Registered number
05918246
D R Reaney & Sons Ltd
Report and Accounts
31 August 2024
D R Reaney & Sons Ltd
Registered number: 05918246
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 563,262 512,573
Current assets
Stocks 13,608 15,823
Debtors 5 239,345 180,723
Cash at bank and in hand 249,276 262,777
502,229 459,323
Creditors: amounts falling due within one year 6 (296,399) (297,272)
Net current assets 205,830 162,051
Total assets less current liabilities 769,092 674,624
Creditors: amounts falling due after more than one year 7 (83,688) (197,337)
Net assets 685,404 477,287
Capital and reserves
Called up share capital 400 300
Profit and loss account 685,004 476,987
Shareholders' funds 685,404 477,287
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J M Reaney
Director
Approved by the board on 17 February 2025
D R Reaney & Sons Ltd
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 10 years
Fixtures, fittings, tools and equipment over 10 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2023 75,000
At 31 August 2024 75,000
Amortisation
At 1 September 2023 75,000
At 31 August 2024 75,000
Net book value
At 31 August 2024 -
Goodwill was written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 450,000 58,254 75,147 583,401
Additions - 6,664 73,515 80,179
Disposals - (3,041) - (3,041)
At 31 August 2024 450,000 61,877 148,662 660,539
Depreciation
At 1 September 2023 9,000 29,736 32,092 70,828
Charge for the year 9,000 6,174 14,315 29,489
On disposals - (3,040) - (3,040)
At 31 August 2024 18,000 32,870 46,407 97,277
Net book value
At 31 August 2024 432,000 29,007 102,255 563,262
At 31 August 2023 441,000 28,518 43,055 512,573
Freehold land and buildings: 2024 2023
£ £
Historical cost 298,635 298,635
Cumulative depreciation based on historical cost - -
298,635 298,635
The company owns a property which is being let out as a holiday let on a commercial basis. The Company has revalued the properety to a market value of £450,000. The re-valuation was carried out by independent estate agents in 2022.
5 Debtors 2024 2023
£ £
Trade debtors 206,256 142,325
Directors Loan A/c Debtor 16,450 24,972
Other debtors 16,639 13,426
239,345 180,723
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 838 2,686
Trade creditors 117,256 127,479
Taxation and social security costs 92,573 73,067
Director's Loan A/c Creditor 44,430 58,736
Other creditors 41,302 35,304
296,399 297,272
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 19,815 181,476
Obligations under finance lease and hire purchase contracts 63,873 15,861
83,688 197,337
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years - 119,950
Secured bank loans - 119,950
The bank loan was paid off during the year
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
J M Reaney
[Loan 1] 24,972 - (24,972) -
[Loan 2] - 16,450 - 16,450
24,972 16,450 (24,972) 16,450
Mr J.M. Reaney had short term loans during the year. Interest on the loans has been made good by Mr J.M. Reaney at the official rate of interest.
10 Other information
D R Reaney & Sons Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Church View
Park Lane
Cheadle
Staffordshire
ST10 1PD
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