Reality Solutions Limited
Registered number: 07956068
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Current assets
Stocks 54,782 66,146
Debtors 3 626,873 763,478
Cash at bank and in hand 55,428 10,543
737,083 840,167
Creditors: amounts falling due within one year 4 (593,102) (617,911)
Net current assets 143,981 222,256
Total assets less current liabilities 143,981 222,256
Creditors: amounts falling due after more than one year 5 (10,001) (19,264)
Net assets 133,980 202,992
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 132,980 201,992
Shareholder's funds 133,980 202,992
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A. Burnett
Director
Approved by the board on 28 September 2025
Reality Solutions Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 51 46
3 Debtors 2024 2023
£ £
Trade debtors 399,286 646,163
Amounts owed by group undertakings and undertakings in which the company has a participating interest 178,511 62,545
Other debtors 49,076 54,770
626,873 763,478
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 4,167 4,167
Trade creditors 146,307 136,588
Corporation tax 78,889 122,274
Other taxes and social security costs 128,337 133,672
Other creditors 235,402 221,210
593,102 617,911
5 Creditors: amounts falling due after one year 2024 2023
£ £
Non-equity preference shares 2 2
Bank loans 9,999 19,262
10,001 19,264
6 Controlling party
The company was controlled throughout the current and previous financial years by Willingham Investments Limited, by virtue of the fact that it owns 100% of the share capital of the company. Willingham Investments Limited is controlled by A. Burnett.
7 Other information
Reality Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Global Business Park
Hamburg Road
Hull
HU7 0AE
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