Company registration number 03531519 (England and Wales)
REACHDRUM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
REACHDRUM LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
REACHDRUM LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
41,863
12,113
Investments
5
22,750
22,750
64,613
34,863
Current assets
Stocks
439,426
439,426
Debtors
6
315,317
659,254
Cash at bank and in hand
315,260
132,093
1,070,003
1,230,773
Creditors: amounts falling due within one year
7
(73,345)
(58,681)
Net current assets
996,658
1,172,092
Total assets less current liabilities
1,061,271
1,206,955
Creditors: amounts falling due after more than one year
8
(35,837)
-
0
Net assets
1,025,434
1,206,955
Capital and reserves
Called up share capital
550,000
550,000
Profit and loss reserves
475,434
656,955
Total equity
1,025,434
1,206,955

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

REACHDRUM LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 March 2025 and are signed on its behalf by:
M Slane
Director
Company registration number 03531519 (England and Wales)
REACHDRUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Reachdrum Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, 37 High Holborn, London, WC1V 6AA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% on reducing balance
Computers
Straight line over 3 years
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.3
Fixed asset investments

Fixed asset investments are stated at cost less provision for any permanent diminution in value.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

REACHDRUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

REACHDRUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
REACHDRUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
2,787
3,650
60,299
66,736
Additions
-
0
-
0
42,564
42,564
Disposals
-
0
-
0
(37,500)
(37,500)
At 31 March 2024
2,787
3,650
65,363
71,800
Depreciation and impairment
At 1 April 2023
2,350
3,650
48,623
54,623
Depreciation charged in the year
66
-
0
7,918
7,984
Eliminated in respect of disposals
-
0
-
0
(32,670)
(32,670)
At 31 March 2024
2,416
3,650
23,871
29,937
Carrying amount
At 31 March 2024
371
-
0
41,492
41,863
At 31 March 2023
437
-
0
11,676
12,113
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
22,750
22,750
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
37,696
50,012
Amounts invested in joint ventures
29,068
491,090
Other debtors
245,415
117,045
Prepayments and accrued income
3,138
1,107
315,317
659,254
REACHDRUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
3,232
-
0
Trade creditors
5,026
-
0
Corporation tax
37,696
37,696
Other creditors
9,327
9,327
Accruals and deferred income
18,064
11,658
73,345
58,681
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases
35,837
-
0

The balance above represents obligations under a hire purchase agreement for a motor vehicle. A proportion of the total balance due under the agreement has been included under creditors due within one year. The motor vehicle is held as security by the financing company until the final payment is made under the agreement.

REACHDRUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
9
Related party transactions

The total dividend for the year of £30,000 (2023: £30,000) was paid entirely to the director and shareholder, K Slane, as M Slane had waived his rights to dividends for the year.

 

Other creditors includes £9,327 (2023: £9,327) owed to Cavendish & Gloucester Properties Limited. The director, M Slane, is also a director and minority shareholder in Cavendish & Gloucester Properties Limited.

 

The company is a participant in various property development joint ventures managed by Cavendish & Gloucester Properties Limited. At the year end, the company had a net deficit balance in respect of these joint ventures of £108,382 (2023: £345,368 amounts invested in joint ventures). The company's share of losses from these joint ventures for the year was £127,265 (2023: £54,404).

 

Other debtors includes £200,000 (2023: £nil) owed by Cavendish & Gloucester Properties Limited in respect of a loan made to that company for a specific property under development. No interest has been charged on this amount.

 

The company is also a participant in a property development joint venture managed by MFC Estates plc, a company in which M Slane is also a director. At the year end, the amount invested in the joint venture was £138,243 (2023: £146,516). The company's share of profit for the year from the joint venture was £14,833 (2023: £11,595).

 

Other debtors include a net amount of £39,711 (2023: £111,692) owed by the directors as follows:

 

£45,546 owed by M Slane (2023: £71,316 owed by M Slane)

£5,835 owed to K Slane (2023: £40,376 owed by K Slane)

 

Interest receivable for the year includes £3,138 (2023: £1,107) for accrued interest chargeable to the directors for the year on any overdrawn balances throughout the year.

 

 

 

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