Company Registration No. 10250719 (England and Wales)
RICHMOND GUEST HOUSE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
RICHMOND GUEST HOUSE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
RICHMOND GUEST HOUSE LIMITED
COMPANY INFORMATION
Directors
Mrs G Kaur
Mr S Singh
Mr I Singh
Company number
10250719
Registered office
3 Ombersley Street West
Droitwich
Worcestershire
WR9 8HZ
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
138 New Road
Rubery
Birmingham
B45 9JA
RICHMOND GUEST HOUSE LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF RICHMOND GUEST HOUSE LIMITED FOR THE YEAR ENDED 30 JUNE 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Richmond Guest House Limited for the year ended 30 June 2023 which comprise, the balance sheet and the related notes 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/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Richmond Guest House Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Richmond Guest House Limited and state those matters that we have agreed to state to the Board of Directors of Richmond Guest House 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 Richmond Guest House Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Richmond Guest House Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Richmond Guest House Limited. You consider that Richmond Guest House 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 financial statements of Richmond Guest House 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 financial statements.
Ormerod Rutter Limited
11 October 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
RICHMOND GUEST HOUSE LIMITED
BALANCE SHEET
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
3
23,400
31,200
Tangible assets
4
419,713
420,002
443,113
451,202
Current assets
Debtors
5
39
23,015
Cash at bank and in hand
14,973
7,143
15,012
30,158
Creditors: amounts falling due within one year
6
(295,814)
(351,979)
Net current liabilities
(280,802)
(321,821)
Total assets less current liabilities
162,311
129,381
Creditors: amounts falling due after more than one year
7
(22,285)
(29,627)
Provisions for liabilities
(1,484)
(1,539)
Net assets
138,542
98,215
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
138,442
98,115
Total equity
138,542
98,215
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
RICHMOND GUEST HOUSE LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 11 October 2023 and are signed on its behalf by:
Mr S Singh
Director
Company Registration No. 10250719
RICHMOND GUEST HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information
Richmond Guest House Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Ombersley Street West, Droitwich, Worcestershire, WR9 8HZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
Nil
Plant and machinery
20% on reducing balance
Fixtures and fittings
20% on reducing balance
Computer equipment
33% on cost
No depreciation is provided on freehold property. This treatment may be a departure from the requirements of Companies Act 2006 concerning depreciation of fixed assets, however, the company follows a program of regular refurbishment and maintenance of its properties, which includes the reinstatement of the fabric of the buildings where necessary in order to maintain them to a high standard. Accordingly, in the opinion of the directors, any element of depreciation would be immaterial and no provision has been made, as the residual value would be in excess of cost.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
RICHMOND GUEST HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2022 - 7).
RICHMOND GUEST HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
78,000
Amortisation and impairment
At 1 July 2022
46,800
Amortisation charged for the year
7,800
At 30 June 2023
54,600
Carrying amount
At 30 June 2023
23,400
At 30 June 2022
31,200
4
Tangible fixed assets
Freehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 July 2022
411,903
4,553
14,258
2,720
433,434
Additions
1,769
1,769
At 30 June 2023
411,903
4,553
16,027
2,720
435,203
Depreciation and impairment
At 1 July 2022
1,610
9,208
2,614
13,432
Depreciation charged in the year
589
1,363
106
2,058
At 30 June 2023
2,199
10,571
2,720
15,490
Carrying amount
At 30 June 2023
411,903
2,354
5,456
419,713
At 30 June 2022
411,903
2,943
5,050
106
420,002
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Plant and machinery
2,067
RICHMOND GUEST HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
39
23,015
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
7,708
9,876
Trade creditors
3,113
11,058
Taxation and social security
72,090
56,585
Other creditors
212,903
274,460
295,814
351,979
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,285
29,627
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
1,484
1,539
9
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Hire purchase contracts
-
1,447
Bank loans
29,993
39,503
29,993
40,950
Hire purchase contracts are secured against the assets to which they relate.
Bank loans are secured by way of a government-backed guarantee.
RICHMOND GUEST HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
25 Ordinary A of £1 each
25
25
50 Ordinary B of £1 each
50
50
25 Ordinary C of £1 each
25
25
100
100
11
Ultimate controlling party
There is no ultimate controlling party.
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