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Registration number: 09132456

Reynolds Online Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Reynolds Online Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Reynolds Online Limited

(Registration number: 09132456)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Intangible assets

4

 

-

 

1,500

Tangible assets

5

 

200

 

266

   

200

 

1,766

Current assets

   

 

Stocks

64,696

 

59,583

 

Debtors

6

1,955

 

882

 

Cash at bank and in hand

 

25,932

 

55,907

 

 

92,583

 

116,372

 

Creditors: Amounts falling due within one year

7

(77,087)

 

(83,348)

 

Net current assets

   

15,496

 

33,024

Total assets less current liabilities

   

15,696

 

34,790

Creditors: Amounts falling due after more than one year

7

 

(9,765)

 

(16,878)

Net assets

   

5,931

 

17,912

Capital and reserves

   

 

Called up share capital

9

100

 

100

 

Retained earnings

5,831

 

17,812

 

Shareholders' funds

   

5,931

 

17,912

 

Reynolds Online Limited

(Registration number: 09132456)
Balance Sheet as at 31 March 2024

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 12 November 2024
 

.........................................
D Reynolds
Director

 

Reynolds Online Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Unit 36 Royds Enterprise Park
Bradford
West Yorkshire
BD6 3EW

These financial statements were authorised for issue by the director on 12 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 were prepared in accordance with Financial Reporting Standard 102 including the disclosure and presentation requirements of Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The company's functional and presentation currency is pound sterling.

Disclosure of long or short period

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Foreign currency transactions and balances

Transactions and balances
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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 corporation 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.

 

Reynolds Online Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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

Fixtures and fittings

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

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.

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.

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.

 

Reynolds Online Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Reynolds Online Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

15,000

15,000

At 31 March 2024

15,000

15,000

Amortisation

At 1 April 2023

13,500

13,500

Amortisation charge

1,500

1,500

At 31 March 2024

15,000

15,000

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

1,500

1,500

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

2,162

2,162

At 31 March 2024

2,162

2,162

Depreciation

At 1 April 2023

1,896

1,896

Charge for the year

66

66

At 31 March 2024

1,962

1,962

Carrying amount

At 31 March 2024

200

200

At 31 March 2023

266

266

 

Reynolds Online Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

Current

2024
£

2023
£

Prepayments

982

882

Other debtors

973

-

 

1,955

882

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

70,910

72,606

Trade creditors

 

2,977

6,763

Taxation and social security

 

191

1,810

Accruals and deferred income

 

1,570

2,115

Other creditors

 

1,439

54

 

77,087

83,348

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

9,765

16,878

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

9,765

16,878

Current loans and borrowings

2024
£

2023
£

Bank borrowings

7,113

6,937

Other borrowings

63,797

65,669

70,910

72,606

 

Reynolds Online Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Related party transactions

Expenditure with and payables to related parties

2024

Key management
£

Amounts payable to related party

63,797

2023

Key management
£

Amounts payable to related party

65,668