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REGISTERED NUMBER: 00644293 (England and Wales)










Reward Manufacturing Company Limited

Unaudited Financial Statements

for the Year Ended 30 April 2024






Reward Manufacturing Company Limited (Registered number: 00644293)






Contents of the Financial Statements
for the year ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Reward Manufacturing Company Limited

Company Information
for the year ended 30 April 2024







DIRECTORS: K J Hooper
J K Hooper





SECRETARY: Mrs S Hooper





REGISTERED OFFICE: Reward House
Royd Way
Keighley
West Yorkshire
BD21 3LG





REGISTERED NUMBER: 00644293 (England and Wales)





ACCOUNTANTS: Walkers Accountants Limited
Aireside House
Aireside Business Centre
Royd Ings Avenue
Keighley
West Yorkshire
BD21 4BZ

Reward Manufacturing Company Limited (Registered number: 00644293)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 965,207 989,514
Investment property 5 450,000 450,000
1,415,207 1,439,514

CURRENT ASSETS
Stocks 179,255 181,640
Debtors 6 91,948 85,722
Cash at bank and in hand 33,105 64,323
304,308 331,685
CREDITORS
Amounts falling due within one year 7 (198,886 ) (265,017 )
NET CURRENT ASSETS 105,422 66,668
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,520,629

1,506,182

CREDITORS
Amounts falling due after more than one
year

8

(643,273

)

(637,963

)

PROVISIONS FOR LIABILITIES (24,127 ) (44,819 )
NET ASSETS 853,229 823,400

CAPITAL AND RESERVES
Called up share capital 10 357,500 357,500
Revaluation reserve 11 201,529 201,529
Retained earnings 294,200 264,371
SHAREHOLDERS' FUNDS 853,229 823,400

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

Reward Manufacturing Company Limited (Registered number: 00644293)

Balance Sheet - continued
30 April 2024


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 30 January 2025 and were signed on its behalf by:





J K Hooper - Director


Reward Manufacturing Company Limited (Registered number: 00644293)

Notes to the Financial Statements
for the year ended 30 April 2024

1. STATUTORY INFORMATION

Reward Manufacturing Company 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 as modified by the revaluation of certain assets.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost
Plant and machinery etc - 15% on reducing balance, 10% on reducing balance and 10% on cost

All tangible fixed assets are at cost less accumulated depreciation. 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.

Assets held under finance lease are depreciated in the same manner as owned assets.

Renewals, repairs and maintenance are charged to profit and loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a mixture of methods. The depreciation bases are as detailed above.

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 disposal are determined by comparing the proceeds with the carrying amount and are credited or charged to the income statement.

Impairment of fixed assets
At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indications exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less that its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reserves, the carrying amount of the asset is increased to the revised estimate of its recoverable amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in the prior years. A reversal of an impairment loss is recognised as income immediately.

Reward Manufacturing Company Limited (Registered number: 00644293)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Investment property
Property that is held for long-term rental yields or for capital appreciation or both is classified as investment property.

Subsequent to initial recognition investment property is stated at fair value. Gains or losses arising from changes in fair values of the investment property are included in the Income Statement in the year in which they arise.

Investment property is derecognised when it has either been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gains and losses on derecognition of an investment property are recognised in the statement of profit and loss in the year of derecognition (if applicable).

The fair value of investment property reflects, among other things, rental income from current leases and other assumptions market participants would make when pricing the property under current market conditions.

All repair and maintenance costs on the property are expensed when incurred.

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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.

Reward Manufacturing Company Limited (Registered number: 00644293)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in 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 payable under operating leases are charged against income on a straight-line basis over the lease term, except for temporary rent concessions granted as a direct consequence of the Covid-19 pandemic, which are recognised on a systematic basis over the periods that the change in lease payments is intended to compensate.

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 14 (2023 - 15 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 May 2023 850,000 492,162 1,342,162
Additions - 866 866
Disposals - (26,790 ) (26,790 )
At 30 April 2024 850,000 466,238 1,316,238
DEPRECIATION
At 1 May 2023 - 352,648 352,648
Charge for year - 18,031 18,031
Eliminated on disposal - (19,648 ) (19,648 )
At 30 April 2024 - 351,031 351,031
NET BOOK VALUE
At 30 April 2024 850,000 115,207 965,207
At 30 April 2023 850,000 139,514 989,514

Reward Manufacturing Company Limited (Registered number: 00644293)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 April 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2023 179,275 - 179,275
Cost 670,725 466,238 1,136,963
850,000 466,238 1,316,238

If freehold property had not been revalued they would have been included at the following historical cost:

30.4.24 30.4.23
£    £   
Cost 670,725 670,725
Aggregate depreciation 93,901 80,487

Freehold property was valued on an open market basis on 26 May 2023 by Hayfield Robinson Property Consultants .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST OR VALUATION
At 1 May 2023 26,790
Disposals (26,790 )
At 30 April 2024 -
DEPRECIATION
At 1 May 2023 19,648
Eliminated on disposal (19,648 )
At 30 April 2024 -
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 7,142

Reward Manufacturing Company Limited (Registered number: 00644293)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 450,000
NET BOOK VALUE
At 30 April 2024 450,000
At 30 April 2023 450,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 63,527 55,826
Other debtors 28,421 29,896
91,948 85,722

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts 51,948 78,875
Hire purchase contracts - 1,552
Trade creditors 67,442 73,396
Taxation and social security 25,706 17,518
Other creditors 53,790 93,676
198,886 265,017

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Bank loans 643,273 637,963

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 510,359 333,150

9. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   
Bank loans 677,780 716,838

The Bank loans are secured by legal charges over the Freehold land and buildings and the Investment property and a fixed and floating charge over all the other company assets.

Reward Manufacturing Company Limited (Registered number: 00644293)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
157,500 Ordinary £1 157,500 157,500
200,000 Preference share £1 200,000 200,000
357,500 357,500

The preference share are redeemable and have no voting rights or rights to any dividend payment but are entitled to capital distribution on winding up of the company.

11. RESERVES
Revaluation
reserve
£   
At 1 May 2023
and 30 April 2024 201,529

12. PENSION COMMITMENTS

The company operates a defined contribution scheme for the benefit of the directors and staff. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the funds and amounted to £3,331, (2023 - £4,825). Contributions totalling £806 (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.