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REGISTERED NUMBER: 03736171 (England and Wales)












Financial Statements

for the Year Ended 31 March 2023

for

R.J. Rich & Son Limited

R.J. Rich & Son Limited (Registered number: 03736171)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


R.J. Rich & Son Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mrs PD Rich
Mr RJ Rich
Mr SJ Rich





SECRETARY: Mrs PD Rich





REGISTERED OFFICE: Stella Maris
Alston Lane, Alston
Longridge
Preston
Lancashire
PR3 3BN





REGISTERED NUMBER: 03736171 (England and Wales)





ACCOUNTANTS: Towers + Gornall Ltd
Chartered Certified Accountants
River View
96 High Street
Garstang
Preston
Lancashire
PR3 1WZ

R.J. Rich & Son Limited (Registered number: 03736171)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,281,804 2,416,245

CURRENT ASSETS
Stocks 105,000 48,000
Debtors 5 897,078 993,132
Cash at bank and in hand 991,659 903,894
1,993,737 1,945,026
CREDITORS
Amounts falling due within one year 6 1,025,819 966,715
NET CURRENT ASSETS 967,918 978,311
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,249,722

3,394,556

CREDITORS
Amounts falling due after more than one
year

7

(130,816

)

(54,131

)

PROVISIONS FOR LIABILITIES (524,871 ) (413,747 )
NET ASSETS 2,594,035 2,926,678

CAPITAL AND RESERVES
Called up share capital 100 100
Capital contribution to an EOT 9 (1,401,583 ) (728,083 )
Retained earnings 9 3,995,518 3,654,661
SHAREHOLDERS' FUNDS 2,594,035 2,926,678

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

R.J. Rich & Son Limited (Registered number: 03736171)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 October 2023 and were signed on its behalf by:




Mr SJ Rich - Director



Mrs PD Rich - Director


R.J. Rich & Son Limited (Registered number: 03736171)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. STATUTORY INFORMATION

R.J. Rich & Son Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 10% on cost
Plant and machinery etc - 20% on cost, 20% on reducing balance and 12% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

R.J. Rich & Son Limited (Registered number: 03736171)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2022 - 34 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Trailers
property machinery vehicles and tanks Totals
£    £    £    £    £   
COST
At 1 April 2022 83,715 91,160 2,455,983 2,002,610 4,633,468
Additions 10,462 9,954 304,485 - 324,901
Disposals - - (158,981 ) (22,235 ) (181,216 )
At 31 March 2023 94,177 101,114 2,601,487 1,980,375 4,777,153
DEPRECIATION
At 1 April 2022 10,798 66,952 1,313,599 825,874 2,217,223
Charge for year 9,633 7,900 273,406 139,971 430,910
Eliminated on disposal - - (140,876 ) (11,908 ) (152,784 )
At 31 March 2023 20,431 74,852 1,446,129 953,937 2,495,349
NET BOOK VALUE
At 31 March 2023 73,746 26,262 1,155,358 1,026,438 2,281,804
At 31 March 2022 72,917 24,208 1,142,384 1,176,736 2,416,245

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2022
and 31 March 2023 101,495
DEPRECIATION
At 1 April 2022
and 31 March 2023 1,692
NET BOOK VALUE
At 31 March 2023 99,803
At 31 March 2022 99,803

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 892,078 948,429
Other debtors 5,000 44,703
897,078 993,132

R.J. Rich & Son Limited (Registered number: 03736171)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 108,261 47,364
Trade creditors 532,701 602,798
Taxation and social security 265,866 179,293
Other creditors 118,991 137,260
1,025,819 966,715

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 130,816 54,131

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 239,077 101,495

9. RESERVES
Capital
Retained contribution
earnings to an EOT Totals
£    £    £   

At 1 April 2022 3,654,661 (728,083 ) 2,926,578
Profit for the year 340,857 340,857
Capital contribution - (673,500 ) (673,500 )
At 31 March 2023 3,995,518 (1,401,583 ) 2,593,935

10. OTHER FINANCIAL COMMITMENTS

The company has outstanding commitments in respect of operating leases as at 31 March 2023 of £239,077 (2022: £101,495)

11. RELATED PARTY DISCLOSURES

As at 31 March 2023 the company owed £332 to its directors (2022 £36,795) No Interest has been charged to the company in respect of this loan which is repayable on demand and is classified in creditors due within one year.

The ultimate controlling party is Rich Haulage Trustees Limited, an employee ownership trust. £673,500 was paid to the Trust in the current year. This is a total so far of £1,401,583 out of a total amount due of £4,271,250.