Branch Richards Limited 08863513 false 2022-02-01 2023-01-31 2023-01-31 The principal activity of the company is property development Digita Accounts Production Advanced 6.30.9574.0 true 08863513 2022-02-01 2023-01-31 08863513 2023-01-31 08863513 bus:OrdinaryShareClass1 2023-01-31 08863513 core:CurrentFinancialInstruments 2023-01-31 08863513 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 08863513 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 08863513 core:FurnitureFittingsToolsEquipment 2023-01-31 08863513 core:MotorVehicles 2023-01-31 08863513 core:OtherPropertyPlantEquipment 2023-01-31 08863513 bus:SmallEntities 2022-02-01 2023-01-31 08863513 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 08863513 bus:FullAccounts 2022-02-01 2023-01-31 08863513 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 08863513 bus:RegisteredOffice 2022-02-01 2023-01-31 08863513 bus:Director1 2022-02-01 2023-01-31 08863513 bus:Director2 2022-02-01 2023-01-31 08863513 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 08863513 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 08863513 bus:Agent1 2022-02-01 2023-01-31 08863513 core:FurnitureFittingsToolsEquipment 2022-02-01 2023-01-31 08863513 core:MotorVehicles 2022-02-01 2023-01-31 08863513 core:OfficeEquipment 2022-02-01 2023-01-31 08863513 core:OtherPropertyPlantEquipment 2022-02-01 2023-01-31 08863513 core:PlantMachinery 2022-02-01 2023-01-31 08863513 countries:EnglandWales 2022-02-01 2023-01-31 08863513 2022-01-31 08863513 core:FurnitureFittingsToolsEquipment 2022-01-31 08863513 core:MotorVehicles 2022-01-31 08863513 core:OtherPropertyPlantEquipment 2022-01-31 08863513 2021-02-01 2022-01-31 08863513 2022-01-31 08863513 bus:OrdinaryShareClass1 2022-01-31 08863513 core:CurrentFinancialInstruments 2022-01-31 08863513 core:CurrentFinancialInstruments core:WithinOneYear 2022-01-31 08863513 core:Non-currentFinancialInstruments core:AfterOneYear 2022-01-31 08863513 core:FurnitureFittingsToolsEquipment 2022-01-31 08863513 core:MotorVehicles 2022-01-31 08863513 core:OtherPropertyPlantEquipment 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08863513

Branch Richards Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

Branch Richards Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Branch Richards Limited

Company Information

Directors

Mr Graham Richards

Mr Robert Branch

Registered office

Woodbine Farm Bus Centre
Truro Business Park
Truro
Cornwall
TR3 6BW

Accountants

Martin Fisher & Co Ltd
Chartered Certified Accountants
Woodbine Farm Bus Centre
Truro Business Park
Truro
Cornwall
TR3 6BW

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Branch Richards Limited
for the Year Ended 31 January 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Branch Richards Limited for the year ended 31 January 2023 as set out on pages 3 to 9 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 https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Branch Richards Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Branch Richards Limited and state those matters that we have agreed to state to the Board of Directors of Branch Richards Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Branch Richards Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Branch Richards Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Branch Richards Limited. You consider that Branch Richards 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 accounts of Branch Richards 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 accounts.

......................................

Martin Fisher & Co Ltd
Chartered Certified Accountants
Woodbine Farm Bus Centre
Truro Business Park
Truro
Cornwall
TR3 6BW

17 October 2023

 

Branch Richards Limited

(Registration number: 08863513)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

30,003

40,005

Current assets

 

Stocks

5

360,995

105,000

Debtors

6

500,391

390,497

 

861,386

495,497

Creditors: Amounts falling due within one year

7

(671,210)

(304,217)

Net current assets

 

190,176

191,280

Total assets less current liabilities

 

220,179

231,285

Creditors: Amounts falling due after more than one year

7

(28,169)

(39,961)

Net assets

 

192,010

191,324

Capital and reserves

 

Called up share capital

8

4

4

Retained earnings

192,006

191,320

Shareholders' funds

 

192,010

191,324

For the financial year ending 31 January 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 October 2023 and signed on its behalf by:
 

 

Branch Richards Limited

(Registration number: 08863513)
Balance Sheet as at 31 January 2023

.........................................
Mr Graham Richards
Director

 

Branch Richards Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

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

The address of its registered office is:
Woodbine Farm Bus Centre
Truro Business Park
Truro
Cornwall
TR3 6BW

These financial statements were authorised for issue by the Board on 17 October 2023.

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.

 

Branch Richards Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

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

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Office equipment

25% reducing balance

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.

Borrowings

 

Branch Richards Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Branch Richards Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2022

1,001

45,723

40,293

87,017

At 31 January 2023

1,001

45,723

40,293

87,017

Depreciation

At 1 February 2022

494

26,963

19,555

47,012

Charge for the year

127

4,690

5,185

10,002

At 31 January 2023

621

31,653

24,740

57,014

Carrying amount

At 31 January 2023

380

14,070

15,553

30,003

At 31 January 2022

507

18,760

20,738

40,005

5

Stocks

2023
£

2022
£

Work in progress

360,995

105,000

6

Debtors

Current

2023
£

2022
£

Prepayments

500

500

Other debtors

499,891

389,997

7

Creditors

Creditors: amounts falling due within one year

 

Branch Richards Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

216,619

219,909

Director's loan account

63,376

27,915

Other creditors

 

391,215

56,393

 

671,210

304,217

Due after one year

 

Loans and borrowings

28,169

39,961

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

28,169

39,961

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

4

4

4

4