DEREK J READ LIMITED


Director	HALLETT, David


Registered Address	1 Park Gardens
	Yeovil
	BA20 1DW


Registered Number	01941898 (England and Wales)

Balance Sheet as at
31 March 2025

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	3		7,203		9,423
			7,203		9,423
Current assets
Stocks	4	36,580		30,470
Debtors		41,134		40,505
Cash at bank and on hand		12,617		35,651
		90,331		106,626
Creditors amounts falling due within one year	5	(40,263)		(46,076)
Net current assets (liabilities)			50,068		60,550
Total assets less current liabilities			57,271		69,973
Creditors amounts falling due after one year			(28,704)		(34,259)
Provisions for liabilities	6		(1,369)		(1,790)
Net assets			27,198		33,924
Capital and reserves
Called up share capital			8		8
Profit and loss account			27,190		33,916
Shareholders' funds			27,198		33,924

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Director on 27 December 2025, and are signed on its behalf by:

HALLETT, David
Director
Registered Company No. 01941898

DEREK J READ LIMITED

Notes to the Financial Statements
for the year ended 31 March 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Revenue from sale of goods
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue from sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Employee benefits
	Contributions to defined contribution plans are expensed in the period to which they relate.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


		Reducing balance (%)
	Land and buildings	15
	Fixtures and fittings	20
	Office Equipment	25

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	7		7

3.	Tangible fixed assets

	Land & buildings	Office Equipment	Total
	£	£	£
Cost or valuation
At 01 April 24	3,254	45,083	48,337
At 31 March 25	3,254	45,083	48,337
Depreciation and impairment
At 01 April 24	1,892	37,022	38,914
Charge for year	204	2,016	2,220
At 31 March 25	2,096	39,038	41,134
Net book value
At 31 March 25	1,158	6,045	7,203
At 31 March 24	1,362	8,061	9,423

4.	Stocks

	2025	2024
	£	£
Work in progress	36,580	30,470
Total	36,580	30,470

5.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	1,246	2,984
Amounts owed to related parties	13,091	12,611
Taxation and social security	24,680	25,705
Other creditors	1,246	1,275
Accrued liabilities and deferred income	-	3,501
Total	40,263	46,076


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

6.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	1,369	1,790
Total	1,369	1,790