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Registration number: 11794227


G Richardson Agri Limited

Directors' Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

G Richardson Agri Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

G Richardson Agri Limited

Company Information

Directors

Mr R G Richardson

Mr E J Richardson

Registered office

Howsons
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

Bankers

Barclays Bank
10 Market Place
Macclesfeild
Cheshire
SK10 1HA

The Cooperative Bank
PO Box 250
Skelmersdale
WN8 6WT

Accountants

Howsons (Stoke) Limited
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

 

G Richardson Agri Limited

(Registration number: 11794227)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

800,045

677,921

Current assets

 

Stocks

879,871

414,027

Debtors

5

556,895

523,117

Cash at bank and in hand

 

245,234

304,091

 

1,682,000

1,241,235

Creditors: Amounts falling due within one year

6

(1,629,356)

(1,268,162)

Net current assets/(liabilities)

 

52,644

(26,927)

Total assets less current liabilities

 

852,689

650,994

Creditors: Amounts falling due after more than one year

6

(220,477)

(236,266)

Provisions for liabilities

(19,353)

(6,674)

Net assets

 

612,859

408,054

Capital and reserves

 

Called up share capital

3

3

Retained earnings

612,856

408,051

Shareholders' funds

 

612,859

408,054

For the financial year ending 28 February 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 and in accordance with the provisions of Financial Reporting Standard 102 (FRS 102) Section 1A - small entities.

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 14 November 2023 and signed on its behalf by:
 

 

G Richardson Agri Limited

(Registration number: 11794227)
Balance Sheet as at 28 February 2023

.........................................
Mr R G Richardson
Director

.........................................
Mr E J Richardson
Director

 

G Richardson Agri Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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:
Howsons
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The company's presentational currency is pound sterling (£). The accounts are rounded to the nearest whole pound.

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.

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:

 

G Richardson Agri Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Asset class

Depreciation method and rate

Plant and machinery

Straight line 20%

Motor vehicles

Straight line 20%

Office equipment

Straight line 25%

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.

Financial instruments

Classification
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities, including trade and other trade creditors, bank and other loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

 Recognition and measurement
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit and loss.

 Impairment
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised in the profit or loss.

Financial assets are derecognised when a) the contractual rights to the cash flows from the asset expire or are settled, or b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 7 (2022 - 7).

 

G Richardson Agri Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2022

634,439

79,193

6,178

562

720,372

Additions

93,742

58,785

-

-

152,527

Disposals

-

(16,800)

-

-

(16,800)

At 28 February 2023

728,181

121,178

6,178

562

856,099

Depreciation

At 1 March 2022

3,338

37,006

1,812

295

42,451

Charge for the yearyear

2,211

19,424

1,236

140

23,011

Eliminated on disposal

-

(9,408)

-

-

(9,408)

At 28 February 2023

5,549

47,022

3,048

435

56,054

Carrying amount

At 28 February 2023

722,632

74,156

3,130

127

800,045

At 28 February 2022

631,101

42,187

4,366

267

677,921

Included within the net book value of land and buildings above is £722,632 (2022 - £631,101) in respect of freehold land and buildings.
 

 

G Richardson Agri Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Debtors

2023
£

2022
£

Trade debtors

540,785

515,492

Prepayments

7,248

7,214

Other debtors

8,862

411

 

556,895

523,117

6

Creditors

2023
£

2022
£

Due within one year

Bank loans and overdrafts

19,888

19,888

Trade creditors

659,341

276,823

Taxation and social security

3,741

18,171

Other creditors

64,604

70,079

Directors' loan account

881,782

883,201

1,629,356

1,268,162

Due after one year

Bank borrowings

220,477

236,266

Directors loans are interest free and repayable on demand.