £56,343 (2023: £48,678). This relates to an operating lease on the business premises, and a finance lease on a business vehicle.

The total amount of guarantees not included in the balance sheet is £298,632 (2023: £358,418). The company is party to a cross guarantee structure with the Group's bankers by means of a charge over the assets of the Group companies. The guarantee is between Philip Beard Holdings Limited and K L Reynolds Limited.

9. Ultimate controlling party

Parent Company:

Philip Beard Holdings Limited
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE