Registration number:
trading as
for the Year Ended
Richards Cars Limited
trading as Andrew Richards Cars
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Richards Cars Limited
trading as Andrew Richards Cars
Company Information
Directors |
Mrs E C Richards Mr H D Richards Mr A N Richards |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Richards Cars Limited
trading as Andrew Richards Cars
for the Year Ended 31 May 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Richards Cars Limited for the year ended 31 May 2021 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Richards Cars Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Richards Cars Limited and state those matters that we have agreed to state to the Board of Directors of Richards Cars Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Richards Cars Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Richards Cars Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Richards Cars Limited. You consider that Richards Cars Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Richards Cars Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Silks Way
Braintree
Essex
CM7 3GB
Richards Cars Limited
trading as Andrew Richards Cars
(Registration number: 08464658)
Balance Sheet as at 31 May 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
126,694 |
75,245 |
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Shareholders' funds |
126,794 |
75,345 |
For the financial year ending 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Richards Cars Limited
trading as Andrew Richards Cars
(Registration number: 08464658)
Balance Sheet as at 31 May 2021
Approved and authorised by the
Director
Richards Cars Limited
trading as Andrew Richards Cars
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
These financial statements are presented in Sterling (£), which is the company's functional currency.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
Straight line over 3 years |
Office equipment |
Straight line over 3 years |
Motor vehicles |
25% reducing balance |
Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
Richards Cars Limited
trading as Andrew Richards Cars
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Straight line over 5 years |
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Share capital
Ordinary shares are classified as equity.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Richards Cars Limited
trading as Andrew Richards Cars
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 June 2020 |
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At 31 May 2021 |
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Amortisation |
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At 1 June 2020 |
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At 31 May 2021 |
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Carrying amount |
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At 31 May 2021 |
- |
- |
Tangible assets |
Office equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 June 2020 |
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Additions |
- |
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- |
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At 31 May 2021 |
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Depreciation |
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At 1 June 2020 |
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Charge for the year |
- |
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- |
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At 31 May 2021 |
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Carrying amount |
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At 31 May 2021 |
- |
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- |
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At 31 May 2020 |
- |
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- |
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Richards Cars Limited
trading as Andrew Richards Cars
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
Debtors |
2021 |
2020 |
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Trade debtors |
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Prepayments |
- |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowing |
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Trade creditors |
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Social security and other taxes |
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- |
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Directors loan |
261,092 |
237,092 |
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Other creditors |
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Corporation tax |
- |
7,046 |
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Accruals and deferred income |
2,000 |
1,700 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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100 |
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100 |