Acorah Software Products - Accounts Production 16.0.110 false true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 09349737 Mr Justin Reed Mrs Victoria Reed the Directors. true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09349737 2023-02-28 09349737 2024-02-29 09349737 2023-03-01 2024-02-29 09349737 frs-core:CurrentFinancialInstruments 2024-02-29 09349737 frs-core:Non-currentFinancialInstruments 2024-02-29 09349737 frs-core:BetweenOneFiveYears 2024-02-29 09349737 frs-core:ComputerEquipment 2024-02-29 09349737 frs-core:ComputerEquipment 2023-03-01 2024-02-29 09349737 frs-core:ComputerEquipment 2023-02-28 09349737 frs-core:FurnitureFittings 2024-02-29 09349737 frs-core:FurnitureFittings 2023-03-01 2024-02-29 09349737 frs-core:FurnitureFittings 2023-02-28 09349737 frs-core:NetGoodwill 2024-02-29 09349737 frs-core:NetGoodwill 2023-03-01 2024-02-29 09349737 frs-core:NetGoodwill 2023-02-28 09349737 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-02-29 09349737 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-29 09349737 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-02-28 09349737 frs-core:MotorVehicles 2024-02-29 09349737 frs-core:MotorVehicles 2023-03-01 2024-02-29 09349737 frs-core:MotorVehicles 2023-02-28 09349737 frs-core:PlantMachinery 2024-02-29 09349737 frs-core:PlantMachinery 2023-03-01 2024-02-29 09349737 frs-core:PlantMachinery 2023-02-28 09349737 frs-core:WithinOneYear 2024-02-29 09349737 frs-core:ShareCapital 2024-02-29 09349737 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 09349737 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 09349737 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 09349737 frs-bus:SmallEntities 2023-03-01 2024-02-29 09349737 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 09349737 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 09349737 1 2023-03-01 2024-02-29 09349737 frs-bus:Director1 2023-03-01 2024-02-29 09349737 frs-bus:Director2 2023-03-01 2024-02-29 09349737 frs-countries:EnglandWales 2023-03-01 2024-02-29 09349737 2022-02-28 09349737 2023-02-28 09349737 2022-03-01 2023-02-28 09349737 frs-core:CurrentFinancialInstruments 2023-02-28 09349737 frs-core:Non-currentFinancialInstruments 2023-02-28 09349737 frs-core:BetweenOneFiveYears 2023-02-28 09349737 frs-core:WithinOneYear 2023-02-28 09349737 frs-core:ShareCapital 2023-02-28 09349737 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: 09349737
JJ & VJ Reed Ltd
Unaudited Financial Statements
For The Year Ended 29 February 2024
Xeinadin South Wales & West Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 09349737
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 205,682 251,467
205,682 251,467
CURRENT ASSETS
Stocks 6 87,984 83,794
Debtors 7 784,089 718,159
Cash at bank and in hand 48,543 57,281
920,616 859,234
Creditors: Amounts Falling Due Within One Year 8 (771,364 ) (685,674 )
NET CURRENT ASSETS (LIABILITIES) 149,252 173,560
TOTAL ASSETS LESS CURRENT LIABILITIES 354,934 425,027
Creditors: Amounts Falling Due After More Than One Year 9 (267,360 ) (342,250 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (17,411 ) (18,304 )
NET ASSETS 70,163 64,473
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 70,063 64,373
SHAREHOLDERS' FUNDS 70,163 64,473
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For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Justin Reed
Director
28/11/2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
JJ & VJ Reed Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09349737 . The registered office is Porthcawl Pharmacy, Porthcawl Medical Centre, Clos Y Mametz, Porthcawl, Mid Glamorgan, CF36 5DJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Straight line at 10%
Plant & Machinery Reducing balance at 25%
Motor Vehicles Reducing balance at 25%
Fixtures & Fittings Reducing balance at 25%
Computer Equipment Straight line at 33%
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Sales, marketing and distribution 20 20
20 20
4. Intangible Assets
Goodwill
£
Cost
As at 1 March 2023 453,350
As at 29 February 2024 453,350
Amortisation
As at 1 March 2023 453,350
As at 29 February 2024 453,350
Net Book Value
As at 29 February 2024 -
As at 1 March 2023 -
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5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 March 2023 177,837 188,231 15,650 5,363
Additions - - - -
As at 29 February 2024 177,837 188,231 15,650 5,363
Depreciation
As at 1 March 2023 35,652 93,230 6,457 3,636
Provided during the period 17,784 23,790 2,298 431
As at 29 February 2024 53,436 117,020 8,755 4,067
Net Book Value
As at 29 February 2024 124,401 71,211 6,895 1,296
As at 1 March 2023 142,185 95,001 9,193 1,727
Computer Equipment Total
£ £
Cost
As at 1 March 2023 14,778 401,859
Additions 1,897 1,897
As at 29 February 2024 16,675 403,756
Depreciation
As at 1 March 2023 11,417 150,392
Provided during the period 3,379 47,682
As at 29 February 2024 14,796 198,074
Net Book Value
As at 29 February 2024 1,879 205,682
As at 1 March 2023 3,361 251,467
6. Stocks
2024 2023
£ £
Stock 87,984 83,794
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 680,023 621,139
Prepayments and accrued income 6,556 2,545
Other debtors 71,885 71,885
VAT 25,625 22,590
784,089 718,159
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 35,971 34,525
Trade creditors 423,312 357,428
Bank loans and overdrafts 41,362 41,362
Corporation tax 51,663 36,620
Other taxes and social security 9,880 10,281
Net wages 462 1,813
Other creditors 205,098 192,355
Accrued expenses 3,606 3,875
Directors' loan accounts 10 7,415
771,364 685,674
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 16,312 52,283
Bank loans 251,048 289,967
267,360 342,250
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 35,971 34,525
Later than one year and not later than five years 16,312 52,283
52,283 86,808
52,283 86,808
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 52,400 52,400
Later than one year and not later than five years 52,400 104,800
104,800 157,200
13. Related Party Transactions
The Directors
During the year the directors used the company current account to record the amounts due to them and drawn by them. At the year end, the balance owed by the company was £10 (2023: £7,415).
During the year, the company voted dividends totalling £110,000 to the directors (2023: £81,400).
Treforest Pharmacy Limited & Watts Reed Limited
The company owns 50% of the share capital in Watts Reed Limited. Watts Reed Ltd owns 100% of the share capital in Treforest Pharmacy Limited. The director of JJ & VJ Reed Ltd are also directors in Treforest Pharmacy Limited and Watts Reed Limited. The company traded with Treforest Pharmacy Limited during the year on normal commercial terms. During the year, sales totalling £8,136 (2023: £10,404) for services rendered to Treforest Pharmacy Limited. At the year end, the balances owed to the company by Treforest Pharmacy Limited and Watts Reed Limited were £36,635 and £250 respectively.
14. Ultimate Controlling Party
The company's is jointly controlled by the Directors.
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