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REGISTERED NUMBER: 03893798












FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

REYNOLDS & READ LIMITED

REYNOLDS & READ LIMITED (REGISTERED NUMBER: 03893798)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


REYNOLDS & READ LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: Mr K Read
Mr P Read





REGISTERED OFFICE: Brickfields
Newnham Road
Binstead
Isle of Wight
PO33 3TH





REGISTERED NUMBER: 03893798





ACCOUNTANTS: Mackenzies
Chartered Accountants
1 Langley Court
Pyle Street
Newport
Isle of Wight
PO30 1LA

REYNOLDS & READ LIMITED (REGISTERED NUMBER: 03893798)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 3 - -
Tangible assets 4 524,537 467,461
524,537 467,461

CURRENT ASSETS
Debtors 5 1,425,664 1,550,042
Cash at bank 2,931,713 2,264,764
4,357,377 3,814,806
CREDITORS
Amounts falling due within one year 6 1,515,232 981,886
NET CURRENT ASSETS 2,842,145 2,832,920
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,366,682

3,300,381

PROVISIONS FOR LIABILITIES 7 36,481 19,499
NET ASSETS 3,330,201 3,280,882

CAPITAL AND RESERVES
Called up share capital 8 72 72
Share premium 116,988 116,988
Retained earnings 3,213,141 3,163,822
SHAREHOLDERS' FUNDS 3,330,201 3,280,882

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

REYNOLDS & READ LIMITED (REGISTERED NUMBER: 03893798)

BALANCE SHEET - continued
31 JULY 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2025 and were signed on its behalf by:





Mr K Read - Director


REYNOLDS & READ LIMITED (REGISTERED NUMBER: 03893798)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


1. 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Improvements to property - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

REYNOLDS & READ LIMITED (REGISTERED NUMBER: 03893798)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


1. 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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 51 (2023 - 51 ) .

3. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 August 2023
and 31 July 2024 35,500
AMORTISATION
At 1 August 2023
and 31 July 2024 35,500
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 -

REYNOLDS & READ LIMITED (REGISTERED NUMBER: 03893798)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Improvements Plant and and Motor
to property machinery fittings vehicles Totals
£ £ £ £ £
COST
At 1 August 2023 406,768 561,454 53,418 22,000 1,043,640
Additions - 117,000 1,034 - 118,034
At 31 July 2024 406,768 678,454 54,452 22,000 1,161,674
DEPRECIATION
At 1 August 2023 62,587 448,416 45,378 19,798 576,179
Charge for year 8,135 50,198 2,075 550 60,958
At 31 July 2024 70,722 498,614 47,453 20,348 637,137
NET BOOK VALUE
At 31 July 2024 336,046 179,840 6,999 1,652 524,537
At 31 July 2023 344,181 113,038 8,040 2,202 467,461

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Plant and
machinery
£
COST
At 1 August 2023
and 31 July 2024 549,454
DEPRECIATION
At 1 August 2023 446,916
Charge for year 25,635
At 31 July 2024 472,551
NET BOOK VALUE
At 31 July 2024 76,903
At 31 July 2023 102,538

5. DEBTORS
2024 2023
£ £
Amounts falling due within one year:
Trade debtors 1,249,223 1,199,837
Other debtors 164,269 180,000
Directors' current accounts 9,718 8,580
Prepayments 2,454 2,258
1,425,664 1,390,675

REYNOLDS & READ LIMITED (REGISTERED NUMBER: 03893798)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


5. DEBTORS - continued
2024 2023
£ £
Amounts falling due after more than one year:
Other debtors - 159,367

Aggregate amounts 1,425,664 1,550,042

Other debtors consist of a commercial loan balance of £164,269 (2023: £339,367). £164,269 (2023: £180,000) is payable within one year with £Nil (2023: £159,367) due in more than one year. Interest is being charged on this loan, which is being repaid over 12 years.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 233,012 240,072
Amounts owed to group undertakings 907,478 596,714
Tax 193,281 -
Social security and other taxes 26,696 38,095
VAT 116,517 83,591
Other creditors 31,323 16,789
Accrued expenses 6,925 6,625
1,515,232 981,886

Other creditors consist of net pay due of £17,199 (2023: £10,012), pension due of £4,671 (2023: £1,660) and credit card £9,453 (2023: £5,117).

7. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 36,481 19,499

Deferred tax
£
Balance at 1 August 2023 19,499
Provided during year 16,982
Balance at 31 July 2024 36,481

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
72 Ordinary £1 72 72