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REGISTERED NUMBER: 05702566 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 October 2024

for

Richard Reed Limited

Richard Reed Limited (Registered number: 05702566)






Contents of the Financial Statements
for the year ended 31 October 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Richard Reed Limited

Company Information
for the year ended 31 October 2024







DIRECTORS: S J Reid
A P Moir
L M Peel
C Spenceley





REGISTERED OFFICE: 3 - 6 Frederick Street
Sunderland
Tyne and Wear
SR1 1NA





REGISTERED NUMBER: 05702566 (England and Wales)





ACCOUNTANTS: TTR Barnes Limited
Chartered Accountants
3-5 Grange Terrace
Stockton Road
Sunderland
Tyne & Wear
SR2 7DG

Richard Reed Limited (Registered number: 05702566)

Statement of Financial Position
31 October 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 25,996 34,663
Tangible assets 5 512,104 515,349
538,100 550,012

CURRENT ASSETS
Debtors 6 981,114 1,346,434
Cash at bank and in hand 764,639 336,563
1,745,753 1,682,997
CREDITORS
Amounts falling due within one year 7 523,064 321,659
NET CURRENT ASSETS 1,222,689 1,361,338
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,760,789

1,911,350

CREDITORS
Amounts falling due after more than one
year

8

(32,329

)

(93,861

)

PROVISIONS FOR LIABILITIES (2,858 ) (3,631 )
NET ASSETS 1,725,602 1,813,858

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,725,600 1,813,856
SHAREHOLDERS' FUNDS 1,725,602 1,813,858

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

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

Richard Reed Limited (Registered number: 05702566)

Statement of Financial Position - continued
31 October 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2025 and were signed on its behalf by:




A P Moir - Director



S J Reid - Director


Richard Reed Limited (Registered number: 05702566)

Notes to the Financial Statements
for the year ended 31 October 2024

1. STATUTORY INFORMATION

Richard Reed Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

The financial statements have been prepared on the going concern basis, which assumes the company will continue in operational existence for the foreseeable future, which the directors consider to be appropriate.

Fees and commissions
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Where a contract has only been partially completed at the balance sheet date turnover represents the value of service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of creditors due within one year.


£   

Fees 2,569,606
Debtors due under contracts - movement (422,140 )
2,147,466


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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Improvements to property - 20% on reducing balance
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 33% Straight line and 20% Straight line

The directors consider that Freehold Property is maintained in such a state of repair that their residual value is at least equal to their original cost. As a result, the corresponding depreciation would not be material and is therefore not currently charged in the profit and loss account.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised as transaction value and subsequently measured at their settlement value.


Richard Reed Limited (Registered number: 05702566)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2023 - 42 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2023
and 31 October 2024 130,000
AMORTISATION
At 1 November 2023 95,337
Amortisation for year 8,667
At 31 October 2024 104,004
NET BOOK VALUE
At 31 October 2024 25,996
At 31 October 2023 34,663

Richard Reed Limited (Registered number: 05702566)

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

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 November 2023 500,000 2,239 9,759
Additions - - -
At 31 October 2024 500,000 2,239 9,759
DEPRECIATION
At 1 November 2023 - 2,046 4,449
Charge for year - 38 1,062
At 31 October 2024 - 2,084 5,511
NET BOOK VALUE
At 31 October 2024 500,000 155 4,248
At 31 October 2023 500,000 193 5,310

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 November 2023 7,934 50,711 570,643
Additions - 3,220 3,220
At 31 October 2024 7,934 53,931 573,863
DEPRECIATION
At 1 November 2023 5,836 42,963 55,294
Charge for year 419 4,946 6,465
At 31 October 2024 6,255 47,909 61,759
NET BOOK VALUE
At 31 October 2024 1,679 6,022 512,104
At 31 October 2023 2,098 7,748 515,349

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 752,736 1,196,291
Amounts owed by group undertakings 109,449 82,366
Other debtors 118,929 67,777
981,114 1,346,434

Richard Reed Limited (Registered number: 05702566)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 60,000 59,000
Trade creditors 283 8,568
Taxation and social security 272,203 211,464
Other creditors 190,578 42,627
523,064 321,659

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 32,329 93,861

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
CBILS Loan 39,000 65,000
Royal bank of Scotland Loan 53,329 87,861
92,329 152,861

The bank overdraft and the Royal Bank of Scotland loan are secured by a fixed a floating charge over the company's assets.

10. ULTIMATE PARENT COMPANY

On 1 November 2017 the Richard Reed (Holdings) Limited acquired the whole of the issued share capital of Richard Reed Limited.