Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-3062602023-07-01falseHomestoretruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05489383 2023-07-01 2024-06-30 05489383 2022-07-01 2023-06-30 05489383 2024-06-30 05489383 2023-06-30 05489383 c:Director1 2023-07-01 2024-06-30 05489383 d:Buildings d:LongLeaseholdAssets 2023-07-01 2024-06-30 05489383 d:Buildings d:LongLeaseholdAssets 2024-06-30 05489383 d:Buildings d:LongLeaseholdAssets 2023-06-30 05489383 d:MotorVehicles 2023-07-01 2024-06-30 05489383 d:MotorVehicles 2024-06-30 05489383 d:MotorVehicles 2023-06-30 05489383 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 05489383 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 05489383 d:FurnitureFittings 2023-07-01 2024-06-30 05489383 d:FurnitureFittings 2024-06-30 05489383 d:FurnitureFittings 2023-06-30 05489383 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 05489383 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 05489383 d:OfficeEquipment 2023-07-01 2024-06-30 05489383 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 05489383 d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 05489383 d:CurrentFinancialInstruments 2024-06-30 05489383 d:CurrentFinancialInstruments 2023-06-30 05489383 d:Non-currentFinancialInstruments 2024-06-30 05489383 d:Non-currentFinancialInstruments 2023-06-30 05489383 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 05489383 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 05489383 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 05489383 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 05489383 d:ShareCapital 2024-06-30 05489383 d:ShareCapital 2023-06-30 05489383 d:CapitalRedemptionReserve 2024-06-30 05489383 d:CapitalRedemptionReserve 2023-06-30 05489383 d:RetainedEarningsAccumulatedLosses 2024-06-30 05489383 d:RetainedEarningsAccumulatedLosses 2023-06-30 05489383 c:OrdinaryShareClass1 2023-07-01 2024-06-30 05489383 c:OrdinaryShareClass1 2024-06-30 05489383 c:FRS102 2023-07-01 2024-06-30 05489383 c:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 05489383 c:FullAccounts 2023-07-01 2024-06-30 05489383 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 05489383 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-07-01 2024-06-30 05489383 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-06-30 05489383 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-06-30 05489383 d:WithinOneYear 2024-06-30 05489383 d:WithinOneYear 2023-06-30 05489383 d:BetweenOneFiveYears 2024-06-30 05489383 d:BetweenOneFiveYears 2023-06-30 05489383 d:MoreThanFiveYears 2024-06-30 05489383 d:MoreThanFiveYears 2023-06-30 05489383 e:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05489383









REEDS OF DOWNHAM MARKET LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
REEDS OF DOWNHAM MARKET LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 10


 
REEDS OF DOWNHAM MARKET LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF REEDS OF DOWNHAM MARKET LIMITED
FOR THE YEAR ENDED 30 JUNE 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Reeds of Downham Market Limited for the year ended 30 June 2024 which comprise the Balance sheet and the related notes 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 https://www.icaew.com/regulation.

This report is made solely to the director of Reeds of Downham Market Limited in accordance with the terms of our engagement letter dated 12/09/2023Our work has been undertaken solely to prepare for your approval the financial statements of Reeds of Downham Market Limited and state those matters that we have agreed to state to the director of Reeds of Downham Market Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Reeds of Downham Market Limited and its director for our work or for this report. 

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

We have not been instructed to carry out an audit or review of the financial statements of Reeds of Downham Market 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 financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
14 November 2024
Page 1

 
REEDS OF DOWNHAM MARKET LIMITED
REGISTERED NUMBER: 05489383

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 3 
64,777
79,243

  
64,777
79,243

Current assets
  

Stocks
 5 
841,188
845,288

Debtors: amounts falling due within one year
 6 
15,116
18,365

Cash at bank and in hand
  
322,004
404,526

  
1,178,308
1,268,179

Creditors: amounts falling due within one year
 8 
(375,319)
(447,872)

Net current assets
  
 
 
802,989
 
 
820,307

Total assets less current liabilities
  
867,766
899,550

Creditors: amounts falling due after more than one year
 9 
(27,500)
(57,500)

Provisions for liabilities
  

Deferred tax
  
(10,135)
(13,364)

  
 
 
(10,135)
 
 
(13,364)

Net assets
  
830,131
828,686


Capital and reserves
  

Called up share capital 
  
780
780

Capital redemption reserve
  
220
220

Profit and loss account
  
829,131
827,686

  
830,131
828,686


Page 2

 
REEDS OF DOWNHAM MARKET LIMITED
REGISTERED NUMBER: 05489383
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 November 2024.




J S Carlile
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
REEDS OF DOWNHAM MARKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

The company is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is Nelson House, Bridge Street, Downham Market, Norfolk, PE38 9DS. 
The company's principle activity is the retail of furniture and homeware.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revuenue recognised by the company in respect of furniture and homeware goods supplied, exclusive of Value Added Tax. Revenue is recognised at the point of sale.

 
2.3

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
REEDS OF DOWNHAM MARKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
20%
Motor vehicles
-
20%
Fixtures and fittings
-
20%
Office equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
REEDS OF DOWNHAM MARKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis.
At each balance sheet date, stocks are assessed for impairment. If stock is 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

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

 
REEDS OF DOWNHAM MARKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Tangible fixed assets





Long-term leasehold property
Motor vehicles
Fixtures, fittings and equipment
Total

£
£
£
£



Cost or valuation


At 1 July 2023
104,919
103,640
232,975
441,534


Additions
-
10,500
2,539
13,039



At 30 June 2024

104,919
114,140
235,514
454,573



Depreciation


At 1 July 2023
104,919
41,462
215,910
362,291


Charge for the year on owned assets
-
12,735
6,762
19,497


Charge for the year on financed assets
-
8,008
-
8,008



At 30 June 2024

104,919
62,205
222,672
389,796



Net book value



At 30 June 2024
-
51,935
12,842
64,777



At 30 June 2023
-
62,178
17,065
79,243

Page 7

 
REEDS OF DOWNHAM MARKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Employees

The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
60
62


5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
841,188
845,288

841,188
845,288



6.


Debtors

2024
2023
£
£


Trade debtors
1,869
2,699

Other debtors
-
1,400

Prepayments and accrued income
13,247
14,266

15,116
18,365



7.


Transactions with directors

As at 1 July 2023, the company owed the director £9,266 . 
During the year, payments of £5,397 were met by the company and repayments to the company totalled £ 2,312
As at 30 June 2024 the company owed the director £6,181.
The loan is interest free and included wihtin note 9, other creditors, to the financial statements.

Page 8

 
REEDS OF DOWNHAM MARKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
30,000
32,625

Trade creditors
159,268
165,467

Other taxation and social security
95,257
132,477

Obligations under finance lease and hire purchase contracts
-
12,678

Other creditors
78,770
87,181

Accruals and deferred income
12,024
17,444

375,319
447,872


The following liabilities were secured:

2024
2023
£
£



Bank loans and overdrafts
-
2,625

Trade creditors
118,968
137,707

Obligations under finance lease and hire purchase contracts
-
12,678

118,968
153,010

Details of security provided:

The bank loans are secured by way of fixed and floating charges over the company and its associated assets. The director has also provided a personal guarantee in support of this loan.
The amount within trade creditors is secured by way of fixed and floating charges over the company and its associated assets.
The obligations under finance lease and hire purchase contracts are secured on the assets financed.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
27,500
57,500

27,500
57,500


Page 9

 
REEDS OF DOWNHAM MARKET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



780 Ordinary shares of £1.00 each
780
780



11.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
38,024
75,090

Later than 1 year and not later than 5 years
34,865
63,414

Later than 5 years
6,469
15,093

79,358
153,597

 
Page 10