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Registration number: 00461520

Reynolds Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Reynolds Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 8

 

Reynolds Limited

Company Information

Directors

F Reynolds

DJ Reynolds

SJ Reynolds

M Reynolds

J B Reynolds

Company secretary

L A Reynolds

Registered office

27 High St
Bognor Regis
West Sussex
PO21 1RR

Accountants

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Reynolds Limited
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Reynolds Limited for the year ended 29 February 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Reynolds Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Reynolds Limited and state those matters that we have agreed to state to the Board of Directors of Reynolds Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Reynolds Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Reynolds Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Reynolds Limited. You consider that Reynolds Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Reynolds Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

13 November 2024

 

Reynolds Limited

(Registration number: 00461520)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,276,288

2,173,187

Investment property

5

7,225,814

7,357,917

 

9,502,102

9,531,104

Current assets

 

Stocks

6

338,185

397,829

Debtors

7

1,407,624

1,127,436

Cash at bank and in hand

 

1,479,970

1,857,945

 

3,225,779

3,383,210

Creditors: Amounts falling due within one year

8

(920,256)

(1,089,993)

Net current assets

 

2,305,523

2,293,217

Total assets less current liabilities

 

11,807,625

11,824,321

Provisions for liabilities

(1,277,359)

(1,004,798)

Net assets

 

10,530,266

10,819,523

Capital and reserves

 

Called up share capital

9

42,664

42,664

Fair value reserve

1,912,251

2,361,311

Other reserves

42,339

42,339

Retained earnings

8,533,012

8,373,209

Shareholders' funds

 

10,530,266

10,819,523

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 November 2024 and signed on its behalf by:
 

.........................................
M Reynolds
Director

 

Reynolds Limited

Statement of Changes in Equity for the Year Ended 29 February 2024

Share capital
£

Fair value reserve
£

Other reserves
£

Retained earnings
£

Total
£

At 1 March 2023

42,664

2,361,311

42,339

8,373,209

10,819,523

Profit for the year

-

-

-

521,359

521,359

Other comprehensive income

-

(449,060)

-

449,060

-

Total comprehensive income

-

(449,060)

-

970,419

521,359

Dividends

-

-

-

(810,616)

(810,616)

At 29 February 2024

42,664

1,912,251

42,339

8,533,012

10,530,266

Share capital
£

Fair value reserve
£

Other reserves
£

Retained earnings
£

Total
£

At 1 March 2022

42,664

2,361,311

42,339

7,898,277

10,344,591

Profit for the year

-

-

-

1,515,934

1,515,934

Dividends

-

-

-

(1,041,002)

(1,041,002)

At 28 February 2023

42,664

2,361,311

42,339

8,373,209

10,819,523

 

Reynolds Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
27 High St
Bognor Regis
West Sussex
PO21 1RR

These financial statements were authorised for issue by the Board on 13 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Reynolds Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

not depreciated

Leasehold property

straight line over the period of the lease

Fixtures & fittings

25% straight line/20% straight line for shop refurbishment

Motor vehicles

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the Directors. The Directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Reynolds Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 39 (2023 - 40).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

2,120,864

362,806

811,832

3,295,502

Additions

-

28,304

113,348

141,652

Disposals

-

(362,806)

(39,563)

(402,369)

At 29 February 2024

2,120,864

28,304

885,617

3,034,785

Depreciation

At 1 March 2023

-

362,806

759,509

1,122,315

Charge for the year

-

7,076

31,474

38,550

Eliminated on disposal

-

(362,806)

(39,562)

(402,368)

At 29 February 2024

-

7,076

751,421

758,497

Carrying amount

At 29 February 2024

2,120,864

21,228

134,196

2,276,288

At 28 February 2023

2,120,864

-

52,323

2,173,187

Included within the net book value of land and buildings above is £1,979,211 (2023 - £1,979,211) in respect of freehold land and buildings and £141,653 (2023 - £141,653) in respect of long leasehold land and buildings.
 

5

Investment properties

2024
£

At 1 March

7,357,917

Additions

233,428

Fair value adjustments

(365,531)

At 29 February

7,225,814

There has been no valuation of investment property by an independent valuer.

6

Stocks

2024
£

2023
£

Other inventories

338,185

397,829

 

Reynolds Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

353,997

432,550

Prepayments

251,880

111,516

Other debtors

801,747

583,370

 

1,407,624

1,127,436

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

631,494

750,371

Taxation and social security

142,418

178,206

Accruals and deferred income

111,734

132,523

Other creditors

34,610

28,893

920,256

1,089,993

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

42,664

42,664

42,664

42,664

       

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £19.00 (2023 - £24.39) per each Ordinary

810,616

1,041,002

 

 

11

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

At 29 February 2024
£

J B Reynolds

Amounts owed to company

-

115,000

115,000

NA Reynolds

Balance owed (to)/ from director

-

196

196