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REGISTERED NUMBER: NI015148 (Northern Ireland)












Rea Distribution Limited

Unaudited Financial Statements for the Year Ended 31st August 2024






Rea Distribution Limited (Registered number: NI015148)






Contents of the Financial Statements
for the year ended 31st August 2024




Page

Balance sheet 1

Notes to the financial statements 3


Rea Distribution Limited (Registered number: NI015148)

Balance Sheet
31st August 2024

2024 2023
Notes £    £   
Fixed assets
Tangible assets 4 667,495 628,935

Current assets
Debtors 5 366,166 350,892
Prepayments and accrued income 4,102 4,143
Cash at bank and in hand 6 124 95,367
370,392 450,402
Creditors
Amounts falling due within one year 7 (378,563 ) (303,326 )
Net current (liabilities)/assets (8,171 ) 147,076
Total assets less current liabilities 659,324 776,011

Creditors
Amounts falling due after more than one
year

8

(340,199

)

(309,684

)

Provisions for liabilities 12 (40,168 ) (27,371 )
Net assets 278,957 438,956

Capital and reserves
Called up share capital 13 100 100
Retained earnings 278,857 438,856
Shareholders' funds 278,957 438,956

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

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

Rea Distribution Limited (Registered number: NI015148)

Balance Sheet - continued
31st August 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 18th December 2024 and were signed on its behalf by:





Mr J B Rea - Director


Rea Distribution Limited (Registered number: NI015148)

Notes to the Financial Statements
for the year ended 31st August 2024

1. Statutory information

Rea Distribution Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address are as below:

Registered number: NI015148

Registered office: 62-82 Greystone Road
Antrim
Co. Antrim
BT41 2QN

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.

Turnover
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.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Rea Distribution Limited (Registered number: NI015148)

Notes to the Financial Statements - continued
for the year ended 31st August 2024

2. Accounting policies - continued

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS102 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 legal 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.

Basic financial assets
Basic financial assets, which include debtors, 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 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.

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.


Rea Distribution Limited (Registered number: NI015148)

Notes to the Financial Statements - continued
for the year ended 31st August 2024

2. Accounting policies - continued
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.

Hire purchase and leasing commitments
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.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the
ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Rea Distribution Limited (Registered number: NI015148)

Notes to the Financial Statements - continued
for the year ended 31st August 2024

3. Employees and directors

The average number of employees during the year was 24 (2023 - 27 ) .

4. Tangible fixed assets
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
Cost
At 1st September 2023 1,406,086 16,659 59,399 1,482,144
Additions 281,180 2,853 - 284,033
Disposals (146,295 ) - (59,399 ) (205,694 )
At 31st August 2024 1,540,971 19,512 - 1,560,483
Depreciation
At 1st September 2023 792,259 13,885 47,065 853,209
Charge for year 172,146 1,046 - 173,192
Eliminated on disposal (86,348 ) - (47,065 ) (133,413 )
At 31st August 2024 878,057 14,931 - 892,988
Net book value
At 31st August 2024 662,914 4,581 - 667,495
At 31st August 2023 613,827 2,774 12,334 628,935

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 337,432 337,264
Tax 8,834 -
Prepayments 19,900 13,628
366,166 350,892

6. Cash at bank and in hand
2024 2023
£    £   
Bank account no. 1 - 89,742
Bank account no. 2 26 5,625
Cash in hand 98 -
124 95,367

Rea Distribution Limited (Registered number: NI015148)

Notes to the Financial Statements - continued
for the year ended 31st August 2024

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 25,159 -
Other loans (see note 9) 12,500 12,500
Hire purchase contracts (see note 10) 180,349 151,375
Trade creditors 73,326 33,068
Corporation tax - 8,834
Social security and other taxes 15,506 14,159
Pensions payable 3,374 2,466
VAT 60,078 67,417
Other creditors 1,000 159
Directors' current accounts 1,441 718
Accruals and deferred income 5,830 12,630
378,563 303,326

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Other loans (see note 9) 7,464 16,617
Hire purchase contracts (see note 10) 332,735 293,067
340,199 309,684

9. Loans

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 25,159 -
Other loans 12,500 12,500
37,659 12,500

Amounts falling due between two and five years:
Other loans - 2-5 years 7,464 16,617

10. Leasing agreements

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 180,349 151,375
Between one and five years 332,735 293,067
513,084 444,442

Rea Distribution Limited (Registered number: NI015148)

Notes to the Financial Statements - continued
for the year ended 31st August 2024

11. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 25,159 -
Hire purchase contracts 513,084 444,442
538,243 444,442

Danske Bank hold a fixed a floating charge over all the property or undertaking of the company.

The bank overdraft is secured by way of a personal guarantee from the directors.

The liabilities due for hire purchase contracts are secured on the assets on which the hire purchase agreements were taken out for.

12. Provisions for liabilities
2024 2023
£    £   
Deferred tax 40,168 27,371

Deferred
tax
£   
Balance at 1st September 2023 27,371
Provided during year 12,797
Balance at 31st August 2024 40,168

13. Called up share capital

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
100 Share capital 1 £1 100 100