Company registration number 01366439 (England and Wales)
NEAL BROTHERS (READING) LIMITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
NEAL BROTHERS (READING) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Information for management
-
NEAL BROTHERS (READING) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
749,394
853,509
Current assets
Stocks
347,391
359,616
Debtors
4
2,797,064
2,677,560
Cash at bank and in hand
280,788
192,218
3,425,243
3,229,394
Creditors: amounts falling due within one year
5
(1,730,798)
(1,681,748)
Net current assets
1,694,445
1,547,646
Total assets less current liabilities
2,443,839
2,401,155
Creditors: amounts falling due after more than one year
6
(180,711)
(314,861)
Provisions for liabilities
(164,225)
(177,809)
Net assets
2,098,903
1,908,485
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
2,098,803
1,908,385
Total equity
2,098,903
1,908,485

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

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

The financial statements were approved and signed by the director and authorised for issue on 11 September 2025
Mr DK Neal
Director
Company registration number 01366439 (England and Wales)
NEAL BROTHERS (READING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Neal Brothers (Reading) Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office and place of business is given in the company information page of these financial statements.

1.1
Basis of preparation

These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover is recognised on the date of despatch or performance of services as this is the point that all risks and rewards are deemed to be transferred.

1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Straight line over the length of the lease
Plant and equipment
15% reducing balance
Computers
Straight line over 4 years
Motor vehicles
25% reducing balance
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, or the asset's cash generating unit is estimated and compared to the carrying amount in order to determine the extent of the impairment loss (if any). Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

NEAL BROTHERS (READING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Stocks

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

1.7
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Bank loans are initially measured at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

1.10
Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

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

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

NEAL BROTHERS (READING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit and loss account.

2
Employees

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

2024
2023
Number
Number
Total
72
72
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024
435,284
1,771,274
2,206,558
Additions
-
0
56,844
56,844
At 31 December 2024
435,284
1,828,118
2,263,402
Depreciation and impairment
At 1 January 2024
333,227
1,019,822
1,353,049
Depreciation charged in the year
11,851
149,108
160,959
At 31 December 2024
345,078
1,168,930
1,514,008
Carrying amount
At 31 December 2024
90,206
659,188
749,394
At 31 December 2023
102,057
751,452
853,509
NEAL BROTHERS (READING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,044,761
1,110,031
Amounts due from group undertakings
1,637,320
1,470,460
Other debtors
9,436
3,436
Prepayments and accrued income
105,547
93,633
2,797,064
2,677,560
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
44,444
88,889
Obligations under hire purchase agreements (secured)
126,600
127,294
Trade creditors
627,366
699,249
Other taxation and social security
237,620
231,729
Other creditors
623,648
449,946
Accruals and deferred income
71,120
84,641
1,730,798
1,681,748

Bank loan s comprise a Coronavirus Business Interruption Loan where the UK G overnment acts as guarantor.

Hire purchase agreements are secured on the assets to which they relate.

The aggregate amount of other creditors for which security has been given amounted to £599,676 (2023 - £386,486).

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
44,444
Obligations under finance leases (secured)
180,711
270,417
180,711
314,861
7
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
NEAL BROTHERS (READING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
8
Audit report information

As the profit and loss account has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Christopher Castleman FCA.
The auditor was Newby Castleman LLP.
9
Financial commitments, guarantees and contingent liabilities

The company acts as guarantor for certain bank loans taken out by the parent company. At the year end these totalled £6,487,100 (2023 - £6,774,160).

10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
335,849
18,716
11
Controlling party

At the year end, the ultimate parent undertaking is Neal Brothers (Leicester) Limited, a company registered in England and Wales. DK Neal is the ultimate controlling party through his controlling interest in Neal Brothers (Leicester) Limited.

The registered office address of the ultimate parent undertaking is the same as the company's registered office address as given in the company information page of these financial statements.

Copies of the ultimate parent company's consolidated financial statements can be obtained from Companies House, Cardiff.

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