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Registration number: 06046631

Richard Brown Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Richard Brown Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Richard Brown Ltd

Company Information

Directors

Mrs J Brown

Mr RS Brown

Registered office

3 St James Road
Harpenden
Hertfordshire
AL5 4NX

Accountants

C W W Ltd
149-151 Mortimer Street
Herne Bay
Kent
CT6 5HA

 

Richard Brown Ltd

(Registration number: 06046631)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

41,696

14,052

Current assets

 

Stocks

5

-

2,784

Debtors

6

18,882

1,865

Cash at bank and in hand

 

6,293

2,782

 

25,175

7,431

Creditors: Amounts falling due within one year

7

(18,767)

(19,031)

Net current assets/(liabilities)

 

6,408

(11,600)

Total assets less current liabilities

 

48,104

2,452

Creditors: Amounts falling due after more than one year

7

(24,438)

-

Net assets

 

23,666

2,452

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

23,664

2,450

Shareholders' funds

 

23,666

2,452

For the financial year ending 31 March 2022 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 Board on 17 August 2022 and signed on its behalf by:
 

 

Richard Brown Ltd

(Registration number: 06046631)
Balance Sheet as at 31 March 2022

.........................................
Mrs J Brown
Director

.........................................
Mr RS Brown
Director

 

Richard Brown Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
3 St James Road
Harpenden
Hertfordshire
AL5 4NX

These financial statements were authorised for issue by the Board on 17 August 2022.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Richard Brown Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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

Plant & machinery

25% RB

Fixture & fittings

25% RB

Motor vehicles

25% RB

Computer equipment

25% RB

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Richard Brown Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

 

Richard Brown Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 April 2021

218

68,640

14,888

-

Additions

-

3,793

1,890

35,860

At 31 March 2022

218

72,433

16,778

35,860

Depreciation

At 1 April 2021

190

58,295

11,209

-

Charge for the year

7

3,535

1,392

8,965

At 31 March 2022

197

61,830

12,601

8,965

Carrying amount

At 31 March 2022

21

10,603

4,177

26,895

At 31 March 2021

28

10,345

3,679

-

Total
£

Cost or valuation

At 1 April 2021

83,746

Additions

41,543

At 31 March 2022

125,289

Depreciation

At 1 April 2021

69,694

Charge for the year

13,899

At 31 March 2022

83,593

Carrying amount

At 31 March 2022

41,696

At 31 March 2021

14,052

5

Stocks

2022
£

2021
£

Work in progress

-

2,784

 

Richard Brown Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

6

Debtors

Current

2022
£

2021
£

Trade debtors

17,949

1,415

Prepayments

933

450

 

18,882

1,865

 

Richard Brown Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

4,365

-

Trade creditors

 

8,527

30

Taxation and social security

 

3,693

9,307

Accruals and deferred income

 

360

600

Other creditors

 

1,822

9,094

 

18,767

19,031

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

24,438

-

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

9

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Hire purchase contracts

24,438

-

2022
£

2021
£

Current loans and borrowings

Hire purchase contracts

4,365

-

 

Richard Brown Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

10

Dividends

   

2022

 

2021

   

£

 

£

Interim dividend of £33,700.00 (2021 - £8,500.00) per ordinary share

 

33,700

 

8,500

         

11

Related party transactions

 

Richard Brown Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Directors' remuneration

The directors' remuneration for the year was as follows:

2022
£

2021
£

Remuneration

21,408

21,408