Company No: 04683064 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	1		1
Tangible assets	4	2,763		2,375
		2,764		2,376
Current assets
Stocks		24,348		38,748
Debtors	5	429,606		364,911
Cash at bank and in hand		56,530		38,405
		510,484		442,064
Creditors: amounts falling due within one year	6	( 150,452)		( 132,584)
Net current assets		360,032		309,480
Total assets less current liabilities		362,796		311,856
Provision for liabilities		( 700)		( 500)
Net assets		362,096		311,356
Capital and reserves
Called-up share capital	7	100		100
Profit and loss account		361,996		311,256
Total shareholder's funds		362,096		311,356

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of K L Reynolds Limited (registered number: 04683064) were approved and authorised for issue by the Board of Directors on 11 December 2025. They were signed on its behalf by:

R M T Beard Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

K L Reynolds Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill	20 years straight line
Other intangible assets	not amortised

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings	7 years straight line
Computer equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	6		8

3. Intangible assets

	Goodwill		Other intangible assets		Total
	£		£		£
Cost
At 01 April 2024	380,000		1		380,001
At 31 March 2025	380,000		1		380,001
Accumulated amortisation
At 01 April 2024	380,000		0		380,000
At 31 March 2025	380,000		0		380,000
Net book value
At 31 March 2025	0		1		1
At 31 March 2024	0		1		1

4. Tangible assets

	Fixtures and fittings		Computer equipment		Total
	£		£		£
Cost
At 01 April 2024	25,345		7,958		33,303
Additions	0		1,884		1,884
At 31 March 2025	25,345		9,842		35,187
Accumulated depreciation
At 01 April 2024	24,790		6,138		30,928
Charge for the financial year	299		1,197		1,496
At 31 March 2025	25,089		7,335		32,424
Net book value
At 31 March 2025	256		2,507		2,763
At 31 March 2024	555		1,820		2,375

5. Debtors

	2025		2024
	£		£
Trade debtors	74,993		69,347
Amounts owed by Group undertakings	338,830		281,687
Prepayments	5,216		4,662
VAT recoverable	10,218		9,030
Other debtors	349		185
	429,606		364,911

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	109,934		101,170
Accruals	14,190		13,450
Taxation and social security	25,655		16,680
Other creditors	673		1,284
	150,452		132,584

7. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

8. Financial commitments

Commitments

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

	2025		2024
	£		£
within one year	11,949		11,949
between one and five years	24,033		30,232
after five years	8,412		14,162
Total future minimum lease payments under non-cancellable operating leases	44,394		56,343

The total amount of financial commitments not included in the balance sheet is £44,394 (2024: £56,343). This relates to an operating lease on the business premises, and a finance lease on a business vehicle.

The total amount of guarantees not included in the balance sheet is £236,042 (2024: £298,632). The company is party to a cross guarantee structure with the Group's bankers by means of a charge over the assets of the Group companies. The guarantee is between Philip Beard Holdings Limited and K L Reynolds Limited.

9. Ultimate controlling party

Parent Company:

Philip Beard Holdings Limited

Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE