Registration number: 05007297

Office Reality Ltd

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 7

Office Reality Ltd

(Registration number: 05007297)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	388,141	408,722
Current assets
Stocks	5	19,698	7,040
Debtors	6	1,152,506	1,286,318
Cash at bank and in hand		878,809	422,113
		2,051,013	1,715,471
Creditors: Amounts falling due within one year	7	(1,521,172)	(1,191,378)
Net current assets		529,841	524,093
Total assets less current liabilities		917,982	932,815
Provisions for liabilities		(29,205)	(32,891)
Net assets		888,777	899,924
Capital and reserves
Called up share capital		2	2
Retained earnings		888,775	899,922
Shareholders' funds		888,777	899,924

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 September 2025 and signed on its behalf by:
 

Mr P G Seddon Director

Office Reality Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 4A Westpark 26
Chelston
Wellington
Somerset
TA21 9AD

These financial statements were authorised for issue by the Board on 12 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements are prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional and presentational currency of the company, and rounded to the nearest £.

Going concern

The directors are satisfied that the company has sufficient resources to enable it to meet its obligations as they fall due for the foreseeable future. Accordingly, the accounts have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of office furtniture and for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the following conditions are satisfied:

The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the company; and
specific criteria have been met for each of the company's activities.
 

Government grants

Government grants are credited to deferred income when received and released to the profit and loss account in line with the expenses for which they are intended to compensate.

Office Reality Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

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

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 taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold property	2% on cost of buildings
Short leasehold improvements	20% straight line
Fittings and equipment	25% reducing balance
Motor vehicles	20% reducing balance
Website	33% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Office Reality Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Debtors

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

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

Cash and cash equivalents

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

Creditors

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

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

A dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Office Reality Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 13 (2023 - 12).

4	Tangible assets

	Land and buildings £	Fittings and equipment £	Motor vehicles  £	Website  £	Total £
Cost
At 1 January 2024	412,760	106,146	26,580	272,661	818,147
Additions	-	7,586	-	9,245	16,831
Disposals	-	(1,582)	-	-	(1,582)
At 31 December 2024	412,760	112,150	26,580	281,906	833,396
Depreciation
At 1 January 2024	90,334	90,319	24,962	203,810	409,425
Charge for the year	8,033	4,596	323	24,139	37,091
Eliminated on disposal	-	(1,261)	-	-	(1,261)
At 31 December 2024	98,367	93,654	25,285	227,949	445,255
Carrying amount
At 31 December 2024	314,393	18,496	1,295	53,957	388,141
At 31 December 2023	322,426	15,827	1,618	68,851	408,722

Included within the net book value of land and buildings above is £314,218 (2023 - £320,720) in respect of freehold land and buildings and £175 (2023 - £1,706) in respect of short leasehold land and buildings.
 

5

Stocks

	2024 £	2023 £
Stock and goods in transit	19,698	7,040

Office Reality Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Debtors

		2024 £	2023 £
Trade debtors		306,128	217,697
Other debtors		789,914	1,016,910
Prepayments		31,577	29,870
Income tax asset		24,887	21,841
		1,152,506	1,286,318

7

Creditors