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Registration number: 08988411

R & R Wealth Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

R & R Wealth Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

R & R Wealth Limited

Company Information

Directors

Mrs R M J Shipley-Palmer

Miss R E M Shipley

Registered office

43 The Crescent
Henleaze
Bristol
BS9 4RP

Accountants

Newsham Hanson Accountants Limited
Accountants and Business Advisors
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

 

R & R Wealth Limited

(Registration number: 08988411)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

18,450

14,410

Current assets

 

Debtors

5

7,102

262

Cash at bank and in hand

 

14,170

23,097

 

21,272

23,359

Creditors: Amounts falling due within one year

6

(41,448)

(11,882)

Net current (liabilities)/assets

 

(20,176)

11,477

Total assets less current liabilities

 

(1,726)

25,887

Creditors: Amounts falling due after more than one year

6

(22,114)

(25,874)

Net (liabilities)/assets

 

(23,840)

13

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

(23,842)

11

Shareholders' (deficit)/funds

 

(23,840)

13

For the financial year ending 30 April 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 25 October 2023 and signed on its behalf by:
 

 

R & R Wealth Limited

(Registration number: 08988411)
Balance Sheet as at 30 April 2023

.........................................
Mrs R M J Shipley-Palmer
Director

.........................................
Miss R E M Shipley
Director

 

R & R Wealth Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

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

The address of its registered office is:
43 The Crescent
Henleaze
Bristol
BS9 4RP

These financial statements were authorised for issue by the Board on 25 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

R & R Wealth Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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

Property improvements

10% straight line basis

Motor Vehicles

33.33% Straight line basis

Fixtures & Fittings

25% Straight line basis

Office equipment

20% Straight line basis

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.

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

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.

 

R & R Wealth Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

28,374

6,877

11,400

46,651

Additions

-

-

10,850

10,850

At 30 April 2023

28,374

6,877

22,250

57,501

Depreciation

At 1 May 2022

14,675

6,166

11,400

32,241

Charge for the year

2,838

355

3,617

6,810

At 30 April 2023

17,513

6,521

15,017

39,051

Carrying amount

At 30 April 2023

10,861

356

7,233

18,450

At 30 April 2022

13,699

711

-

14,410

Included within the net book value of land and buildings above is £10,862 (2022 - £13,699) in respect of long leasehold land and buildings.
 

 

R & R Wealth Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

5

Debtors

Current

2023
£

2022
£

Other debtors

7,102

262

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

5,554

4,190

Amounts owed to related parties

16,048

-

Taxation and social security

 

-

1,906

Other creditors

 

19,846

5,786

 

41,448

11,882

Due after one year

 

Loans and borrowings

8

22,114

25,874

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

22,114

25,874

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

2

2

2

2

         
 

R & R Wealth Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,114

25,874

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,539

4,175

Other borrowings

15

15

5,554

4,190

9

Control

The company is controlled by the directors who own 100% of the called up share capital.