3
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
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No description of principal activity
2019-06-01
Sage Accounts Production Advanced 2020 - FRS102_2019
76,172
440
76,612
71,942
934
72,876
3,736
4,230
xbrli:pure
xbrli:shares
iso4217:GBP
01115060
2019-06-01
2020-05-31
01115060
2020-05-31
01115060
2019-05-31
01115060
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01115060
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2020-05-31
COMPANY REGISTRATION NUMBER:
01115060
DAVID RICHARDS (PRINTERS & DISTRIBUTORS) LIMITED
|
|
FILLETED UNAUDITED FINANCIAL STATEMENTS
|
|
DAVID RICHARDS (PRINTERS & DISTRIBUTORS) LIMITED
|
|
YEAR ENDED 31st MAY 2020
Officers and professional advisers
|
1
|
|
|
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
|
2
|
|
|
Statement of financial position
|
3
|
|
|
Notes to the financial statements
|
5
|
|
|
DAVID RICHARDS (PRINTERS & DISTRIBUTORS) LIMITED
|
|
OFFICERS AND PROFESSIONAL ADVISERS
|
|
The board of directors
|
P R McCarthy
|
|
G Langley
|
|
|
Company secretary
|
G Langley
|
|
|
Registered office
|
475 Salisbury House
|
|
London Wall
|
|
London
|
|
EC2M 5QQ
|
|
|
Accountants
|
Colne Valley Business Services LLP t/a Cloke & Co
|
|
Chartered Certified Accountants
|
|
475 Salisbury House
|
|
London Wall
|
|
London
|
|
EC2M 5QQ
|
|
|
DAVID RICHARDS (PRINTERS & DISTRIBUTORS) LIMITED
|
|
CHARTERED CERTIFIED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF
DAVID RICHARDS (PRINTERS & DISTRIBUTORS) LIMITED
|
|
YEAR ENDED 31st MAY 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of David Richards (Printers & Distributors) Limited for the year ended 31st May 2020, which comprise the statement of financial position 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of David Richards (Printers & Distributors) Limited, as a body, in accordance with the terms of our engagement letter dated 28th June 2017. Our work has been undertaken solely to prepare for your approval the financial statements of David Richards (Printers & Distributors) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than David Richards (Printers & Distributors) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that David Richards (Printers & Distributors) 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 loss of David Richards (Printers & Distributors) Limited. You consider that David Richards (Printers & Distributors) 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 David Richards (Printers & Distributors) 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.
Colne Valley Business Services LLP t/a Cloke & Co
Chartered Certified Accountants
475 Salisbury House
London Wall
London
EC2M 5QQ
DAVID RICHARDS (PRINTERS & DISTRIBUTORS) LIMITED
|
|
STATEMENT OF FINANCIAL POSITION
|
|
31 May 2020
FIXED ASSETS
Tangible assets
|
5
|
|
3,736
|
4,230
|
|
|
|
|
|
CURRENT ASSETS
Debtors
|
6
|
8,414
|
|
85,820
|
Cash at bank and in hand
|
100
|
|
100
|
|
-------
|
|
--------
|
|
8,514
|
|
85,920
|
|
|
|
|
|
CREDITORS: amounts falling due within one year
|
7
|
62,209
|
|
90,665
|
|
--------
|
|
--------
|
NET CURRENT LIABILITIES
|
|
53,695
|
4,745
|
|
|
--------
|
-------
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
(
49,959)
|
(
515)
|
|
|
|
|
|
CREDITORS: amounts falling due after more than one year
|
8
|
|
19,000
|
26,770
|
|
|
--------
|
--------
|
NET LIABILITIES
|
|
(
68,959)
|
(
27,285)
|
|
|
--------
|
--------
|
|
|
|
|
|
CAPITAL AND RESERVES
Called up share capital
|
|
25,000
|
25,000
|
Profit and loss account
|
|
(
93,959)
|
(
52,285)
|
|
|
--------
|
--------
|
SHAREHOLDERS DEFICIT
|
|
(
68,959)
|
(
27,285)
|
|
|
--------
|
--------
|
|
|
|
|
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 income and retained earnings has not been delivered.
For the year ending 31st May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
DAVID RICHARDS (PRINTERS & DISTRIBUTORS) LIMITED
|
|
STATEMENT OF FINANCIAL POSITION (continued)
|
|
31 May 2020
These financial statements were approved by the
board of directors
and authorised for issue on
28 May 2021
, and are signed on behalf of the board by:
Company registration number:
01115060
DAVID RICHARDS (PRINTERS & DISTRIBUTORS) LIMITED
|
|
NOTES TO THE FINANCIAL STATEMENTS
|
|
YEAR ENDED 31st MAY 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 475 Salisbury House, London Wall, London, EC2M 5QQ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
Going concern These accounts have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. Although the company is currently making losses and has a significant excess of liabilities over assets, the directors are fully committed to the company and they are confident that their expanding portfolio and services will generate sufficient revenue to enable the company to continue trading for the foreseeable future. The company is currently very reliant on a small number of customers, and the loss of any one of these customers could potentially affect the ability of the company to continue as a going concern. Without these additional sources of revenue, the ability of the company to continue as a going concern is not certain. These accounts do not include any adjustment that would be necessary should the company not generate sufficient future revenues.
Revenue recognition
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
Fixtures & Fittings
|
-
|
20% reducing balance
|
|
|
|
|
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
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 entity after deducting all of its financial liabilities.
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 as a finance cost 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
3
(2019:
3
).
5.
Tangible assets
|
Fixtures and fittings
|
Total
|
|
£
|
£
|
Cost
|
|
|
At 1st June 2019
|
76,172
|
76,172
|
Additions
|
440
|
440
|
|
--------
|
--------
|
At 31st May 2020
|
76,612
|
76,612
|
|
--------
|
--------
|
Depreciation
|
|
|
At 1st June 2019
|
71,942
|
71,942
|
Charge for the year
|
934
|
934
|
|
--------
|
--------
|
At 31st May 2020
|
72,876
|
72,876
|
|
--------
|
--------
|
Carrying amount
|
|
|
At 31st May 2020
|
3,736
|
3,736
|
|
--------
|
--------
|
At 31st May 2019
|
4,230
|
4,230
|
|
--------
|
--------
|
|
|
|
6.
Debtors
|
2020
|
2019
|
|
£
|
£
|
Trade debtors
|
5,021
|
82,503
|
Other debtors
|
3,393
|
3,317
|
|
-------
|
--------
|
|
8,414
|
85,820
|
|
-------
|
--------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2020
|
2019
|
|
£
|
£
|
Bank loans and overdrafts
|
13,687
|
32
|
Trade creditors
|
13,193
|
35,233
|
Social security and other taxes
|
32,434
|
38,095
|
Pension
|
310
|
433
|
Other creditors
|
2,585
|
16,872
|
|
--------
|
--------
|
|
62,209
|
90,665
|
|
--------
|
--------
|
|
|
|
The bank overdraft facility is secured by a debenture with Barclays Bank plc.
8.
Creditors:
amounts falling due after more than one year
|
2020
|
2019
|
|
£
|
£
|
Trade creditors
|
19,000
|
26,770
|
|
--------
|
--------
|
|
|
|
9.
Related party transactions
The company was under the control of
P R McCarthy
, the director of the company, throughout the current and previous year.