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Registered number: 11751772
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Reeves Independent Limited
Directors' report and financial statements
31 December 2024
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Reeves Independent Limited
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Company information
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2nd Floor, Park View House
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Reeves Independent Limited
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Contents
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Independent auditors' report
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Statement of comprehensive income
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Statement of changes in equity
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Notes to the financial statements
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Reeves Independent Limited
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Directors' report
Year ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
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The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors who served during the year and up to the date of signing the financial statements were:
Disclosure of information to auditors
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Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
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Reeves Independent Limited
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Directors' report (continued)
Year ended 31 December 2024
This report was approved by the board on 26 September 2025 and signed on its behalf by:
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Reeves Independent Limited
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Independent auditors' report to the members of Reeves Independent Limited
We have audited the financial statements of Reeves Group Holdings Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 December 2024 which comprise the Consolidated statement of profit or loss and other comprehensive income, Consolidated and Company statements of financial position, Consolidated and Company statements of changes in equity, Consolidated statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.
In our opinion the financial statements:
∙give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
∙have been properly prepared in accordance with UK adopted international accounting standards; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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Reeves Independent Limited
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Independent auditors' report to the members of Reeves Independent Limited (continued)
The Directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In light of the knowledge and understanding of the Group, the parent company and their environment obtained in the course of the audit, we are required to report if we have identified any material misstatements in the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the parent company financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of Directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
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As explained more fully in the directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the parent company or to cease operations, or have no realistic alternative but to do so.
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Reeves Independent Limited
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Independent auditors' report to the members of Reeves Independent Limited (continued)
Auditors' responsibilities for the audit of the financial statements
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Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
∙Those laws and regulations considered to have a direct effect on the financial statements including International Financial Reporting Standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.
∙Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include FCA reporting regulations and General Data Protection Regulations ("GDPR").
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.
Other matters which we are required to address
The prior period financial statements were not subject to audit and therefore the comparative figures in the financial statements are unaudited.
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Reeves Independent Limited
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Independent auditors' report to the members of Reeves Independent Limited (continued)
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Paul Gainford (Senior Statutory Auditor)
for and on behalf of
Sumer Auditco Limited, Statutory Auditor
Unit 2
Gosforth Park Avenue
Newcastle upon Tyne
NE12 8EG
26 September 2025
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Reeves Independent Limited
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Statement of comprehensive income
Year ended 31 December 2024
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2023
As restated
(Unaudited)
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial year
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There was no other comprehensive income for 2024 or 2023.
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Reeves Independent Limited
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Balance sheet
At 31 December 2024
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2023
As restated
(Unaudited)
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Reeves Independent Limited
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Balance sheet (continued)
At 31 December 2024
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 were approved and authorised for issue by the board and were signed on its behalf on 26 September 2025.
Company registered number: 11751772
The notes on pages 11 to 18 form part of these financial statements.
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Reeves Independent Limited
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Statement of changes in equity
Year ended 31 December 2024
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At 1 January 2023 (as previously stated)
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At 1 January 2023 (Unaudited and as restated)
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Total comprehensive income for the year (Unaudited and as restated)
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Profit and total comprehensive income
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Total comprehensive income for the year
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Profit and total comprehensive income
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Reeves Independent Limited
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Notes to the financial statements
Year ended 31 December 2024
Reeves Independent Limited ('the company') is a private company limited by shares, incorporated and domiciled in the United Kingdom and registered in England. The address of the registered office is 2nd Floor, Park View House, Front Street, Benton, Newcastle upon Tyne, NE7 7TZ.
2.Accounting policies
The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland' (FRS 102) and the Companies Act 2006.
The following principal accounting policies have been applied:
Revenue is the amount derived from the provision of financial services and advice, being fees
receivable during the period, stated net of value added tax. Revenue is recognised when the
appropriate service has been delivered
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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 balance sheet. The assets of the plan are held separately from the company in independently administered funds.
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Reeves Independent Limited
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Notes to the financial statements
Year ended 31 December 2024
2.Accounting policies (continued)
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Current and deferred taxation
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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 balance sheet 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 balance sheet 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 balance sheet date.
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Reeves Independent Limited
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Notes to the financial statements
Year ended 31 December 2024
2.Accounting policies (continued)
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, straight line and reducing balance.
Depreciation is provided on the following basis:
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Short-term leasehold property
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33% straight line and 15% reducing balance
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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.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.
Basic financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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The average monthly number of employees, including directors, during the year was 84 (2023: 104).
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Reeves Independent Limited
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Notes to the financial statements
Year ended 31 December 2024
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Short-term leasehold property
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At 1 January 2024 (Unaudited)
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At 1 January 2024 (Unaudited)
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At 31 December 2023 (Unaudited)
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Reeves Independent Limited
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Notes to the financial statements
Year ended 31 December 2024
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2023
As restated
(Unaudited)
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Amounts owed by group companies
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Amounts owed by related parties
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Prepayments and accrued income
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Creditors: amounts falling due within one year
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2023
As restated
(Unaudited)
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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The following liabilities were secured:
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Details of security provided:
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Bank loans are secured against the freehold property held by the company.
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Reeves Independent Limited
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Notes to the financial statements
Year ended 31 December 2024
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Creditors: amounts falling due after more than one year
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The following liabilities were secured:
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Details of security provided:
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Bank loans are secured against the freehold property held by the company.
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Charged to profit or loss
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Reeves Independent Limited
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Notes to the financial statements
Year ended 31 December 2024
An error in the 2023 financial statements (unaudited) was identified where accrued income at both 31 December 2023 and 31 December 2022 was understated. Therefore, an adjustment to restate the opening reserves, turnover, accrued income and the corporate tax provision at both the 31 December 2022 and 2023 has been recognised in these financial statements.
The impact of these adjustments on the balance sheet and profit and loss account are detailed below.
As previously As restated at
Year ended 31 December 2023 reported Adjustment 31 Dec 2023
Profit and loss - At 1 January 2023 1,636,310 307,062 1,943,372
Current assets
Prepayments and accrued income 102,020 431,951 533,971
Creditors due within one year
Corporation tax (67,658) (102,892) (170,550)
Net assets 2,222,698 329,059 2,551,757
Profit and loss reserves 2,207,698 329,059 2,536,757
As above, accrued income of £409,416 has been recognised with associated corporation tax increase of £102,354 for the 2022 period creating a net increase of 307,062 to opening reserves.
The increase in accrued income of £22,535 and corporation tax of £538 has been recognised in the 2023 profit and loss. As shown above, the combined impact on the 2023 financial statements gives a £431,951 increase in accrued income and a £102,892 increase in corporation tax.
Changes to the profit and loss account
As previously As restated at
reported Adjustment 31 Dec 2023
Period ended 31 December 2023 1,636,310 307,062 1,943,372
Turnover 6,702,446 22,535 6,724,981
Taxation (172,388) (538) (172,926)
Profit/(loss) for the period 2,207,698 329,059 2,536,757
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Related party transactions
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During the year, the company used a loan account to record amounts due to and from Reeves Independent (Acquisitions) Limited. At the year end, the balance owed to the company by Reeves Independent (Acquisitions) Limited was £nil (2023: £72,477). The loan is unsecured, interest free and no fixed terms of repayment have been agreed.
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Reeves Independent Limited
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Notes to the financial statements
Year ended 31 December 2024
The company is a wholly owned subsidiary of Reeves Group Holdings Limited, a company incorporated and domiciled in the United Kingdom and registered in England. The registered office of Reeves Group Holdings Limited is 2nd Floor, Park View House, Front Street, Benton, Newcastle upon Tyne, NE7 7TZ.
The directors regard Nigel Reeves, as the sole shareholder of Reeves Group Holdings Limited, to be the ultimate controlling party.
The results of the company are consolidated into the financial statements of Reeves Group Holdings Limited, which are available from its registered office at 2nd Floor, Park View House, Front Street, Benton, Newcastle upon Tyne, NE7 7TZ.
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