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Registration number: 06013685

Russell-Price Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2021

 

Russell-Price Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Russell-Price Limited

Company Information

Director

Mrs Mary Russell

Registered office

The Mill Pury Hill Business Park
Alderton Road
Towcester
Northants
NN12 7LS

Accountants

KRW Accountants Ltd
Chartered Accountants & Tax Advisers
The Mill
Pury Hill Business Park
Alderton Road
Towcester
NN12 7LS

 

Russell-Price Limited

(Registration number: 06013685)
Balance Sheet as at 30 November 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

301

401

Current assets

 

Debtors

5

405

-

Cash at bank and in hand

 

211

409

 

616

409

Creditors: Amounts falling due within one year

6

(28,015)

(18,164)

Net current liabilities

 

(27,399)

(17,755)

Net liabilities

 

(27,098)

(17,354)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(27,099)

(17,355)

Shareholders' deficit

 

(27,098)

(17,354)

For the financial year ending 30 November 2021 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 accounts for the year in question in accordance with section 476; and

The director acknowledges her 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.

Approved and authorised by the director on 10 August 2022
 

.........................................
Mrs Mary Russell
Director

 

Russell-Price Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
The Mill Pury Hill Business Park
Alderton Road
Towcester
Northants
NN12 7LS
United Kingdom

The principal place of business is:
Pennyfarthing
New Inn Lane
Gawcott
Buckingham
MK18 4HP

These financial statements were authorised for issue by the director on 10 August 2022.

The company registration number is 06013685

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 sales/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.

 

Russell-Price Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. The company subsequently considers the recoverable value of the trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2020 - 1).

 

Russell-Price Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 December 2020

2,840

2,840

At 30 November 2021

2,840

2,840

Depreciation

At 1 December 2020

2,439

2,439

Charge for the year

100

100

At 30 November 2021

2,539

2,539

Carrying amount

At 30 November 2021

301

301

At 30 November 2020

401

401

5

Debtors

Current

2021
£

2020
£

Trade debtors

405

-

6

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Taxation and social security

32

35

Accruals and deferred income

300

300

Other creditors

27,683

17,829

28,015

18,164

 

Russell-Price Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

7

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1