| REGISTERED NUMBER: 03873947 (England and Wales) |
| Group Strategic Report, Report of the Directors and |
| Consolidated Financial Statements for the Year Ended 30 September 2024 |
| for |
| Reynolds 2000 Limited |
| REGISTERED NUMBER: 03873947 (England and Wales) |
| Group Strategic Report, Report of the Directors and |
| Consolidated Financial Statements for the Year Ended 30 September 2024 |
| for |
| Reynolds 2000 Limited |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Consolidated Income Statement | 10 |
| Consolidated Other Comprehensive Income | 11 |
| Consolidated Statement of Financial Position | 12 |
| Company Statement of Financial Position | 14 |
| Consolidated Statement of Changes in Equity | 15 |
| Company Statement of Changes in Equity | 16 |
| Consolidated Statement of Cash Flows | 17 |
| Notes to the Consolidated Statement of Cash Flows | 18 |
| Notes to the Consolidated Financial Statements | 19 |
| Reynolds 2000 Limited |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants and Statutory Auditors |
| Suite 1 |
| The Riverside Building |
| Hessle |
| East Yorkshire |
| HU13 0DZ |
| SOLICITORS: |
| Queens Gardens |
| Hull |
| HU1 3DZ |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Group Strategic Report |
| for the Year Ended 30 September 2024 |
| The directors present their strategic report of the company and the group for the year ended 30 September 2024. |
| The directors present their strategic report of the company for the year ended 30 September 2024. |
| REVIEW OF BUSINESS |
| The key financial highlights of the group are as follows :- |
| 12m | 12m | 12m | 12m | 12m |
| 2024 | 2023 | 2022 | 2021 | 2020 |
| £ | £ | £ | £ | £ |
Group Turnover |
39,042,531 |
33,585,372 |
31,043,577 |
32,541,378 |
25,456,318 |
| Group Turnover Growth | 16% | 8% | (5% | ) | 28% | 46% |
| Group Gross Profit | 8,401,784 | 5,812,397 | 6,054,542 | 5,064,670 | 4,327,661 |
| Group Gross Profit Margin | 22% | 17% | 20% | 16% | 17% |
Profit before Tax |
5,654,475 |
3,515,564 |
3,920,132 |
3,325,065 |
2,386,707 |
| Profit before Tax margin | 14% | 11% | 13% | 10% | 9% |
| The directors are delighted to report the increased turnover and profitability for the trading period. |
| These excellent results are in line with the ongoing structured sustainable growth plan set up by the directors five years ago which is regularly reviewed to accommodate our client expectations and the market conditions. |
| The increase in turnover demonstrates the plan is effective and the growth in profitability reassures that we have good levels of staff suitably qualified to manage the growth without compromising systems, operations and efficiency of the business. |
| The company regards its ethical trading policy and strong respect from all in the commercial market as being a key driver in its effective trading. The company does not adopt any specific non financial and sustainability policies but holds a regard for these practices throughout its management of the company. |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Group Strategic Report |
| for the Year Ended 30 September 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The company's principle financial instruments comprise of bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds and finance the company operations. |
| Price Risk |
| The company provides the leasing of assets and also rental of commercial property to other group companies. This risk is managed by ensuring its prices and rates are updated to take into account any fluctuations within the market. The group also conducts trade within the construction contracts market though C.R Reynolds Limited. The company has sufficient and adequate knowledge of the construction industry and sector which it undertakes work within. The company feels that this risk is managed by the personnel the group holds who hold sufficient knowledge of the construction industry. |
| Credit risk (trade receivables) |
| Credit checks are carried out on all customers. Amounts outstanding for both time and credit limits are regularly monitored. The company has little experience of material bad debts in general. The company reviews and undertakes regular construction contract valuations on the contracts which are undertaken to ensure that cashflow and the credit risk is mitigated. |
| Liquidity risk |
| The company's liquidity risk is managed by ensuring sufficient funds are available to meet the amounts due and does not consider that liquidity poses a significant risk. |
| Interest rate and cash flow risk |
| The company had a favorable cash balance during the year and therefore does not consider that interest rates or cash flow pose a significant risk. |
| Foreign Exchange risk |
| The group has interests in operations in overseas countries, the risk is mitigated by monitoring foreign exchange rates on a daily basis. |
| FUTURE TRADING AND DEVELOPMENTS |
| The 24/25 trading period starts with record secured workload of £39,000,000, the majority of this will be undertaken in the 24/25 period. |
| Bid requests remain extremely buoyant and the expectation is that turnover will continue to grow for the foreseeable future. |
| MATTERS OF STRATEGIC IMPORTANCE |
| The directors are alert to risks associated with the current economic climate particularly in respect of public sector works. The considered expectation is that the current trend whereby schemes under financial scrutiny still proceed but with reduced budgets will prevail, given government commitment to infrastructure spending. This has recently happened on several projects and has been successfully managed by our teams to a great extent by offering our skill in value engineering cost efficiencies. |
| ON BEHALF OF THE BOARD: |
| 6 June 2025 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Report of the Directors |
| for the Year Ended 30 September 2024 |
| The directors present their report with the financial statements of the company for the period 1 October 2023 to 30 September 2024. |
| PRINCIPAL ACTIVITIES |
| The principal activities of the group in the year under review were those of civil engineers and building contractors, property rental, lease of plant and equipment, and a holding company. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 30 September 2024. |
| RESEARCH AND DEVELOPMENT |
| The company are constantly looking for innovative civil engineering methods, they are therefore carrying out multiple research and development activities. |
| FUTURE DEVELOPMENTS |
| The company intends to maintain its policy of steady organic growth whilst still attempting to remain competitive in the current market. |
| DIRECTORS |
| The directors during the year under review were: |
| The beneficial interests of the directors holding office on 30 September 2024 in the issued share capital of the company were as follows: |
| 30.9.24 | 1.10.23 |
| Ordinary £1 shares |
| 15,299 | 15,299 |
| 14,701 | 14,701 |
| - | - |
| FINANCIAL INSTRUMENTS AND RISK MANAGEMENT |
| These details can be viewed on the strategic report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Report of the Directors |
| for the Year Ended 30 September 2024 |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| AUDITORS |
| The auditors, Harris Lacey and Swain, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Reynolds 2000 Limited |
| Opinion |
| We have audited the financial statements of Reynolds 2000 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2024 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| An overview of the scope of our audit |
| An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the directors report and strategic report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. |
| Report of the Independent Auditors to the Members of |
| Reynolds 2000 Limited |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Reynolds 2000 Limited |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Auditor's responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| Extent to which our procedures are capable of detecting irregularities, including fraud: |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud was as follows: |
| - The engagement partner ensured that the engagement team collectively had the appropriate competence, |
| capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
| - We identified the laws and regulations applicable to the company through discussions with directors and other |
| management, and from our commercial knowledge and experience of the sector in which the company operates; |
| - We focused on specific laws and regulations which we considered may have a direct impact material effect on the |
| financial statements, or the operations of the company which included the Companies Act 2006, taxation |
| legislation, data protection, anti-bribery, employment, environmental and health and safety legislation; |
| - We assessed the extent of compliance with the laws and regulations identified above through making enquiries of |
| management and inspecting legal correspondence; and |
| - Identified laws and regulations were communicated within the audit team and the team remained alert to instances |
| of non-compliance throughout the audit. |
| We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to involve the completeness and timing of income recognition and the override of controls by management. |
| To address the risk of fraud in relation to revenue recognition, we: |
| - Performed detailed substantive testing to address completeness and accuracy of sales; |
| - Assessed the appropriateness and application of the accounting policy concerning income recognition; and |
| - Performed detailed cut-off testing either side of the balance sheet date. |
| To address the risk of fraud through management bias and override of controls, we: |
| - Performed analytical procedures to identify any unusual or unexpected relationships; |
| - Tested journal entries to identify unusual transactions; |
| - Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of |
| potential bias; |
| - Investigated the rationale behind significant or unusual transactions. |
| Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
| Report of the Independent Auditors to the Members of |
| Reynolds 2000 Limited |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: |
| https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-audit ors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor's report. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants and Statutory Auditors |
| Suite 1 |
| The Riverside Building |
| Hessle |
| East Yorkshire |
| HU13 0DZ |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Consolidated |
| Income Statement |
| for the Year Ended 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 3 | 39,042,531 | 33,585,355 |
| Cost of sales | (30,640,747 | ) | (27,772,958 | ) |
| GROSS PROFIT | 8,401,784 | 5,812,397 |
| Administrative expenses | (3,258,969 | ) | (2,714,329 | ) |
| 5,142,815 | 3,098,068 |
| Other operating income | 73,755 | 139,088 |
| GROUP OPERATING PROFIT | 5 | 5,216,570 | 3,237,156 |
| Share of operating profit in |
| Associates | 141,294 | 93,548 |
| Interest receivable and similar income | 309,844 | 193,195 |
| 5,667,708 | 3,523,899 |
| Interest payable and similar expenses | 7 | (13,233 | ) | (8,335 | ) |
| PROFIT BEFORE TAXATION | 5,654,475 | 3,515,564 |
| Tax on profit | 8 | (1,130,568 | ) | (720,529 | ) |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 4,108,876 | 2,469,185 |
| Non-controlling interests | 415,031 | 325,850 |
| 4,523,907 | 2,795,035 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Consolidated |
| Other Comprehensive Income |
| for the Year Ended 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 4,523,907 | 2,795,035 |
| OTHER COMPREHENSIVE INCOME/(LOSS) |
| Foreign exchange reserve | 18,911 | (162,793 | ) |
| Revaluation Reserve | - | (162,500 | ) |
| Income tax relating to components of other comprehensive income/(loss) |
- |
- |
| OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR, NET OF INCOME TAX |
18,911 |
(325,293 |
) |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
4,542,818 |
2,469,742 |
| Total comprehensive income attributable to: |
| Owners of the parent | 4,127,787 | 2,143,892 |
| Non-controlling interests | 415,031 | 325,850 |
| 4,542,818 | 2,469,742 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Consolidated Statement of Financial Position |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 12 | - | - |
| Tangible assets | 13 | 639,114 | 648,630 |
| Investments | 14 |
| Interest in associate | 159,044 | 242,750 |
| Investment property | 15 | 1,359,164 | 1,324,164 |
| 2,157,322 | 2,215,544 |
| CURRENT ASSETS |
| Stocks | 16 | 9,931,821 | 9,688,469 |
| Debtors | 17 | 9,517,497 | 8,383,790 |
| Cash at bank | 12,851,673 | 9,082,936 |
| 32,300,991 | 27,155,195 |
| CREDITORS |
| Amounts falling due within one year | 18 | 9,761,746 | 8,957,963 |
| NET CURRENT ASSETS | 22,539,245 | 18,197,232 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
24,696,567 |
20,412,776 |
| CREDITORS |
| Amounts falling due after more than one year |
19 |
(165,744 |
) |
(120,627 |
) |
| PROVISIONS FOR LIABILITIES | 22 | - | (14,144 | ) |
| NET ASSETS | 24,530,823 | 20,278,005 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Consolidated Statement of Financial Position - continued |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital | 23 | 30,000 | 30,000 |
| Revaluation reserve | 24 | 388,599 | 388,599 |
| Other reserves | 24 | (143,882 | ) | (162,793 | ) |
| Fair value reserve | 24 | 29,439 | 29,439 |
| Retained earnings | 24 | 23,508,596 | 19,364,720 |
| SHAREHOLDERS' FUNDS | 23,812,752 | 19,649,965 |
| NON-CONTROLLING INTERESTS | 25 | 718,071 | 628,040 |
| TOTAL EQUITY | 24,530,823 | 20,278,005 |
| The financial statements were approved by the Board of Directors and authorised for issue on 6 June 2025 and were signed on its behalf by: |
| Mr C Reynolds - Director |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Company Statement of Financial Position |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 12 |
| Tangible assets | 13 |
| Investments | 14 |
| Investment property | 15 |
| CURRENT ASSETS |
| Stocks | 16 |
| Debtors | 17 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 18 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
19 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 22 | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 23 |
| Revaluation reserve | 24 |
| Fair value reserve | 24 |
| Retained earnings | 24 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 3,051,682 | 2,533,868 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 30 September 2024 |
| Called up |
| share | Retained | Revaluation | Other |
| capital | earnings | reserve | reserves |
| £ | £ | £ | £ |
| Balance at 1 October 2022 | 30,000 | 17,225,535 | 551,099 | - |
| Changes in equity |
| Dividends | - | (330,000 | ) | - | - |
| Total comprehensive income | - | 2,469,185 | (162,500 | ) | (162,793 | ) |
| Balance at 30 September 2023 | 30,000 | 19,364,720 | 388,599 | (162,793 | ) |
| Changes in equity |
| Total comprehensive income | - | 4,143,876 | - | 18,911 |
| Balance at 30 September 2024 | 30,000 | 23,508,596 | 388,599 | (143,882 | ) |
| Fair |
| value | Non-controlling | Total |
| reserve | Total | interests | equity |
| £ | £ | £ | £ |
| Balance at 1 October 2022 | 29,439 | 17,836,073 | 542,190 | 18,378,263 |
| Changes in equity |
| Dividends | - | (330,000 | ) | (240,000 | ) | (570,000 | ) |
| Total comprehensive income | - | 2,143,892 | 325,850 | 2,469,742 |
| Balance at 30 September 2023 | 29,439 | 19,649,965 | 628,040 | 20,278,005 |
| Changes in equity |
| Dividends | - | - | (325,000 | ) | (325,000 | ) |
| Total comprehensive income | - | 4,162,787 | 415,031 | 4,577,818 |
| Balance at 30 September 2024 | 29,439 | 23,812,752 | 718,071 | 24,530,823 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Company Statement of Changes in Equity |
| for the Year Ended 30 September 2024 |
| Called up | Fair |
| share | Retained | Revaluation | value | Total |
| capital | earnings | reserve | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 October 2022 |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - | ( |
) |
| Balance at 30 September 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 30 September 2024 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Consolidated Statement of Cash Flows |
| for the Year Ended 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 4,683,526 | (3,278,798 | ) |
| Interest element of hire purchase payments paid |
(13,233 |
) |
(8,335 |
) |
| Tax paid | (853,613 | ) | (321,317 | ) |
| Net cash from operating activities | 3,816,680 | (3,608,450 | ) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (198,961 | ) | (402,592 | ) |
| Purchase of fixed asset investments | (141,294 | ) | (93,548 | ) |
| Sale of tangible fixed assets | 68,200 | 79,674 |
| Sale of current asset investments | - | 239,600 |
| Interest received | 309,844 | 193,195 |
| Net cash from investing activities | 37,789 | 16,329 |
| Cash flows from financing activities |
| New hp agreements in year | 197,314 | 83,181 |
| Capital repayments in year | (132,747 | ) | (85,640 | ) |
| Amount introduced by directors | 32,919 | 877,443 |
| Amount advanced/(withdrawn) by directors | (64,307 | ) | (437 | ) |
| Dividends paid to minorities | (325,000 | ) | (240,000 | ) |
| Dividends from associates | 225,000 | 250,000 |
| Equity dividends paid | - | (330,000 | ) |
| Net cash from financing activities | (66,821 | ) | 554,547 |
| Increase/(decrease) in cash and cash equivalents | 3,787,648 | (3,037,574 | ) |
| Cash and cash equivalents at beginning of year |
2 |
9,082,936 |
12,283,303 |
| Effect of foreign exchange rate changes | (18,911 | ) | (162,793 | ) |
| Cash and cash equivalents at end of year | 2 | 12,851,673 | 9,082,936 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Statement of Cash Flows |
| for the Year Ended 30 September 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation | 5,654,475 | 3,515,564 |
| Depreciation charges | 188,446 | 171,580 |
| Profit on disposal of fixed assets | (48,169 | ) | (26,665 | ) |
| Finance costs | 13,233 | 8,335 |
| Finance income | (309,844 | ) | (193,195 | ) |
| 5,498,141 | 3,475,619 |
| Increase in stocks | (243,352 | ) | (8,719,118 | ) |
| (Increase)/decrease in trade and other debtors | (1,103,117 | ) | 1,619,108 |
| Increase in trade and other creditors | 531,854 | 345,593 |
| Cash generated from operations | 4,683,526 | (3,278,798 | ) |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 30 September 2024 |
| 30.9.24 | 1.10.23 |
| £ | £ |
| Cash and cash equivalents | 12,851,673 | 9,082,936 |
| Year ended 30 September 2023 |
| 30.9.23 | 1.10.22 |
| £ | £ |
| Cash and cash equivalents | 9,082,936 | 12,283,303 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.10.23 | Cash flow | At 30.9.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 9,082,936 | 3,768,737 | 12,851,673 |
| 9,082,936 | 3,768,737 | 12,851,673 |
| Debt |
| Finance leases | (202,957 | ) | (64,567 | ) | (267,524 | ) |
| (202,957 | ) | (64,567 | ) | (267,524 | ) |
| Total | 8,879,979 | 3,704,170 | 12,584,149 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Reynolds 2000 Limited is a |
| 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
| Significant judgements and estimates |
| The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of the estimation means the actual outcomes could differ from those estimates. |
| The following judgements (apart from those involving estimates) have had the most significant impact on amounts recognised in the financial statements. |
| Revenue recognition |
| The percentage of completion method and the determination of revenues to recognise on claims and variations to contracts are reliant on estimates in particular in respect of future expected costs and revenues. The company reviews the appropriateness of assumptions made on a regular basis. |
| Turnover |
| Construction contracts |
| Contract revenue includes the initial amount agreed in the contract plus any variations in contract work, claims and incentive payments to the extent that it is probable that they will result in revenue and can be measured reliably. As soon as the outcome of a construction contract can be estimated reliably, contract revenue and contract cost are recognised in the profit and loss in proportion to the stage of completion of the contract. Contract expenses are recognised as incurred unless they create an asset related to future contract activity. |
| The stage of completion is assessed by reference to the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs. When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised only to the extent of contract costs incurred that are likely to be recoverable. An expected loss on a contract is recognised immediately in the profit and loss. |
| Work done on long term contracts has been prepared in accordance with FRS 102. |
| Goods sold and services rendered |
| Revenue from sale of goods is measured at fair value of the consideration received or receivable and is recognised in the profit and loss when the significant risks and rewards of ownership have been transferred to the buyer. It is stated after trade discounts, other sales taxes and excluding value added tax. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acqusition of a business in 2013. It was amortised evenly over an estimated useful life of 5 years and is now fully amortised. |
| 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. |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Long leasehold | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Investments in associates |
| Investments in associate undertakings are recognised at cost. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Stocks |
| Work in progress is valued at the lower of cost and net realisable value. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| The value of contract work in progress comprises the costs incurred on contracts plus an appropriate proportion of overheads and attributable profit. Fees invoiced on account are deducted from the value of work in progress and the balance is separately disclosed in trade and other receivables as amounts recoverable on contract, unless such fees exceed the value of the work in progress on any contract in which case the excess is separately disclosed in trade and other payables as fees invoiced in advance. |
| Financial instruments |
| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date. |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 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 statement of financial position 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. |
| The 'timing difference plus' approach has been adopted in respect of the revaluation of assets. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| Translation of foreign operation |
| Transactions denominated in currencies other than the functional currency of the transacting group undertaking are translated into the functional currency at the average monthly exchange rate when the transaction occurs. Monetary assets and liabilities denominated in foreign currencies are translated into the relevant functional currency at the rate prevailing at the year end. Exchange differences arising on foreign exchange transactions and the retranslation of monetary assets and liabilities into functional currencies at the rate prevailing at the year end are included in profit/(loss) before taxation. |
| The trading results of Group undertakings are translated into sterling at the average exchange rates for the year. The assets and liabilities of overseas undertakings, including goodwill and fair value adjustments arising on acquisition, are translated at the exchange rates prevailing at the year end. Exchange adjustments arising from the retranslation of the opening net assets, and from the translation of the profits or losses at average rates, are recognised in OCI. |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the principal activities of the group. |
| An analysis of turnover by geographical market is given below: |
| 2024 | 2023 |
| £ | £ |
| United Kingdom | 39,025,745 | 33,554,091 |
| Europe | 16,786 | 31,264 |
| 39,042,531 | 33,585,355 |
| The gross amount due from customers as at 30 September 2024 is £6,513,284 (2023: £4,871,205). The percentage of revenue that relates to construction contracts is 99% (2023: 99%). |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries | 3,139,694 | 2,603,294 |
| Social security costs | 180,839 | 154,386 |
| Other pension costs | 172,309 | 143,587 |
| 3,492,842 | 2,901,267 |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Production staff | 30 | 27 |
| Office staff | 24 | 23 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration | 252,262 | 227,675 |
| Information regarding the highest paid director is as follows: |
| 2024 | 2023 |
| £ | £ |
| Emoluments etc | 115,000 | 98,750 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Hire of plant and machinery | 2,500,464 | 3,207,705 |
| Depreciation - owned assets | 89,019 | 90,526 |
| Depreciation - assets on hire purchase contracts | 88,975 | 81,054 |
| Profit on disposal of fixed assets | (48,169 | ) | (26,665 | ) |
| Foreign exchange differences | 32,517 | 24,205 |
| 6. | AUDITORS' REMUNERATION |
| 2024 | 2023 |
| £ | £ |
| Fees payable to the company's auditors for the audit of the company's financial statements |
12,600 |
12,900 |
| Auditors' remuneration for non audit work | 14,139 | 4,500 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Hire purchase | 13,233 | 8,335 |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax | 1,144,966 | 719,415 |
| Deferred tax | (14,398 | ) | 1,114 |
| Tax on profit | 1,130,568 | 720,529 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 8. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax | 5,654,475 | 3,515,564 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
1,413,619 |
878,891 |
| Effects of: |
| Expenses not deductible for tax purposes | 43,364 | 1,651 |
| Income not taxable for tax purposes | (35,324 | ) | (17,757 | ) |
| Depreciation in excess of capital allowances | 12,091 | 19,278 |
| Research and development claim | (96,210 | ) | (41,926 | ) |
| (Profit)/loss on sale of assets | (12,042 | ) | (5,066 | ) |
| Deferred tax movement | (14,398 | ) | 1,114 |
| Tax credit | - | (3,165 | ) |
| Change in Tax Rate | - | (112,491 | ) |
| Prior Year Correction | (180,532 | ) | - |
| Total tax charge | 1,130,568 | 720,529 |
| Tax effects relating to effects of other comprehensive income |
| 2024 |
| Gross | Tax | Net |
| £ | £ | £ |
| Foreign exchange reserve | 18,911 | - | 18,911 |
| Revaluation Reserve |
| 18,911 | - | 18,911 |
| 2023 |
| Gross | Tax | Net |
| £ | £ | £ |
| Foreign exchange reserve | (162,793 | ) | - | (162,793 | ) |
| Revaluation Reserve | (162,500 | ) | - | (162,500 | ) |
| (325,293 | ) | - | (325,293 | ) |
| 9. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 10. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim Dividend | - | 330,000 |
| - | 330,000 |
| 11. | FOREIGN EXCHANGE |
| Exchange adjustments arising from the retranslation of opening net investments and the translation of the profits or losses are recognised in ‘Other comprehensive income’ and allocated to non-controlling interest as appropriate. |
| The company is exposed to foreign currency movements. Losses of £32,517 (2023: £24,205 loss) were made during the year and shown in the profit and loss account. |
| 12. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 | 312,397 |
| AMORTISATION |
| At 1 October 2023 |
| and 30 September 2024 | 312,397 |
| NET BOOK VALUE |
| At 30 September 2024 | - |
| At 30 September 2023 | - |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 13. | TANGIBLE FIXED ASSETS |
| Group |
| Freehold | Short | Long |
| property | leasehold | leasehold |
| £ | £ | £ |
| COST |
| At 1 October 2023 | 120,000 | 30,000 | 103,238 |
| Additions | - | - | - |
| Disposals | - | - | - |
| At 30 September 2024 | 120,000 | 30,000 | 103,238 |
| DEPRECIATION |
| At 1 October 2023 | 20,000 | 30,000 | 50,749 |
| Charge for year | - | - | 10,320 |
| Eliminated on disposal | - | - | - |
| At 30 September 2024 | 20,000 | 30,000 | 61,069 |
| NET BOOK VALUE |
| At 30 September 2024 | 100,000 | - | 42,169 |
| At 30 September 2023 | 100,000 | - | 52,489 |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 October 2023 | 300,000 | 596,734 | 76,382 | 1,226,354 |
| Additions | - | 198,961 | - | 198,961 |
| Disposals | - | (129,411 | ) | - | (129,411 | ) |
| At 30 September 2024 | 300,000 | 666,284 | 76,382 | 1,295,904 |
| DEPRECIATION |
| At 1 October 2023 | 45,000 | 371,149 | 60,826 | 577,724 |
| Charge for year | 60,000 | 98,259 | 9,415 | 177,994 |
| Eliminated on disposal | - | (98,928 | ) | - | (98,928 | ) |
| At 30 September 2024 | 105,000 | 370,480 | 70,241 | 656,790 |
| NET BOOK VALUE |
| At 30 September 2024 | 195,000 | 295,804 | 6,141 | 639,114 |
| At 30 September 2023 | 255,000 | 225,585 | 15,556 | 648,630 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 13. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| At 1 October 2023 | 351,008 |
| Additions | 198,961 |
| Disposals | (41,806 | ) |
| At 30 September 2024 | 508,163 |
| DEPRECIATION |
| At 1 October 2023 | 222,586 |
| Charge for year | 88,975 |
| Eliminated on disposal | (11,323 | ) |
| At 30 September 2024 | 300,238 |
| NET BOOK VALUE |
| At 30 September 2024 | 207,925 |
| At 30 September 2023 | 128,422 |
| Company |
| Fixtures |
| Freehold | and | Motor | Computer |
| property | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| Included in cost of land and buildings is freehold land of £ 100,000 (2023 - £ 100,000 ) which is not depreciated. |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 13. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| At 1 October 2023 |
| Additions |
| Disposals | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 14. | FIXED ASSET INVESTMENTS |
| Group |
| Interest |
| in |
| associate |
| £ |
| COST |
| At 1 October 2023 | 242,750 |
| Additions | 141,294 |
| Dividends received | (225,000 | ) |
| At 30 September 2024 | 159,044 |
| NET BOOK VALUE |
| At 30 September 2024 | 159,044 |
| At 30 September 2023 | 242,750 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 14. | FIXED ASSET INVESTMENTS - continued |
| Company |
| Unlisted |
| investments |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: Redcliff Court, Redcliff Road, Hessle, HU13 0EY |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: Redcliff Court, Redcliff Road, Hessle, HU13 0EY |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 14. | FIXED ASSET INVESTMENTS - continued |
| Registered office: Rua Paiva, no 13, Quinta do Lago, 8135-162 Almancil |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Loss for the year | ( |
) | ( |
) |
| The subsidiary reference date has been shortened by 3 months, to bring the financial year in line with that of the parent company. The accounts have therefore been prepared for a 9 month period to 30 September 2024. |
| 15. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| At 1 October 2023 | 1,324,164 |
| Revaluations | 35,000 |
| At 30 September 2024 | 1,359,164 |
| NET BOOK VALUE |
| At 30 September 2024 | 1,359,164 |
| At 30 September 2023 | 1,324,164 |
| Fair value at 30 September 2024 is represented by: |
| £ |
| Valuation in 2017 | 29,439 |
| Valuation in 2024 | 35,000 |
| Cost | 1,294,725 |
| 1,359,164 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 15. | INVESTMENT PROPERTY - continued |
| Company |
| Total |
| £ |
| FAIR VALUE |
| At 1 October 2023 |
| Revaluations | 35,000 |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| The main Investment property has been valued by Garness Jones chartered surveyors on 5th September 2018, who are local professional valuers, this value was reassessed by the same chartered surveyors in 2024, in which they deemed there had been a £35,000 increase on valuation. Directors still deem other investment properties to represent their fair value at the year end. These will be valued at each year end going forward. |
| Deferred tax is calculated on the revalued amount at 25%. |
| Fair value at 30 September 2024 is represented by: |
| £ |
| Valuation in 2018 | 29,439 |
| Valuation in 2024 | 35,000 |
| Cost | 1,294,725 |
| 1,359,164 |
| 16. | STOCKS |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Work-in-progress | 9,931,821 | 9,688,469 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 17. | DEBTORS |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Amounts falling due within one year: |
| Trade debtors | 2,026,887 | 2,323,863 |
| Other debtors | 27,708 | 5,997 |
| Directors' current accounts | 29,897 | - | 30,912 | - |
| VAT | - | - |
| Deferred tax asset | 254 | - | 254 | - |
| Sundry debtors | 718 | 332,056 |
| Prepayments | 285,898 | 218,257 |
| Debtors recoverable on contract | 6,513,284 | 4,871,205 | - | - |
| 8,884,646 | 7,751,378 |
| Amounts falling due after more than one | year: |
| Amounts owed by participating interests | 474,031 | 473,592 | 9,471,660 | 9,179,866 |
| Other debtors | 158,820 | 158,820 |
| 632,851 | 632,412 |
| Aggregate amounts | 9,517,497 | 8,383,790 |
| Deferred tax asset |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Deferred tax | 254 | - | 254 | - |
| 18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Hire purchase contracts (see note 20) | 101,780 | 82,330 |
| Trade creditors | 6,822,065 | 6,614,215 |
| Amounts owed to group undertakings | - | 43,434 |
| Tax | 954,954 | 657,550 |
| Social security and other taxes | 87,486 | 77,599 |
| VAT | 930,798 | 809,095 | - | 15,401 |
| Other creditors | 41,875 | 24,389 |
| Directors' current accounts | - | 1,491 | - | 1,198 |
| Accrued expenses | 822,788 | 647,860 |
| 9,761,746 | 8,957,963 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 19. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Hire purchase contracts (see note 20) | 165,744 | 120,627 |
| 20. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year | 101,780 | 82,330 |
| Between one and five years | 165,744 | 120,627 |
| 267,524 | 202,957 |
| Company |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| The leasing agreements are motor vehicles on hire purchase, which are repayable over an average of 48 months. |
| 21. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Hire purchase contracts | 267,524 | 202,957 | 267,524 | 202,957 |
| 22. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Deferred tax | - | 14,144 | - | 14,144 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 22. | PROVISIONS FOR LIABILITIES - continued |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2023 | 14,144 |
| Movement in year | (14,398 | ) |
| Balance at 30 September 2024 | (254 | ) |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2023 |
| Movement in year | (14,398 | ) |
| Balance at 30 September 2024 | ( |
) |
| 23. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 30,000 | 30,000 |
| 24. | RESERVES |
| Group |
| Fair |
| Retained | Revaluation | Other | value |
| earnings | reserve | reserves | reserve | Totals |
| £ | £ | £ | £ | £ |
| At 1 October 2023 | 19,364,720 | 388,599 | (162,793 | ) | 29,439 | 19,619,965 |
| Profit for the year | 4,108,876 | 4,108,876 |
| Movement in reserves | 35,000 | - | 18,911 | - | 53,911 |
| At 30 September 2024 | 23,508,596 | 388,599 | (143,882 | ) | 29,439 | 23,782,752 |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 24. | RESERVES - continued |
| Company |
| Fair |
| Retained | Revaluation | value |
| earnings | reserve | reserve | Totals |
| £ | £ | £ | £ |
| At 1 October 2023 | 14,514,959 |
| Profit for the year |
| Movement in reserves | 35,000 | - | - | 35,000 |
| At 30 September 2024 | 17,601,641 |
| 25. | NON-CONTROLLING INTERESTS |
| The minority interests of the group have been calculated using the equity method of accounting for the financial year. |
| 26. | PENSION COMMITMENTS |
| The company operates defined contribution pension schemes. Contributions of £206,611 (2023: £86,637) were made during the year and expensed to the profit and loss account. |
| 27. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| At the balance sheet date Mr C R Reynolds owed the company £29,897 (owed by the company 2023: £1,491) by way of an interest free loan repayable on demand. |
| Reynolds 2000 Limited (Registered number: 03873947) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 28. | RELATED PARTY DISCLOSURES |
| C.R. Reynolds Limited is a 90% subsidiary of Reynolds 2000 Limited. The company number is 01772107, it is a company registered in England and Wales. |
| During the year C.R. Reynolds Limited traded with Reynolds 2000 Limited, the amount of sales being £1,012,555 (2023: £nil), the amount of purchases being £148,153 (2023: 194,645) all made on a normal commercial basis. |
| Melton Industrial Park Limited is a 50% associated company of Reynolds 2000 Limited. The company number is 06905331, it is a company registered in England and Wales. At the balance sheet date Reynolds 2000 Limited was owed £nil (2023: £24,100) from Melton Industrial Park Limited, a company registered in England and Wales. Mr C R Reynolds is also a director of this company. |
| At the balance sheet date there was a trade debtor balance with Reynolds 2000 Limited of £58 (2023: £1,753). These are intercompany balances repayable on demand. |
| Reynolds 2000 (Properties) LLP is a limited liability partnership in which Reynolds 2000 Limited is a member. As at the balance sheet date Reynolds 2000 (Properties) LLP owed Reynolds 2000 Limited £nil (2023: £nil). |
| Pandora Properties Plymouth LLP is a limited liability partnership in which Reynolds 2000 Limited is a member. As at the balance sheet date Pandora Properties Plymouth LLP owed Reynolds 2000 Limited £341,575 (2023: £341,371). |
| CR Homes & Maintenance LLP is a limited liability partnership in which Reynolds 2000 Limited is a member. As at the balance sheet date CR Homes & Maintenance LLP owed Reynolds 2000 Limited £132,459 (2023: £132,255). |
| 29. | ULTIMATE CONTROLLING PARTY |
| Mr C.R Reynolds and Mrs F.R Reynolds controlled the company throughout the current and previous year. |