ACCOUNTS - Final Accounts preparation

REAP MAGAZINES LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-3142021-04-01falseNo description of principal activity4truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04062031 2021-04-01 2022-03-31 04062031 2020-04-01 2021-03-31 04062031 2022-03-31 04062031 2021-03-31 04062031 c:Director1 2021-04-01 2022-03-31 04062031 d:CurrentFinancialInstruments 2022-03-31 04062031 d:CurrentFinancialInstruments 2021-03-31 04062031 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 04062031 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 04062031 d:ShareCapital 2022-03-31 04062031 d:ShareCapital 2021-03-31 04062031 d:SharePremium 2022-03-31 04062031 d:SharePremium 2021-03-31 04062031 d:CapitalRedemptionReserve 2022-03-31 04062031 d:CapitalRedemptionReserve 2021-03-31 04062031 d:RetainedEarningsAccumulatedLosses 2022-03-31 04062031 d:RetainedEarningsAccumulatedLosses 2021-03-31 04062031 c:FRS102 2021-04-01 2022-03-31 04062031 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 04062031 c:FullAccounts 2021-04-01 2022-03-31 04062031 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 04062031 2 2021-04-01 2022-03-31 04062031 6 2021-04-01 2022-03-31 04062031 d:Associate1 2021-04-01 2022-03-31 04062031 d:Associate1 1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 04062031

REAP MAGAZINES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2022

REAP MAGAZINES LIMITED

REGISTERED NUMBER: 04062031

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2022

		2022		2021
		£		£

Fixed assets
Investments	4		2,500		2,500
			2,500		2,500
Current assets
Debtors: amounts falling due within one year	5	287,086		236,395
Cash at bank and in hand		139,000		155,861
		426,086		392,256
Creditors: amounts falling due within one year	6	(204,619)		(164,180)
Net current assets			221,467		228,076
Total assets less current liabilities			223,967		230,576

Net assets			223,967		230,576

Capital and reserves
Called up share capital	1,240	1,240
Share premium account	262,240	262,240
Capital redemption reserve	20	20
Profit and loss account	(39,533)	(32,924)
	223,967	230,576

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REAP MAGAZINES LIMITED

REGISTERED NUMBER: 04062031

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

T S Abrahmsohn

Director

Date: 19 December 2022

The notes on pages 3 to 6 form part of these financial statements.

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REAP MAGAZINES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

1.	General information

Reap Magazines Limited is a private company, limited by shares, incorporated in the United Kingdom and registered in England and Wales (registered number: 04062031). The company's registered office address is 64 New Cavendish Street, London, W1G 8TB.
The principal activity of the company continued to be that of magazine publishing.
The financial statements are presented in Sterling, which is the functional currency of the company.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

2.3

Going concern

In assessing the ability of the company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the company. Given that the company is in a net operating deficit position the directors have obtained assurances from its directors and shareholders to continue to provide adequate funds to meets its obligations, and not to demand repayment of any funds due to them, until the company is in a financial position to do so. As a result, the directors consider it appropriate to prepare the financial statements on a going concern basis.
The financial statements do not reflect any adjustments that would result from a withdrawal of financial support by the directors and shareholders.

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REAP MAGAZINES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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REAP MAGAZINES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

Employees

The average monthly number of employees, including directors, during the year was 4 (2021 - 4).

4.	Fixed asset investments

		Investments in associates
		£
	Cost or valuation
	At 1 April 2021	2,500
	At 31 March 2022	2,500

Associate
The following was an associate of the Company:
Name	Class of shares	Holding

Reap Magazines Online Limited

Ordinary

35%

Debtors

					2022	2021
					£	£


Trade debtors	83,053	42,324
Amounts owed by group undertakings	101,482	98,070
Other debtors	102,551	96,001
	287,086	236,395

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REAP MAGAZINES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

6.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	127,225	113,458
Other taxation and social security	54,555	46,062
Accruals and deferred income	22,839	4,660
	204,619	164,180

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