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REGISTERED NUMBER: 07162288 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Richard W Gegg & Sons Limited

Richard W Gegg & Sons Limited (Registered number: 07162288)






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


Richard W Gegg & Sons Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: R W Gegg
S R Gegg
Mrs L E Gegg
M J Gegg
Mrs P E Martin



REGISTERED OFFICE: c/o Baines & Co
46 Rolle Street
Exmouth
Devon
EX8 2SQ



REGISTERED NUMBER: 07162288 (England and Wales)



ACCOUNTANTS: Baines & Co
46 Rolle Street
Exmouth
Devon
EX8 2SQ



BANKERS: NatWest Bank plc
11 Rolle Street
Exmouth
Devon
EX8 1HJ

Richard W Gegg & Sons Limited (Registered number: 07162288)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 66,500 76,000
Tangible assets 5 108,679 40,732
175,179 116,732

CURRENT ASSETS
Stocks 4,000 2,200
Debtors 6 36,993 56,715
Cash at bank and in hand 203,074 66,027
244,067 124,942
CREDITORS
Amounts falling due within one year 7 153,249 119,631
NET CURRENT ASSETS 90,818 5,311
TOTAL ASSETS LESS CURRENT
LIABILITIES

265,997

122,043

CREDITORS
Amounts falling due after more than one
year

8

30,376

20,841
NET ASSETS 235,621 101,202

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 235,521 101,102
SHAREHOLDERS' FUNDS 235,621 101,202

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.

Richard W Gegg & Sons Limited (Registered number: 07162288)

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 27 September 2023 and were signed on its behalf by:





R W Gegg - Director


Richard W Gegg & Sons Limited (Registered number: 07162288)

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

1. STATUTORY INFORMATION

Richard W Gegg & Sons 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Improvements to property - 2% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 20% on cost

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

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.


Richard W Gegg & Sons Limited (Registered number: 07162288)

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

2. ACCOUNTING POLICIES - continued
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.

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 7 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 190,000
AMORTISATION
At 1 April 2022 114,000
Amortisation for year 9,500
At 31 March 2023 123,500
NET BOOK VALUE
At 31 March 2023 66,500
At 31 March 2022 76,000

Richard W Gegg & Sons Limited (Registered number: 07162288)

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

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2022 29,989 404,858 15,328 141,141 591,316
Additions - 41,994 976 47,914 90,884
Disposals - (134,950 ) - (38,784 ) (173,734 )
At 31 March 2023 29,989 311,902 16,304 150,271 508,466
DEPRECIATION
At 1 April 2022 7,191 404,858 12,905 125,630 550,584
Charge for year 600 (68,600 ) 634 (8,758 ) (76,124 )
Eliminated on disposal - (64,950 ) - (9,723 ) (74,673 )
At 31 March 2023 7,791 271,308 13,539 107,149 399,787
NET BOOK VALUE
At 31 March 2023 22,198 40,594 2,765 43,122 108,679
At 31 March 2022 22,798 - 2,423 15,511 40,732

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2022 134,950 103,897 238,847
Additions - 47,914 47,914
Disposals (134,950 ) (38,784 ) (173,734 )
At 31 March 2023 - 113,027 113,027
DEPRECIATION
At 1 April 2022 134,950 88,386 223,336
Charge for year (70,000 ) (8,758 ) (78,758 )
Eliminated on disposal (64,950 ) (9,723 ) (74,673 )
At 31 March 2023 - 69,905 69,905
NET BOOK VALUE
At 31 March 2023 - 43,122 43,122
At 31 March 2022 - 15,511 15,511

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 29,027 39,849
Directors' current accounts - 8,918
Prepayments 7,966 7,948
36,993 56,715

Richard W Gegg & Sons Limited (Registered number: 07162288)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts 6,576 10,286
Trade creditors 70,976 30,240
Tax 50,182 42,130
Social security and other taxes 11,444 6,761
Directors' current accounts 13,880 -
Accrued expenses 191 30,214
153,249 119,631

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts 30,376 20,841

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Hire purchase contracts 36,952 31,127

The hire purchase contracts are secured over the assets to which they relate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 Ordinary £1 100 100

11. RESERVES
Retained
earnings
£   

At 1 April 2022 101,102
Profit for the year 275,819
Dividends (141,400 )
At 31 March 2023 235,521

12. RELATED PARTY DISCLOSURES

Of the dividends voted, it was agreed that £27,600 of the £67,600 dividend due to RW Gegg be waived.
All other directors received their full dividend of £33,800 each.

Richard W Gegg & Sons Limited (Registered number: 07162288)

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

13. POST BALANCE SHEET EVENTS

There have been no events since the balance sheet date which will have a material effect on the financial statements ended on that date.

14. ULTIMATE CONTROLLING PARTY

The controlling party is R W Gegg.

The ultimate controlling party is R W Gegg.