Rea Distribution Limited - Accounts to registrar (filleted) - small 23.1.2
Rea Distribution Limited - Accounts to registrar (filleted) - small 23.1.2
| REGISTERED NUMBER: |
| Rea Distribution Limited |
| Unaudited Financial Statements for the Year Ended 31st August 2022 |
| Rea Distribution Limited (Registered number: NI015148) |
| Contents of the Financial Statements |
| for the year ended 31st August 2022 |
| Page |
| Balance sheet | 1 |
| Notes to the financial statements | 2 |
| Rea Distribution Limited (Registered number: NI015148) |
| Balance Sheet |
| 31st August 2022 |
| 2022 | 2021 |
| Notes | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Current assets |
| Debtors | 5 |
| Prepayments and accrued income |
| Cash at bank and in hand | 6 |
| Creditors |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| Net current assets |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| Provisions for liabilities | 12 | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital | 13 |
| Retained earnings |
| Shareholders' funds |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Rea Distribution Limited (Registered number: NI015148) |
| Notes to the Financial Statements |
| for the year ended 31st August 2022 |
| 1. | Statutory information |
| Rea Distribution Limited is a |
| Registered number: |
| Registered office: |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Rea Distribution Limited (Registered number: NI015148) |
| Notes to the Financial Statements - continued |
| for the year ended 31st August 2022 |
| 2. | Accounting policies - continued |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS102 to all of its financial instruments. |
| Financial instruments are recognised in the company's balance sheet 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 legal 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 |
| Basic financial assets, which include debtors, 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 unless arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
| Classification of financial liabilities |
| 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 |
| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 classified as payable within one year are not amortised. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| Rea Distribution Limited (Registered number: NI015148) |
| Notes to the Financial Statements - continued |
| for the year ended 31st August 2022 |
| 2. | Accounting policies - continued |
| Cash and cash equivalents |
| Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. |
| Trade debtors |
| Trade debtors are amounts due from customers for merchandise sold or services performed in the |
| ordinary course of business. |
| Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. |
| Trade creditors |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. |
| Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. |
| Borrowings |
| Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. |
| Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. |
| Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| 4. | Tangible fixed assets |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| Cost |
| At 1st September 2021 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31st August 2022 |
| Depreciation |
| At 1st September 2021 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31st August 2022 |
| Net book value |
| At 31st August 2022 |
| At 31st August 2021 |
| Rea Distribution Limited (Registered number: NI015148) |
| Notes to the Financial Statements - continued |
| for the year ended 31st August 2022 |
| 5. | Debtors: amounts falling due within one year |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Prepayments |
| 6. | Cash at bank and in hand |
| 2022 | 2021 |
| £ | £ |
| Bank account no. 1 | 33,501 | 51,203 |
| Bank account no. 2 | 5,593 | 10,592 |
| Cash in hand |
| 7. | Creditors: amounts falling due within one year |
| 2022 | 2021 |
| £ | £ |
| Other loans (see note 9) |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Corporation tax | ( |
) |
| Social security and other taxes |
| Pensions payable | 2,501 | 4,648 |
| VAT | 26,659 | 27,741 |
| Other creditors |
| Directors' current accounts | 989 | 10,557 |
| Accruals and deferred income |
| 8. | Creditors: amounts falling due after more than one year |
| 2022 | 2021 |
| £ | £ |
| Other loans (see note 9) |
| Hire purchase contracts (see note 10) |
| 9. | Loans |
| An analysis of the maturity of loans is given below: |
| 2022 | 2021 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Other loans |
| Amounts falling due between two and five years: |
| Other loans - 2-5 years |
| Rea Distribution Limited (Registered number: NI015148) |
| Notes to the Financial Statements - continued |
| for the year ended 31st August 2022 |
| 10. | Leasing agreements |
| Minimum lease payments under hire purchase fall due as follows: |
| 2022 | 2021 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| 11. | Secured debts |
| The following secured debts are included within creditors: |
| 2022 | 2021 |
| £ | £ |
| Hire purchase contracts | 514,723 | 377,847 |
| Danske Bank hold a fixed a floating charge over all the property or undertaking of the company. |
| The bank overdraft is secured by way of a personal guarantee from the directors. |
| The liabilities due for hire purchase contracts are secured on the assets on which the hire purchase agreements were taken out for. |
| 12. | Provisions for liabilities |
| 2022 | 2021 |
| £ | £ |
| Deferred tax | 15,602 | - |
| Deferred |
| tax |
| £ |
| Charge to Income statement during year |
| Balance at 31st August 2022 |
| 13. | Called up share capital |
| Allotted and issued: |
| Number: | Class: | Nominal | 2022 | 2021 |
| value: | £ | £ |
| Share capital 1 | £1 | 100 | 100 |