31/03/2020
2020-03-31
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No description of principal activities is disclosed
2019-04-01
Sage Accounts Production 19.0 - FRS102_2014
xbrli:pure
xbrli:shares
iso4217:GBP
11183052
2019-04-01
2020-03-31
11183052
2020-03-31
11183052
2019-03-31
11183052
2018-04-01
2019-03-31
11183052
2019-03-31
11183052
core:PlantMachinery
2019-04-01
2020-03-31
11183052
core:FurnitureFittingsToolsEquipment
2019-04-01
2020-03-31
11183052
core:MotorVehicles
2019-04-01
2020-03-31
11183052
bus:Director1
2019-04-01
2020-03-31
11183052
core:PlantMachinery
2019-03-31
11183052
core:FurnitureFittingsToolsEquipment
2019-03-31
11183052
core:MotorVehicles
2019-03-31
11183052
core:PlantMachinery
2020-03-31
11183052
core:FurnitureFittingsToolsEquipment
2020-03-31
11183052
core:MotorVehicles
2020-03-31
11183052
core:WithinOneYear
2020-03-31
11183052
core:WithinOneYear
2019-03-31
11183052
core:AfterOneYear
2020-03-31
11183052
core:AfterOneYear
2019-03-31
11183052
core:ShareCapital
2020-03-31
11183052
core:ShareCapital
2019-03-31
11183052
core:RetainedEarningsAccumulatedLosses
2020-03-31
11183052
core:RetainedEarningsAccumulatedLosses
2019-03-31
11183052
core:PlantMachinery
2019-03-31
11183052
core:FurnitureFittingsToolsEquipment
2019-03-31
11183052
core:MotorVehicles
2019-03-31
11183052
bus:SmallEntities
2019-04-01
2020-03-31
11183052
bus:AuditExempt-NoAccountantsReport
2019-04-01
2020-03-31
11183052
bus:FullAccounts
2019-04-01
2020-03-31
11183052
bus:SmallCompaniesRegimeForAccounts
2019-04-01
2020-03-31
11183052
bus:PrivateLimitedCompanyLtd
2019-04-01
2020-03-31
Company registration number:
11183052
R D Richards Limited
Unaudited filleted financial statements
31 March 2020
R D Richards Limited
Contents
Statement of financial position
Notes to the financial statements
R D Richards Limited
Statement of financial position
31 March 2020
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|
31/03/20
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|
31/03/19
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Note
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£
|
|
£
|
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£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
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|
|
Tangible assets
|
|
5
|
54,312
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|
|
|
36,027
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
54,312
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|
|
|
36,027
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Stocks
|
|
|
43,900
|
|
|
|
43,900
|
|
|
Debtors
|
|
6
|
107,699
|
|
|
|
145,779
|
|
|
Cash at bank and in hand
|
|
|
214,488
|
|
|
|
142,734
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
366,087
|
|
|
|
332,413
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
7
|
(
179,532)
|
|
|
|
(
175,258)
|
|
|
|
|
|
_______
|
|
|
|
_______
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|
|
Net current assets
|
|
|
|
|
186,555
|
|
|
|
157,155
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
240,867
|
|
|
|
193,182
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
after more than one year
|
|
8
|
|
|
(
27,778)
|
|
|
|
(
59,518)
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
(
10,319)
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|
|
|
(
6,845)
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
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|
|
|
_______
|
Net assets
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|
|
|
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202,770
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|
|
|
126,819
|
|
|
|
|
|
_______
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_______
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Capital and reserves
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Called up share capital
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|
|
100
|
|
|
|
100
|
Profit and loss account
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|
|
|
|
202,670
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|
|
|
126,719
|
|
|
|
|
|
_______
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_______
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Shareholders funds
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|
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202,770
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|
|
|
126,819
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|
|
|
|
|
_______
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_______
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For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
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;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
08 December 2020
, and are signed on behalf of the board by:
Mr Robert Dean Richards
Director
Company registration number:
11183052
R D Richards Limited
Notes to the financial statements
Year ended 31 March 2020
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 81 Lammas Street, Carmarthen, Carmarthenshire, SA31 3AY.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
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Plant and machinery
|
-
|
25 %
|
reducing balance
|
|
Fittings fixtures and equipment
|
-
|
25 %
|
reducing balance
|
|
Motor vehicles
|
-
|
25 %
|
reducing balance
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the year end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is expenses immediately, with a corresponding provision for an onerous contract being recognised. Where the collectability of an amount already recognised as contract revenue is no longer probable, the uncollectible amount is expensed rather than recognised as an adjustment to the amount of contract revenue. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
15
(2019:
17
).
5.
Tangible assets
|
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Plant and machinery
|
Fixtures, fittings and equipment
|
Motor vehicles
|
Total
|
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
|
Cost
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At 1 April 2019
|
6,202
|
500
|
38,490
|
45,192
|
|
|
|
|
Additions
|
16,460
|
125
|
14,700
|
31,285
|
|
|
|
|
Disposals
|
-
|
-
|
(
100)
|
(
100)
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
At 31 March 2020
|
22,662
|
625
|
53,090
|
76,377
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1 April 2019
|
1,422
|
125
|
7,618
|
9,165
|
|
|
|
|
Charge for the year
|
3,886
|
115
|
8,924
|
12,925
|
|
|
|
|
Disposals
|
-
|
-
|
(
25)
|
(
25)
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
At 31 March 2020
|
5,308
|
240
|
16,517
|
22,065
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 31 March 2020
|
17,354
|
385
|
36,573
|
54,312
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
At 31 March 2019
|
4,780
|
375
|
30,872
|
36,027
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
31/03/20
|
31/03/19
|
|
|
|
£
|
£
|
|
Trade debtors
|
|
66,125
|
119,718
|
|
Other debtors
|
|
41,574
|
26,061
|
|
|
|
_______
|
_______
|
|
|
|
107,699
|
145,779
|
|
|
|
_______
|
_______
|
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
31/03/20
|
31/03/19
|
|
|
|
£
|
£
|
|
Bank loans and overdrafts (Secured)
|
|
31,218
|
29,357
|
|
Trade creditors
|
|
53,819
|
49,172
|
|
Corporation tax
|
|
31,693
|
31,207
|
|
Social security and other taxes
|
|
29,578
|
34,234
|
|
Other creditors
|
|
33,224
|
31,288
|
|
|
|
_______
|
_______
|
|
|
|
179,532
|
175,258
|
|
|
|
_______
|
_______
|
|
|
|
|
|
8.
Creditors: amounts falling due after more than one year
|
|
|
31/03/20
|
31/03/19
|
|
|
|
£
|
£
|
|
Bank loans and overdrafts (Secured)
|
|
-
|
18,407
|
|
Other loan (Interest free)
|
|
27,778
|
41,111
|
|
|
|
_______
|
_______
|
|
|
|
27,778
|
59,518
|
|
|
|
_______
|
_______
|
|
|
|
|
|
9.
Other financial commitments
At 31 March 2020 the company had annual commitments under non-cancellable operating leases of £39,724
10.
Events after the end of the reporting period
On 29 July 2020 the company paid a dividend of £
20,000
to its shareholders.
11.
Going concern
The company's trade after the year end was affected by the Covid 19 pandemic. However with the support received from the furlough scheme, grant funds made available and a bounce back loan the directors do not consider there to be a going concern issue and indeed business has recovered to previous levels after the initial lockdown.