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Company registration number: 03355913







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


REEL (UK) LIMITED






































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REEL (UK) LIMITED


 
COMPANY INFORMATION


Directors
O. Demarthe 
R. Jean-Marc Leraistre  
C. Schmuck 




Company secretary
Cripps Secretaries Limited



Registered number
03355913



Registered office
Platts Road
Amblecote

Stourbridge

West Midlands

DY8 4YR




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


REEL (UK) LIMITED



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 8

 


REEL (UK) LIMITED
REGISTERED NUMBER:03355913



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 5 
1,661
25,781

  
1,661
25,781

Current assets
  

Stock
  
116,001
131,514

Debtors: amounts falling due within one year
 6 
4,780,832
2,698,744

Cash at bank and in hand
  
269,071
649,294

  
5,165,904
3,479,552

Creditors: amounts falling due within one year
 7 
(2,532,066)
(1,052,498)

Net current assets
  
 
 
2,633,838
 
 
2,427,054

Total assets less current liabilities
  
2,635,499
2,452,835

Provisions for liabilities
  

Deferred tax
  
-
(790)

Other provisions
 8 
(20,364)
(10,307)

  
 
 
(20,364)
 
 
(11,097)

Net assets
  
2,615,135
2,441,738


Capital and reserves
  

Allotted, called up and fully paid share capital
  
1,800,000
1,800,000

Profit and loss account
  
815,135
641,738

  
2,615,135
2,441,738


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



C. Schmuck
Director

Date: 31 July 2025

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 


REEL (UK) LIMITED


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

1.


General information

Reel (UK) Limited (‘the company’) is a private company limited by shares, incorporated in England and Wales. The address of its registered office is Platts Road, Amblecote, Stourbridge, DY8 4YR, United Kingdom. This is also the trading address. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP. The financial statements are rounded to the nearest £.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 


REEL (UK) LIMITED


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

2.Accounting policies (continued)

 
2.3

Revenue

Revenue from the manufacturing, installation and maintenance of heavy lifting and industrial equipment is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. 

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Revenue from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. 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.

 
2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 


REEL (UK) LIMITED


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

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
 
 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as detailed below;

Depreciation is provided on the following basis:

Leasehold improvement
-
50%
Straight line method
Plant and machinery
-
25%
Reducing balance basis
Motor vehicles
-
25%
Reducing balance basis
Office equipment
-
15%
Reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stock

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 4

 


REEL (UK) LIMITED


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

2.Accounting policies (continued)

 
2.9

Provisions for liabilities

A provision for an onerous contract is made when the expected costs to complete a project exceed the contract price. A contract is considered to be onerous at the point that the directors identify that the contract will be loss making and at that point the expected loss is recognised in the profit or loss immediately.
 
 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 33 (2023 - 28).


4.


Taxation

On 11 July 2023, the UK Finance (No.2) Act 2023 enacted the Pillar Two income taxes legislation effective from 1
January 2024, which impacted the global minimum tax rules and UK domestic minimum tax. Reel SAS Group has
exceeded the €750 million consolidated revenue threshold for the first time in the financial year ended 31 December
2024. However, under the OECD Model Rules, a group is only considered in scope if it exceeds the threshold in at least two of the four preceding fiscal years. As such, the Group is not currently within the scope of the Pillar Two
rules.
Reel SAS are monitoring developments in the implementation of Pillar Two legislation in the jurisdictions in which it
operates and is assessing the potential impact of the rules on its future tax position and disclosures.






Page 5

 


REEL (UK) LIMITED


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

5.


Tangible fixed assets





Leasehold improvement
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost


At 1 January 2024
27,293
26,606
43,442
49,163
146,504


Disposals
-
-
(17,392)
-
(17,392)



At 31 December 2024

27,293
26,606
26,050
49,163
129,112



Depreciation


At 1 January 2024
27,293
24,938
21,721
46,771
120,723


Charge for the year
-
1,231
17,373
1,168
19,772


Disposals
-
-
(13,044)
-
(13,044)



At 31 December 2024

27,293
26,169
26,050
47,939
127,451



Net book value



At 31 December 2024
-
437
-
1,224
1,661



At 31 December 2023
-
1,668
21,721
2,392
25,781


6.


Debtors

2024
2023
£
£


Trade debtors
1,202,409
1,135,795

Amounts owed by group undertakings
3,160,439
599,188

Other debtors
450
485

Prepayments and accrued income
413,786
963,276

Deferred taxation
3,748
-

4,780,832
2,698,744


Page 6

 


REEL (UK) LIMITED


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

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
424,624
211,472

Amounts owed to group undertakings
761,965
-

Corporation tax
94,044
25,645

Other taxation and social security
524,736
133,307

Accruals and deferred income
726,697
682,074

2,532,066
1,052,498



8.


Provisions




Onerous Contract

£





At 1 January 2024
10,307


Charged to profit or loss
10,057



At 31 December 2024
20,364


9.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. As at the reporting date, no amounts are due to the fund (2023: £nil).


10.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
50,307
48,617

Later than 1 year and not later than 5 years
72,312
19,044

122,619
67,661

Page 7

 


REEL (UK) LIMITED


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

11.


Controlling party

REEL SAS is the immediate parent company incorporated in France. The ultimate controlling party is Groupe REEL SAS which is incorporated in France.
The smallest group in which the financial statements of Reel (UK) Limited are consolidated is that headed by Groupe REEL SAS. Copies of the financial statements of Groupe REEL SAS can be obtained from 69 Rue De La Chaux, 69450, St-Cyr-Ayr-Mont-D'or France.

12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 31 July 2025 by Anna Johnston ACA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 8