Company registration number:
11183052
R D Richards Limited
Unaudited filleted financial statements
31 March 2023
R D Richards Limited
Contents
Statement of financial position
Notes to the financial statements
R D Richards Limited
Statement of financial position
31 March 2023
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2023 |
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2022 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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5 |
35,736 |
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44,677 |
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_______ |
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_______ |
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35,736 |
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44,677 |
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Current assets |
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Stocks |
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33,300 |
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24,279 |
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Debtors |
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6 |
266,204 |
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207,425 |
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Cash at bank and in hand |
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258,812 |
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222,817 |
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_______ |
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_______ |
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558,316 |
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454,521 |
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Creditors: amounts falling due |
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within one year |
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7 |
(
201,651) |
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(
162,382) |
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_______ |
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_______ |
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Net current assets |
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356,665 |
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292,139 |
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_______ |
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_______ |
Total assets less current liabilities |
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392,401 |
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336,816 |
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Creditors: amounts falling due |
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after more than one year |
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8 |
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(
22,576) |
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(
34,082) |
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Provisions for liabilities |
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(
8,934) |
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(
11,170) |
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_______ |
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_______ |
Net assets |
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360,891 |
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291,564 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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100 |
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100 |
Profit and loss account |
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360,791 |
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291,464 |
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_______ |
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_______ |
Shareholders funds |
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360,891 |
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291,564 |
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_______ |
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_______ |
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For the year ending 31 March 2023 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 Section 1A of 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
29 September 2023
, 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 2023
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, 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 in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland.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 |
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Fittings fixtures and equipment |
- |
25 % |
reducing balance |
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Motor vehicles |
- |
25 % |
reducing balance |
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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 period 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. 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
18
(2022:
16
).
5.
Tangible assets
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Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
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£ |
£ |
£ |
£ |
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Cost |
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At 1 April 2022 |
31,647 |
2,346 |
63,290 |
97,283 |
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Additions |
2,101 |
625 |
- |
2,726 |
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_______ |
_______ |
_______ |
_______ |
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At 31 March 2023 |
33,748 |
2,971 |
63,290 |
100,009 |
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_______ |
_______ |
_______ |
_______ |
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Depreciation |
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At 1 April 2022 |
15,210 |
735 |
36,662 |
52,607 |
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Charge for the year |
4,450 |
559 |
6,657 |
11,666 |
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_______ |
_______ |
_______ |
_______ |
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At 31 March 2023 |
19,660 |
1,294 |
43,319 |
64,273 |
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_______ |
_______ |
_______ |
_______ |
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Carrying amount |
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At 31 March 2023 |
14,088 |
1,677 |
19,971 |
35,736 |
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_______ |
_______ |
_______ |
_______ |
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At 31 March 2022 |
16,437 |
1,611 |
26,628 |
44,676
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_______ |
_______ |
_______ |
_______ |
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6.
Debtors
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2023 |
2022 |
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£ |
£ |
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Trade debtors |
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192,889 |
128,301 |
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Other debtors |
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73,315 |
79,124 |
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_______ |
_______ |
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266,204 |
207,425 |
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_______ |
_______ |
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7.
Creditors: amounts falling due within one year
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2023 |
2022 |
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£ |
£ |
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Bank loans and overdrafts |
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9,800 |
28,000 |
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Trade creditors |
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45,697 |
41,482 |
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Corporation tax |
|
34,318 |
20,966 |
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Social security and other taxes |
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55,037 |
47,468 |
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Other creditors |
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56,799 |
24,466 |
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_______ |
_______ |
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201,651 |
162,382 |
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_______ |
_______ |
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8.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
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Bank loans and overdrafts |
|
22,576 |
34,082 |
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_______ |
_______ |
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9.
Other financial commitments
At 31 March 2023 the company had annual commitments under non-cancellable operating leases of £
9,500
10.
Related party transactions
During the year the company entered into the following transactions with related parties:
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Transaction value |
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Balance owed by/(owed to) |
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2023 |
2022 |
2023 |
2022 |
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£ |
£ |
£ |
£ |
|
R.D.Richards Investments Limited |
- |
50,000 |
50,000 |
50,000 |
|
Shareholder |
(
16,916) |
6,428 |
(
10,488) |
6,428 |
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_______ |
_______ |
_______ |
_______ |
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In the year ended 31 March 2022 the company advanced some £50,000 to a company under common control in the year. The amount advanced is repayable on demand and interest free.