Reach Active Group Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 05478191

Reach Active Group Limited

Financial Statements

30 April 2024

Reach Active Group Limited

Financial Statements

Year ended 30th April 2024

Contents	Page

Strategic report	1

Directors' report	4

Independent auditor's report to the members	6

Consolidated statement of comprehensive income	10

Consolidated statement of financial position	11

Company statement of financial position	13

Consolidated statement of changes in equity	14

Company statement of changes in equity	15

Consolidated statement of cash flows	16

Notes to the financial statements	17

Reach Active Group Limited

Strategic Report

Year ended 30th April 2024

REVIEW OF THE BUSINESS The Directors present their Strategic Report for the period 1st May 2023 to 30th April 2024. Principal Activities Reach Active Group Limited (the "Group") is a holding company and the principal activities of its subsidiaries are the provision specialist turnkey services to the Power, Construction, Multi Utility Diversions and Telecommunications industries in the UK and Ireland, as well as the rental of own property to fellow group companies. The activities in the UK include design and build solutions for underground power networks and substations to blue-chip major developer clients and HV frameworks with a major utility group for underground power networks, substations and EV Car charging Hubs. The UK company continued to deliver complex design and build multi-utility diversions. The Irish entity provides specialist services to major clients on OHL's, substations, underground power networks and EV car charging hubs. The service offering in the UK and Ireland includes design, civil, electrical fit-out and maintenance. Results and performance The results of the Group are set out on page 12 showing a profit before tax of £346,904. Highlights and Key Performance Indicators (KPI's): Managing Health and Safety is a core value at the Group. Protecting our people, and the people who come into contact with our works is paramount. We track and pay close attention to our safety performance and the Accident Frequency Rate (AFR) for 2024 is zero, which continues to be lower than industry levels. Our STRIVE (Safety, Teamwork, Respect, Integrity, Vision and Excellence) values continue to be firmly embedded in the business. Reach Active Limited, a subsidiary, received a RoSPA gold award for its safety performance in 2024 and in Ireland a Higher Distinction was received from NISO. Whilst economic conditions remain challenging the business remains active with a healthy order book and a high level of tender opportunities in the market awaiting award. The Group's key financial performance indicators during the period were as follows:

	2024	2023
	£	£
Turnover (£m)	35	19
Gross profit (£m)	6	4
Gross Profit (%)	18	23

Operating profit (£k)	500	1,800
Operating profit/loss (%)	1	9

The 2023 comparative was a six month period. Prorating this to a full twelve months for comparison purpose shows that turnover has decreased by 6.2%. Gross profit and Operating profit margins were down in the period. In the UK this was primarily a result of a new contract undertaken in Ireland where losses were incurred. In Ireland this was a direct reflection of the move to focussing on Overhead Lines and Substations and the significant investment in the increasing workforce, onboarding, training and authorisation. It is also the result of a write down of the value of work in progress on one UPN project.

Business environment The multi utility sector, UG power sector and the substation sector remains buoyant. The order book remains healthy. The Group is an industry leader in the field of multi-utility diversions, designing and delivering complex multi utility projects for prestigious clients in London. The Group is an Independent Connections Provider (ICP), focusing primarily in London and the South of England. In Ireland the directors have continued to concentrate on tendering with the subsidiary's major client on the award of frameworks in the Irish power market resulting in the subsidiary being successful in several further significant national awards to date, across all sectors of business. The government's commitment to decarbonisation in the UK and Ireland means that the Group is well positioned to capture projects in these sectors. The directors consider that the Group has a strong business model and sustainable future. Strategy and future developments The Group's success is dependent on the proper selection, pricing and ongoing management of the projects won. The current business model has proved robust, even in difficult times and provides a sound basis on which to grow the Group. However, to consolidate the Group's position and concentrate efforts in achieving maximum growth and profit, the Group aims to continue to focus on an integrated IT infrastructure approach for all business departments, with particular emphasis on operational and commercial controls. The standardisation and accuracy of information flow throughout the business will provide the ability to replicate successful operations and management, leading to further efficiencies and reduction of costs. The Group is dedicated to training its staff and developing their skills, reducing errors and improving safety. The Group continues with its award-winning programme of Proficiency Based Training to facilitate a move from competency to proficiency. Looking forward, the Group has a healthy order book and pipeline of opportunities. Consequently, the Directors are optimistic about the future prospects of the Group. PRINCIPAL RISKS AND UNCERTAINTIES The Group operates in both the United Kingdom and the Republic of Ireland. The Group operates both Sterling and Euro bank accounts. In this way the Group limits its exposure to adverse exchange rate fluctuations that may occur. In terms of liquidity and cash flow risk the Group's policy is to ensure that sufficient resources are available either from cash balances or cash flows to meet all ongoing obligations as they fall due. The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to directors' approval and ongoing review by management. Compliance with regulation, legal and ethical standards is a priority for the Group. The principal risks arise from inaccurate pricing and inadequate management of projects and at present wage and material cost inflation.

Going Concern The Directors have completed a detailed going concern assessment which includes the following; - conducting a full and thorough financial review and forecast of the profitability and cash-flow for the Group for 12 months from the date of signing these accounts. These forecasts demonstrate the ongoing ability of the Group to trade both profitably and to also manage its cash-flow requirements for this period. - securing ongoing financial support from existing funders for the same period of twelve months. Since the year end, the Directors can also refer to the ongoing trading of the Group, which show ongoing profits. On the basis of the above, the directors are of the view that there is no material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern for the foreseeable future.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The Group's principal financial instruments comprise bank balances, trade creditors, trade debtors finance lease agreements and loans. The main purpose of these instruments is to raise funds and to finance the Group's operations. Due to the nature of the financial instruments used by the Group there is no exposure to price risk. The Group's approach to managing other risks applicable to the financial instruments concerned is shown below. In respect of bank balances the liquidity risk is managed by maintaining a positive cash balance and making use of bank deposit facilities where excess funds are available. The liquidity risk in respect of loans is managed by ensuring there are adequate funds to make the payments due. Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers, on-going project management and the monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

This report was approved by the board of directors on 28th October 2025 and signed on behalf of the board by:

Mr S A Gallagher	Mr J T Gallagher
Director	Director

Registered office:

Printing House

66 Lower Road

Harrow

HA2 ODH

Reach Active Group Limited

Directors' Report

Year ended 30th April 2024

The directors present their report and the financial statements of the group for the year ended 30 April 2024 .

Directors

The directors who served the company during the year were as follows:

Mr S A Gallagher
Mr J T Gallagher

Dividends

The directors do not recommend the payment of a dividend.

Disclosure of information in the strategic report

Details of the business review and future developments of Reach Active Group Limited are discussed in the Strategic Report.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and the company and the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgments 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 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 28 October 2025 and signed on behalf of the board by:

Mr S A Gallagher	Mr J T Gallagher
Director	Director

Registered office:

Printing House

66 Lower Road

Harrow

HA2 ODH

Reach Active Group Limited

Independent Auditor's Report to the Members of Reach Active Group Limited

Year ended 30th April 2024

Opinion

We have audited the financial statements of Reach Active Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th April 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 30th April 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 group 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

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 or the 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.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our 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 this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or 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 by the parent company, 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

As explained more fully in the directors' responsibilities statement, 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.

Auditor's responsibilities for the audit of the financial statements

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 the 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: Based on our understanding of the company and industry, we identified the principal risks of non compliance with laws and regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, FRS102, Health and Safety laws, employment laws, contract laws, General Data Protection Regulations and UK tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to fraudulent transactions that may lead to an overstatement of profits such as manipulation of amounts recoverable under contracts and understatement of expenses, in order to increase the value of the group and parent company. Audit procedures performed by the audit team included: - To perform audit testing in different sections in order to check the compliance with applicable regulations and discussions with management including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. - Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, significant one-off amounts or posted by senior management. - Challenging and validating the reasonableness and judgement of any key management assumptions with particular focus on amounts recoverable under contracts, depreciation and accruals as these are the key accounting estimates. 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/auditorresponsibilities. This description forms part of our auditor's report. There are inherent limitations on the audit procedure described above. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report

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 auditor's 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.

Rosa Maria Garcia Nunez

(Senior Statutory Auditor)

For and on behalf of

Abbots

Chartered Certified Accountants & Statutory Auditor

Printing House

66 Lower Road

Harrow

HA2 0DH

28 October 2025

Reach Active Group Limited

Consolidated Statement of Comprehensive Income

Year ended 30th April 2024

			Period from
		Year to	1 Nov 22 to
		30 Apr 24	30 Apr 23
Note		£	£
Turnover	5	35,266,640	18,807,445

Cost of sales	29,071,401	14,526,584
	--------------	--------------
Gross profit	6,195,239	4,280,861

Administrative expenses		5,471,140	2,552,020
Other operating income	6	104,747	24,493
Exceptional item		338,035	–
		------------	------------
Operating profit	7	490,811	1,753,334

Interest payable and similar expenses	11	143,907	( 20,852)
		------------	------------
Profit before taxation		346,904	1,774,186

Tax on profit	12	166,277	307,790
		----------	------------
Profit for the financial year		180,627	1,466,396
		----------	------------

Foreign currency retranslation	( 155,194)	( 119,441)
	----------	------------
Total comprehensive income for the year	25,433	1,346,955
	----------	------------

All the activities of the group are from continuing operations.

Reach Active Group Limited

Consolidated Statement of Financial Position

30 April 2024

	2024	2023
Note	£	£

Fixed assets

Intangible assets	14	233,872	218,486
Tangible assets	15	1,686,687	1,783,502
Investments:	16
Investments in associates		1	1
		------------	------------
		1,920,560	2,001,989

Current assets

Stocks	17	216,216	177,479
Debtors	18	15,925,008	13,010,957
Cash at bank and in hand		362,665	1,104,975
		--------------	--------------
		16,503,889	14,293,411

Creditors: amounts falling due within one year	19	16,494,767		14,195,360
		--------------		--------------
Net current assets			9,122		98,051
			------------		------------
Total assets less current liabilities			1,929,682		2,100,040

Creditors: amounts falling due after more than one year	20		2,439,102		2,446,152

Provisions

Taxation including deferred tax	22	( 249,863)	( 276,968)
		------------	------------
Net liabilities		( 259,557)	( 69,144)
		------------	------------

Capital and reserves

Called up share capital	25	200	200
Revaluation reserve	26	544,120	544,120
Other reserves, including the fair value reserve	26	( 803,700)	( 648,506)
Profit and loss account	26	( 177)	35,042
		----------	----------
Shareholders deficit		( 259,557)	( 69,144)
		----------	----------

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

Reach Active Group Limited

Consolidated Statement of Financial Position (continued)

30 April 2024

These financial statements were approved by the board of directors and authorised for issue on 28 October 2025 , and are signed on behalf of the board by:

Mr S A Gallagher	Mr J T Gallagher
Director	Director

Company registration number: 05478191

Reach Active Group Limited

Company Statement of Financial Position

30 April 2024

	2024	2023
Note	£	£

Fixed assets

Investments	16		103		103

Current assets

Debtors	18	384,000	384,000
Cash at bank and in hand		97	97
		----------	----------
		384,097	384,097

Creditors: amounts falling due within one year	19	384,000		384,000
		----------		----------
Net current assets			97		97
			----		----
Total assets less current liabilities			200		200
			----		----

Capital and reserves

Called up share capital	25	200	200
		----	----
Shareholders funds		200	200
		----	----

The profit for the financial year of the parent company was £Nil (2023: £Nil).

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

These financial statements were approved by the board of directors and authorised for issue on 28 October 2025 , and are signed on behalf of the board by:

Mr S A Gallagher	Mr J T Gallagher
Director	Director

Company registration number: 05478191

Reach Active Group Limited

Consolidated Statement of Changes in Equity

Year ended 30th April 2024

		Called up share capital	Revaluation reserve	Other reserves, including the fair value reserve	Profit and loss account	Total
		£	£	£	£	£
At 1st November 2022 (as previously reported)		200	544,120	( 529,065)	( 1,297,257)	( 1,282,002)
Prior period adjustments		–	–	–	(134,097)	(134,097)
		----	----------	----------	------------	------------
At 1st November 2022 (restated)		200	544,120	( 529,065)	( 1,431,354)	( 1,416,099)
		----	----------	----------	------------	------------

Profit for the year					1,466,396	1,466,396
Other comprehensive income for the year:
	Foreign currency retranslation	–	–	( 119,441)	–	( 119,441)
		----	----------	----------	------------	------------
Total comprehensive income for the year		–	–	( 119,441)	1,466,396	1,346,955

At 30th April 2023 (as previously reported)		200	544,120	( 648,506)	35,042	( 69,144)
Prior period adjustments		–	–	–	(215,846)	(215,846)
		----	----------	----------	------------	------------
At 30th April 2023 (restated)		200	544,120	( 648,506)	(180,804)	(284,990)
		----	----------	----------	------------	------------

Profit for the year					180,627	180,627
Other comprehensive income for the year:
	Foreign currency retranslation	–	–	( 155,194)	–	( 155,194)
		----	----------	----------	------------	------------
Total comprehensive income for the year		–	–	( 155,194)	180,627	25,433

		----	----------	----------	------------	------------
At 30th April 2024		200	544,120	( 803,700)	( 177)	( 259,557)
		----	----------	----------	------------	------------

Reach Active Group Limited

Company Statement of Changes in Equity

Year ended 30th April 2024

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1st November 2022	200	–	200

Profit for the year		–	–

At 30th April 2023	200	–	200

Profit for the year		–	–

	----	----	----
At 30th April 2024	200	–	200
	----	----	----

Reach Active Group Limited

Consolidated Statement of Cash Flows

Year ended 30th April 2024

	2024	2023
	£	£

Cash flows from operating activities

Profit for the financial year	180,627	1,466,396

Adjustments for:
Depreciation of tangible assets	288,209	128,131
Interest payable and similar expenses	143,907	( 20,852)
Loss on disposal of tangible assets	–	1,250
Tax on profit	166,277	307,790
Accrued expenses	611,557	1,773,318

Changes in:
Stocks	( 38,737)	( 76,361)
Trade and other debtors	( 3,129,897)	( 3,100,736)
Trade and other creditors	1,649,778	764,813
	------------	------------
Cash generated from operations	( 128,279)	1,243,749

Interest paid	( 76,997)	20,852
Tax paid	( 40,951)	( 226,359)
	----------	------------
Net cash (used in)/from operating activities	( 246,227)	1,038,242
	----------	------------

Cash flows from investing activities

Purchase of tangible assets	( 191,394)	( 234,277)
Proceeds from sale of tangible assets	–	4,289
Purchase of intangible assets	( 15,386)	( 218,484)
(Gain)/loss on foreign exchange differences	( 155,194)	( 119,441)
	----------	------------
Net cash used in investing activities	( 361,974)	( 567,913)
	----------	------------

Cash flows from financing activities

Repayments of loans	( 47,816)	108,495
Payments of finance lease liabilities	( 71,060)	149,195
	----------	------------
Net cash (used in)/from financing activities	( 118,876)	257,690
	----------	------------

Net (decrease)/increase in cash and cash equivalents	( 727,077)	728,019
Cash and cash equivalents at beginning of year	1,104,975	376,956
Exchange losses on cash and cash equivalents	( 15,233)	–
	------------	------------
Cash and cash equivalents at end of year	362,665	1,104,975
	------------	------------

Reach Active Group Limited

Notes to the Financial Statements

Year ended 30th April 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Printing House, 66 Lower Road, Harrow, HA2 0DH, Middlesex. The business address of the company is 4 Centrus, Mead Lane, Hertford, Hertfordshire, SG13 7GX. The company's accounting reference date for the prior period was shortened to 30th April 2023 due to commercial and management reasons. The comparative figures are therefore not directly comparable.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on the going concern basis which assumes that the Group will continue in operation for the foreseeable future. The basis has been applied on the continuing support from the directors and it has been agreed that repayment will not be demanded whilst such action would adversely affect the company's operations. The Group made a profit of £25,433 during year ended 30 April 2024 and at that date it had net liabilities of £259,557. The Group has secured ongoing funding and the directors have prepared cashflows and forecasts demonstrating the Group can continue to meet its obligations. The financial statements do not include any adjustments that would be required if the company was unable to continue as a going concern.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Reach Active Group Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have had a significant effect on amounts recognised in the financial statements. Key Sources of estimation uncertainty Recognition of revenue is based on judgements made in respect of profitability of contracts in place. Such judgements are arrived at through the use of estimates in relation to work performed and variations in contract work.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the date of the statement of financial position. This is normally measured by the proportion contract costs incurred for work performed to date bear to the estimated contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable. Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract value, the expected loss is recognised as an expense immediately.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. The intangible assets in the financial statements have not been amortised as the asset is currently in the development stage.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	20% straight line / 25% reducing balance
Fixtures and fittings	-	5% / 12.5% / 20% straight line / 25% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	20% straight line / 25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Construction contracts

The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Exceptional items

	2024	2023
	£	£
Exceptional costs	338,035	–
	----------	----

After a review of the aged work in progress that still remains to be billed in the UK, it was agreed that it would be prudent to make a full provision and only recognise the benefit in the profit and loss account on receipt of cash payments from customers. Due to the significance of the provision, the amounts are included as being exceptional items.

5. Turnover

Turnover arises from:

		Period from
	Year to	1 Nov 22 to
	30 Apr 24	30 Apr 23
	£	£
Project and construction services	14,529,856	12,789,063
LV/MV/HV full turnkey electrical contractor	20,736,784	6,018,382
	--------------	--------------
	35,266,640	18,807,445
	--------------	--------------

The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

		Period from
	Year to	1 Nov 22 to
	30 Apr 24	30 Apr 23
	£	£
United Kingdom	22,518,089	11,666,024
Overseas	12,748,551	7,141,421
	--------------	--------------
	35,266,640	18,807,445
	--------------	--------------

6. Other operating income

		Period from
	Year to	1 Nov 22 to
	30 Apr 24	30 Apr 23
	£	£
Other operating income	104,747	24,493
	----------	--------

7. Operating profit

Operating profit or loss is stated after charging:

		Period from
	Year to	1 Nov 22 to
	30 Apr 24	30 Apr 23
	£	£
Depreciation of tangible assets	288,209	128,131
Loss on disposal of tangible assets	–	1,250
Impairment of trade debtors	–	41,172
	----------	----------

8. Auditor's remuneration

		Period from
	Year to	1 Nov 22 to
	30 Apr 24	30 Apr 23
	£	£
Fees payable for the audit of the financial statements	40,000	30,000
	--------	--------

Fees payable to the company's auditor and its associates for other services:

Other non-audit services	37,320	14,785
	--------	--------

9. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Production staff	128	100
Administrative staff	26	19
Management staff	4	4
	----	----
	158	123
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

		Period from
	Year to	1 Nov 22 to
	30 Apr 24	30 Apr 23
	£	£
Wages and salaries	7,697,243	3,029,580
Social security costs	882,772	337,745
Other pension costs	246,115	82,327
	------------	------------
	8,826,130	3,449,652
	------------	------------

10. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

		Period from
	Year to	1 Nov 22 to
	30 Apr 24	30 Apr 23
	£	£
Remuneration	320,624	173,356
Company contributions to defined contribution pension plans	37,150	2,850
	----------	----------
	357,774	176,206
	----------	----------

The number of directors who accrued benefits under company pension plans was as follows:

	2024	2023
	No.	No.
Defined contribution plans	2	2
	----	----

Remuneration of the highest paid director in respect of qualifying services:

		Period from
	Year to	1 Nov 22 to
	30 Apr 24	30 Apr 23
	£	£
Aggregate remuneration	160,312	85,253
Company contributions to defined contribution pension plans	20,800	–
	----------	--------
	181,112	85,253
	----------	--------

11. Interest payable and similar expenses

		Period from
	Year to	1 Nov 22 to
	30 Apr 24	30 Apr 23
	£	£
Interest on banks loans and overdrafts	13,318	6,661
Interest on obligations under finance leases and hire purchase contracts	14,582	8,028
Loss on financial instruments	66,910	( 43,396)
Other interest payable and similar charges	49,097	7,855
	----------	--------
	143,907	( 20,852)
	----------	--------

12. Tax on profit

Major components of tax income

			Period from
	Year to		1 Nov 22 to
	30 Apr 24		30 Apr 23
	£		£

Current tax:

UK current tax income	148,072	167,413
Adjustments in respect of prior periods	( 55)	–
	----------	----------
Total UK current tax	148,017	167,413

Foreign current tax income	2,213	–
	----------	----------
Total current tax	150,230	167,413
	----------	----------

Deferred tax:

Origination and reversal of timing differences	16,047	140,377
	----------	----------
Tax on profit	166,277	307,790
	----------	----------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 20 %).

		Period from
	Year to	1 Nov 22 to
	30 Apr 24	30 Apr 23
	£	£
Profit on ordinary activities before taxation	346,904	1,774,186
	----------	------------
Profit on ordinary activities by rate of tax	44,844	354,837
Adjustment to tax charge in respect of prior periods	( 55)	26,819
Effect of expenses not deductible for tax purposes	86,136	8,309
Effect of capital allowances and depreciation	22,766	3,596
Utilisation of tax losses	10,960	–
Marginal relief claim	( 14,421)	–
Deferred tax	16,047	140,377
Unused losses in foreign subsidiary	–	( 226,148)
	----------	------------
Tax on profit	166,277	307,790
	----------	------------

13. Prior period adjustment

During the current financial year, an error was identified relating to intergroup management charges in the year ended 31 October 2022 which amounted to £215,846. The opening reserves and intercompany debtors and accruals have been restated in the prior periods.

14. Intangible assets

Group	Patents, trademarks and licences
	£
Cost
At 1st May 2023	218,486
Additions from internal developments	15,386
	----------
At 30th April 2024	233,872
	----------
Amortisation
At 1st May 2023 and 30th April 2024	–
	----------
Carrying amount
At 30th April 2024	233,872
	----------
At 30th April 2023	218,486
	----------

The company has no intangible assets.

15. Tangible assets

Group	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 May 2023	1,000,000	2,903,453	174,169	552,829	340,916	4,971,367
Additions	–	186,575	–	–	4,819	191,394
	------------	------------	----------	----------	----------	------------
At 30 Apr 2024	1,000,000	3,090,028	174,169	552,829	345,735	5,162,761
	------------	------------	----------	----------	----------	------------
Depreciation
At 1 May 2023	–	2,350,723	94,077	482,015	261,050	3,187,865
Charge for the year	–	237,173	7,616	19,782	23,638	288,209
	------------	------------	----------	----------	----------	------------
At 30 Apr 2024	–	2,587,896	101,693	501,797	284,688	3,476,074
	------------	------------	----------	----------	----------	------------
Carrying amount
At 30 Apr 2024	1,000,000	502,132	72,476	51,032	61,047	1,686,687
	------------	------------	----------	----------	----------	------------
At 30 Apr 2023	1,000,000	552,730	80,092	70,814	79,866	1,783,502
	------------	------------	----------	----------	----------	------------

The company has no tangible assets.

The freehold investment property is included at a fair value of £1,000,000 and has a historical cost of £455,880. The property was valued on 9 August 2022 and this was carried out by an independent and professionally qualified valuer, Belleveue Mortlakes, who are experienced Chartered Surveyors. The valuation was undertaken in accordance with the RICS Valuation - Professional Standards. The directors are of the opinion that the fair value of the property of £1,000,000 is still appropriate.

Tangible assets held at valuation

In respect of tangible assets held at valuation, aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

Group	Freehold property
	£
At 30th April 2024
Aggregate cost	455,880
Aggregate depreciation	–
	----------
Carrying value	455,880
	----------

At 30th April 2023
Aggregate cost	–
Aggregate depreciation	–
	----
Carrying value	–
	----

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Group	Plant and machinery
	£
At 30th April 2024	244,379
	----------
At 30th April 2023	403,616
	----------

16. Investments

Group	Interests in associates
	£
Share of net assets/cost
At 1st May 2023 and 30th April 2024	1
	----
Impairment
At 1st May 2023 and 30th April 2024	–
	----

Carrying amount
At 1st May 2023 and 30th April 2024	1
	----
At 30th April 2023	1
	----

Company	Shares in group undertakings
	£
Cost
At 1st May 2023 and 30th April 2024	103
	----
Impairment
At 1st May 2023 and 30th April 2024	–
	----

Carrying amount
At 1st May 2023 and 30th April 2024	103
	----
At 30th April 2023	103
	----

The share of profit/loss from the joint venture is nil.

Subsidiaries, associates and other investments

Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:

	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
Reach Active Limited	Printing House, 66 Lower Road, Harrow, Middlesex, HA2 0DH	Ordinary	100
Energoinvest Reach Active (UK) Limited	Printing House, 66 Lower Road, Harrow, Middlesex, HA2 0DH	Ordinary	100
Reach Active Properties Limited	Printing House, 66 Lower Road, Harrow, Middlesex, HA2 0DH	Ordinary	100

Reach Active Infrastructure Limited	Printing House, 66 Lower Road, Harrow, Middlesex, HA2 0DH	Ordinary	100
Reach Active (Ireland) Limited	5th Floor Beaux Lane House, Mercer Street Lower, Dublin 2	Ordinary	100
Reach Active Construction Limited	5th Floor Beaux Lane House, Mercer Street Lower, Dublin 2	Ordinary	100
Energoinvest Reach Active Limited	5th Floor Beaux Lane House, Mercer Street Lower, Dublin 2	Ordinary	100

Other significant holdings
Centrus Management Company Limited	2 Centrus Mead Lane, Hertford, SG13 7GX	Ordinary	25

Investments in associates and joint ventures

The investment relates to Centrus Management Company Limited which was incorporated in England and Wales and is an associate of Reach Active Group Limited . The associate is the property management company for the property owned by the group and 25% of the share capital is owned by Reach Active Group Limited . The share capital and reserves in this associate at the year end was £4. We have not applied the equity method as the accounts of the associate are not considered to be material to the group at this stage.

17. Stocks

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Raw materials and consumables	216,216	177,479	–	–
	----------	----------	----	----

18. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade debtors	13,714,447	11,424,540	–	–
Amounts owed by group undertakings	–	–	384,000	384,000
Prepayments and accrued income	175,564	263,279	–	–
Other debtors	2,034,997	1,323,138	–	–
	--------------	--------------	----------	----------
	15,925,008	13,010,957	384,000	384,000
	--------------	--------------	----------	----------

The debtors above include the following amounts falling due after more than one year:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Amounts owed by group undertakings	4,335,201	–	–	–
Amounts owed by customers on construction contracts	866,209	435,790	–	–
	------------	----------	----	----
	5,201,410	435,790	–	–
	------------	----------	----	----

Of the trade debtors, £10,370,903 (2023 - £10,479,754) is attributable to amounts recoverable under construction contracts. Amounts owed by customers on construction contracts after one year has been recognised at the present value of future payments discounted at a market rate of interest for a similar debt.

19. Creditors: amounts falling due within one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Bank loans and overdrafts	28,156	25,680	–	–
Trade creditors	3,076,600	3,970,905	–	–
Amounts owed to group undertakings	–	–	384,000	384,000
Accruals and deferred income	8,902,519	8,290,962	–	–
Corporation tax	316,901	210,057	–	–
Social security and other taxes	2,545,934	544,930	–	–
Obligations under finance leases and hire purchase contracts	66,685	64,668	–	–
Director loan accounts	128,087	158,087	–	–
Other creditors	1,429,885	930,071	–	–
	--------------	--------------	----------	----------
	16,494,767	14,195,360	384,000	384,000
	--------------	--------------	----------	----------

There is an intercompany guarantee between Reach Active Properties Limited, Reach Active Limited, Energoinvest Reach Active Limited, Energoinvest Reach Active (UK) Limited and Reach Active Group Limited in favour of HSBC Bank Plc. There is a fixed and floating charge secured over all the assets of the company in favour of HSBC Bank Plc in respect of the bank loans and overdrafts of £28,156 (2023 - £25,680).

20. Creditors: amounts falling due after more than one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Bank loans and overdrafts	91,470	111,762	–	–
Obligations under finance leases and hire purchase contracts	173,125	246,202	–	–
Other creditors	2,174,507	2,088,188	–	–
	------------	------------	----	----
	2,439,102	2,446,152	–	–
	------------	------------	----	----

There is an intercompany guarantee between Reach Active Properties Limited, Reach Active Limited, Energoinvest Reach Active Limited, Energoinvest Reach Active (UK) Limited and Reach Active Group Limited in favour of HSBC Bank Plc. There is a fixed and floating charge secured over all the assets of the company in favour of HSBC Bank Plc in respect of the bank loans and overdrafts of £91,470 (2023 - £111,762)

21. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Not later than 1 year	66,685	64,668	–	–
Later than 1 year and not later than 5 years	173,125	246,202	–	–
	----------	----------	----	----
	239,810	310,870	–	–
	----------	----------	----	----

22. Provisions

Group	Deferred tax (note 23)
	£
At 1st May 2023	( 276,968)
Additions	46,881
Charge against provision	( 19,776)
	----------
At 30th April 2024	( 249,863)
	----------

The company does not have any provisions.

23. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Included in provisions (note 22)	( 249,863)	( 276,968)	–	–
	----------	----------	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Accelerated capital allowances	( 385,893)	( 401,259)	–	–
Fair value adjustment of investment property	136,030	124,291	–	–
	----------	----------	----	----
	(249,863)	(276,968)	–	–
	----------	----------	----	----

24. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 246,115 (2023: £ 82,327 ).

25. Called up share capital

Authorised share capital

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	200	200	200	200
	----	----	----	----

26. Reserves

Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses. Included within retained earnings at the end of the year is £408,090 (2023 - £419,829) of profit which is not distributable as it is unrealised. This represents the revaluation surplus on the investment property of £544,120 less deferred tax at 25%. Foreign exchange translation reserve - This reserve records the foreign exchange differences on retranslation of the net assets of foreign subsidiaries.

27. Analysis of changes in net debt

	At 1 May 2023	Cash flows	At 30 Apr 2024
	£	£	£
Cash at bank and in hand	1,104,975	(742,310)	362,665
Debt due within one year	(248,435)	25,507	(222,928)
Debt due after one year	(357,964)	93,369	(264,595)
	------------	----------	----------
	498,576	( 623,434)	( 124,858)
	------------	----------	----------

28. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Not later than 1 year	140,000	140,000	–	–
Later than 1 year and not later than 5 years	70,000	140,000	–	–
	----------	----------	----	----
	210,000	280,000	–	–
	----------	----------	----	----

Included within administrative expenses is £187,500 (2023 - £138,750) paid in respect of operating leases.

Reach Active Group Limited

Notes to the Financial Statements (continued)

Year ended 30th April 2024

29. Related party transactions

Group

During the year the group entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2024	2023	2024	2023
	£	£	£	£
Other related parties	–	600	–	–
	----	----	----	----

The balances owed to the group are in respect of short term interest free loans under normal commercial terms.

Company

Throughout the current and previous year Mr S A Gallagher and Mr J T Gallagher were directors in the group and together are the controlling shareholders. Reach Active Group Limited prepares consolidated accounts therefore the parent company has taken advantage of the exemption within paragraph 33.1A of FRS 102 which eliminates the requirement to report related party balances.