Company registration number SC212714 (Scotland)
REACT PROPERTY REPAIR LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
REACT PROPERTY REPAIR LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
REACT PROPERTY REPAIR LTD.
BALANCE SHEET
AS AT
26 JUNE 2024
26 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
27,291
18,150
Debtors
4
69,179
106,845
Cash at bank and in hand
28,996
38,024
125,466
163,019
Creditors: amounts falling due within one year
5
(115,118)
(136,490)
Net current assets
10,348
26,529
Creditors: amounts falling due after more than one year
6
(9,622)
(20,899)
Net assets
726
5,630
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
724
5,628
Total equity
726
5,630

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

For the financial year ended 26 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

The financial statements were approved and signed by the director and authorised for issue on 25 March 2025
Mr S Guy
Director
Company Registration No. SC212714
REACT PROPERTY REPAIR LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 JUNE 2024
- 2 -
1
Accounting policies
Company information

React Property Repair Ltd. is a private company limited by shares incorporated in Scotland. The registered office is 14 Rowan Street, Paisley, Renfrewshire, PA2 6RH.

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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
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:

Office equipment
20% on reducing balance
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

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

REACT PROPERTY REPAIR LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 26 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
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.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

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

2024
2023
Number
Number
Total
4
4
REACT PROPERTY REPAIR LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 26 JUNE 2024
- 4 -
3
Tangible fixed assets
Office equipment
£
Cost
At 27 June 2023 and 26 June 2024
2,008
Depreciation and impairment
At 27 June 2023 and 26 June 2024
2,008
Carrying amount
At 26 June 2024
-
0
At 26 June 2023
-
0
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
41,423
18,631
Other debtors
27,756
88,214
69,179
106,845
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
11,991
11,991
Trade creditors
22,300
27,380
Taxation and social security
74,320
93,324
Other creditors
6,507
3,795
115,118
136,490
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,622
20,899
REACT PROPERTY REPAIR LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 26 JUNE 2024
- 5 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
2
2
2
2
8
Related party transactions
Transactions with related parties
2024
2023
£
£
Amounts owed to related parties
-
49,498
Amounts owed from related parties
2,507
-
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan
-
19,768
6,250
(20,000)
6,018
19,768
6,250
(20,000)
6,018
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