IRIS Accounts Production v25.4.0.155 09056450 Board of Directors 1.5.24 30.4.25 30.4.25 7.1.26 true false true false false true false Auditors Opinion iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 09056450 2024-04-30 09056450 2025-04-30 09056450 2024-05-01 2025-04-30 09056450 2023-04-30 09056450 2023-05-01 2024-04-30 09056450 2024-04-30 09056450 ns15:EnglandWales 2024-05-01 2025-04-30 09056450 ns14:PoundSterling 2024-05-01 2025-04-30 09056450 ns10:Director1 2024-05-01 2025-04-30 09056450 ns10:PrivateLimitedCompanyLtd 2024-05-01 2025-04-30 09056450 ns10:SmallEntities 2024-05-01 2025-04-30 09056450 ns10:Audited 2024-05-01 2025-04-30 09056450 ns10:SmallCompaniesRegimeForDirectorsReport 2024-05-01 2025-04-30 09056450 ns10:SmallCompaniesRegimeForAccounts 2024-05-01 2025-04-30 09056450 ns10:FullAccounts 2024-05-01 2025-04-30 09056450 ns5:CurrentFinancialInstruments 2025-04-30 09056450 ns5:CurrentFinancialInstruments 2024-04-30 09056450 ns5:ShareCapital 2025-04-30 09056450 ns5:ShareCapital 2024-04-30 09056450 ns5:RetainedEarningsAccumulatedLosses 2025-04-30 09056450 ns5:RetainedEarningsAccumulatedLosses 2024-04-30 09056450 1 2024-05-01 2025-04-30 09056450 ns5:FurnitureFittings 2024-05-01 2025-04-30 09056450 ns5:ComputerEquipment 2024-05-01 2025-04-30 09056450 ns5:FurnitureFittings 2024-04-30 09056450 ns5:ComputerEquipment 2024-04-30 09056450 ns5:FurnitureFittings 2025-04-30 09056450 ns5:ComputerEquipment 2025-04-30 09056450 ns5:FurnitureFittings 2024-04-30 09056450 ns5:ComputerEquipment 2024-04-30 09056450 ns5:CostValuation 2024-04-30 09056450 ns5:AdditionsToInvestments 2025-04-30 09056450 ns5:DisposalsRepaymentsInvestments 2025-04-30 09056450 ns5:CostValuation 2025-04-30 09056450 ns5:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments 2025-04-30 09056450 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-04-30 09056450 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-04-30

REGISTERED NUMBER: 09056450 (England and Wales)

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30 APRIL 2025 |

| FOR |

| REACH COMMERCIAL FINANCE LIMITED |

REACH COMMERCIAL FINANCE LIMITED (REGISTERED NUMBER: 09056450)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Page |

Balance Sheet | 1 |

Notes to the Financial Statements | 2 |

REACH COMMERCIAL FINANCE LIMITED (REGISTERED NUMBER: 09056450)

BALANCE SHEET

30 APRIL 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 3,988 |  | 1,695 |  |

Investments | 5 | 16,046 |  | - |  |

20,034 |  | 1,695 |  |

CURRENT ASSETS

Debtors | 6 | 99,865 |  | 403,078 |  |

Cash at bank | 213,164 |  | 97,515 |  |

313,029 |  | 500,593 |  |

CREDITORS

Amounts falling due within one year | 7 | (225,651 | ) | (128,069 | ) |

NET CURRENT ASSETS | 87,378 |  | 372,524 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 107,412 |  | 374,219 |  |

CAPITAL AND RESERVES

Called up share capital | 10 |  | 10 |  |

Retained earnings | 107,402 |  | 374,209 |  |

SHAREHOLDERS' FUNDS | 107,412 |  | 374,219 |  |

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 January 2026 and were signed on its behalf by:

D J Booth - Director

REACH COMMERCIAL FINANCE LIMITED (REGISTERED NUMBER: 09056450)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

1. | STATUTORY INFORMATION

| Reach Commercial Finance Limited is a private company limited by shares, incorporated in England and Wales. The company's registered number is 09056450 and its registered office is Riverside House, Irwell Street, Manchester, M3 5EN.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The financial statements have been prepared on a going concern basis, the functional and presentation currency is £ sterling.

| Preparation of consolidated financial statements

| The financial statements contain information about Reach Commercial Finance Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its ultimate parent, Project Hallelujah Bidco Limited, a company registered in England.

| Critical accounting judgements and key sources of estimation uncertainty

| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

| The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

| Trade debtors recoverability

| Amounts recoverable on trade debtors are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. The directors make estimates as to the recoverability of these debts and provide for them accordingly.

| Turnover

| Turnover represents commission and other income receivable which is recognised as the related services are provided.

REACH COMMERCIAL FINANCE LIMITED (REGISTERED NUMBER: 09056450)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Fixtures and fittings | - | 15% on reducing balance

| Computer equipment | - | 33% on cost

| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

| At each balance sheet date, the company reviews the carrying amounts of its computer equipment to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

| If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

| Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

| Financial instruments

| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

| Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Basic financial assets, which include trade debtors, amounts owed by group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

| 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.

| Basic financial liabilities, including trade creditors, other creditors, and amounts owed to group undertakings, that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

| Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

REACH COMMERCIAL FINANCE LIMITED (REGISTERED NUMBER: 09056450)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| 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.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Fixed asset investments

| Fixed asset investments are stated at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

| A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

| Going concern

| At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continues to adopt the going concern basis of accounting in preparing the financial statements.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 11 (2024 - 9 ) .

REACH COMMERCIAL FINANCE LIMITED (REGISTERED NUMBER: 09056450)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

4. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 May 2024 | - |  | 11,526 |  | 11,526 |  |

| Additions | 6,791 |  | 1,955 |  | 8,746 |  |

| Disposals | - |  | (4,974 | ) | (4,974 | ) |

| At 30 April 2025 | 6,791 |  | 8,507 |  | 15,298 |  |

| DEPRECIATION

| At 1 May 2024 | - |  | 9,831 |  | 9,831 |  |

| Charge for year | 4,816 |  | 1,184 |  | 6,000 |  |

| Eliminated on disposal | - |  | (4,521 | ) | (4,521 | ) |

| At 30 April 2025 | 4,816 |  | 6,494 |  | 11,310 |  |

| NET BOOK VALUE

| At 30 April 2025 | 1,975 |  | 2,013 |  | 3,988 |  |

| At 30 April 2024 | - |  | 1,695 |  | 1,695 |  |

5. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 May 2024 | 815,490 |  |

| Additions | 1,204,835 |  |

| Disposals | (1,188,789 | ) |

| At 30 April 2025 | 831,536 |  |

| PROVISIONS

| At 1 May 2024

| and 30 April 2025 | 815,490 |  |

| NET BOOK VALUE

| At 30 April 2025 | 16,046 |  |

| At 30 April 2024 | - |  |

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| The entire ordinary share capital of Pathstone Finance Limited.and the Investment in Newsource Comercial Finance Limited

REACH COMMERCIAL FINANCE LIMITED (REGISTERED NUMBER: 09056450)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 39,192 |  | 12,678 |  |

| Amounts owed by group undertakings | - |  | 318,218 |  |

| Other debtors | 673 |  | - |  |

| Prepayments and accrued income | 60,000 |  | 72,182 |  |

99,865 |  | 403,078 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade creditors | 1,015 |  | 18,454 |  |

| Amounts owed to group undertakings | 111,051 |  | 11,051 |  |

| Tax | 3,809 |  | 13,822 |  |

| Social security and other taxes | 52,886 |  | 44,042 |  |

| Other creditors | 673 |  | 7,114 |  |

| Accrued expenses | 56,217 |  | 33,586 |  |

225,651 |  | 128,069 |  |

8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Frederick Norman (Senior Statutory Auditor)

| for and on behalf of Harold Sharp Limited

9. | CONTINGENT LIABILITIES AND OTHER FINANCIAL COMMITMENTS

| The company has entered into a cross guarantee with Leonard Curtis UK, LCBSG Limited, Leonard Curtis Offshore Limited , Reach Commercial Finance Limited, Leonard Curtis Legal Limited, Leonard Curtis C.I. Limited, Newsource Commercial Finance Limited, Virtualnonexecs Limited, Leonard Curtis Funding Limited, Leonard Curtis Jersey Limited, Project Hallelujah Bidco Limited and LC Debt Solutions Limited in respect of bank borrowings. At 30 April 2025 an amount of £4,127,215 was owed by group companies to the bank (2024: £412,474).

| The company contributes to a defined contribution scheme for staff. During the year the company contributed £15,324 (2024: £23,164)

| Creditors include £nil (2024: £1,673) in respect of outstanding employer pension contributions at the year end.

10. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

REACH COMMERCIAL FINANCE LIMITED (REGISTERED NUMBER: 09056450)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

11. | ULTIMATE CONTROLLING PARTY

| The company's immediate parent company is Leonard Curtis Funding Limited, whose registered office is Riverside House, Irwell Street, Manchester, M3 5EN.

| On 19 August 2025 as a result of new equity investment, the ultimate parent company changed to Maximus Topco Limited whose registered office is Riverside House, Irwell Street, Manchester, M3 5EN.

| At the reporting date, the smallest and largest group of which Reach Commercial Finance Limited is a member and for which consolidated financial statements are prepared is Project Hallelujah Bidco Limited. Copies of the consolidated accounts can be obtained from Companies House, Cardiff.

| The directors are of the opinion that there is no ultimate controlling party of Project Hallelujah Bidco Limited.