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REGISTERED NUMBER: 06475576 (England and Wales)















REALITY3 (COMMUNICATIONS) LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024






REALITY3 (COMMUNICATIONS) LIMITED (REGISTERED NUMBER: 06475576)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


REALITY3 (COMMUNICATIONS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: M Burkinshaw
Ms J M Hastie





SECRETARY: Ms J M Hastie





REGISTERED OFFICE: Unit B1E The Business Park
Pleasley Vale
Mansfield
Nottinghamshire
NG19 8RL





REGISTERED NUMBER: 06475576 (England and Wales)





ACCOUNTANTS: Duncan Chartered Accountants
5 Cherrytree
Union Road
Sheffield
South Yorkshire
S11 9EF

REALITY3 (COMMUNICATIONS) LIMITED (REGISTERED NUMBER: 06475576)

BALANCE SHEET
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 71,287 61,812
71,287 61,812

CURRENT ASSETS
Debtors 6 24,932 37,210
Cash at bank 88,925 107,431
113,857 144,641
CREDITORS
Amounts falling due within one year 7 62,062 62,733
NET CURRENT ASSETS 51,795 81,908
TOTAL ASSETS LESS CURRENT
LIABILITIES

123,082

143,720

CREDITORS
Amounts falling due after more than one
year

8

(13,749

)

(23,681

)

PROVISIONS FOR LIABILITIES (12,286 ) (7,389 )
NET ASSETS 97,047 112,650

REALITY3 (COMMUNICATIONS) LIMITED (REGISTERED NUMBER: 06475576)

BALANCE SHEET - continued
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 101 101
Retained earnings 96,946 112,549
SHAREHOLDERS' FUNDS 97,047 112,650

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

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 15 August 2024 and were signed on its behalf by:





M Burkinshaw - Director


REALITY3 (COMMUNICATIONS) LIMITED (REGISTERED NUMBER: 06475576)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

Reality3 (Communications) 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 presentation currency of the financial statements is the Pound Sterling (£).


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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

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.


REALITY3 (COMMUNICATIONS) LIMITED (REGISTERED NUMBER: 06475576)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 24 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 28,261
AMORTISATION
At 1 March 2023
and 29 February 2024 28,261
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

REALITY3 (COMMUNICATIONS) LIMITED (REGISTERED NUMBER: 06475576)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 March 2023 53,758 202,710 256,468
Additions 26,359 13,596 39,955
Disposals - (19,182 ) (19,182 )
At 29 February 2024 80,117 197,124 277,241
DEPRECIATION
At 1 March 2023 50,175 144,481 194,656
Charge for year 3,953 24,316 28,269
Eliminated on disposal - (16,971 ) (16,971 )
At 29 February 2024 54,128 151,826 205,954
NET BOOK VALUE
At 29 February 2024 25,989 45,298 71,287
At 28 February 2023 3,583 58,229 61,812

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 3,639 10,821
Other debtors 21,293 26,389
24,932 37,210

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 9,531 9,531
Trade creditors 4,634 2,419
Taxation and social security 8,484 9,796
VAT 26,541 27,896
Other creditors 3,777 2,608
Accruals and deferred income 4,163 5,551
Accrued expenses 4,932 4,932
62,062 62,733

REALITY3 (COMMUNICATIONS) LIMITED (REGISTERED NUMBER: 06475576)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans - 2-5 years 13,749 23,681

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

29.2.24 28.2.23
£    £   
M Burkinshaw
Balance outstanding at start of year 1,191 -
Amounts advanced 444 1,191
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,635 1,191

At the 29th of February 2024, there was an overdrawn balance of £1,635 (2023: £1,191) on Mike Burkinshaw's directors loan account.

This loan is not interest bearing and is repayable on demand.

10. OTHER COMMITMENTS

The total of future minimum lease payments under non-cancellable operating leases are as following:
Land and buildings Other
2024 2023 2024 2023
£ £ £ £
Within 1 year 578 578 216 216
Between 1 and 5 years - - 3270
578 578 216 3486