Company registration number 04130728 (England and Wales)
GRAHAM RICHARDSON & SON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
7 Kings Court
Newcomen Way
Colchester
Essex
CO4 9RA
GRAHAM RICHARDSON & SON LIMITED
CONTENTS
Page
Company information
Accountants' report
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
The following pages do not form part of the financial statements
Detailed profit and loss account
Schedule of administrative expenses
GRAHAM RICHARDSON & SON LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
285,741
300,770
Current assets
Stocks
125,024
100,368
Debtors
5
278,002
259,679
Cash at bank and in hand
29,186
42,019
432,212
402,066
Creditors: amounts falling due within one year
6
(389,190)
(419,238)
Net current assets/(liabilities)
43,022
(17,172)
Total assets less current liabilities
328,763
283,598
Creditors: amounts falling due after more than one year
7
(258,923)
(276,617)
Provisions for liabilities
(373)
-
0
Net assets
69,467
6,981
Capital and reserves
Called up share capital
50,000
50,000
Revaluation reserve
8
76,619
80,102
Profit and loss reserves
(57,152)
(123,121)
Total equity
69,467
6,981
GRAHAM RICHARDSON & SON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 13 November 2023
Mr M  Richardson
Director
Company Registration No. 04130728
GRAHAM RICHARDSON & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Graham Richardson & Son Limited is a private company limited by shares incorporated in England and Wales. The registered office is Grange Way, Whitehall Road Industrial Estate, Colchester, Essex, CO2 8HG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Despite low levels of liquidity the director considers the company to be a going concern. The director does not intend to withdraw support to the company in the foreseeable future.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Over lease term
Plant and equipment
20% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

GRAHAM RICHARDSON & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

GRAHAM RICHARDSON & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.

 

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
22
20
GRAHAM RICHARDSON & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
350,000
172,761
522,761
Additions
-
0
1,826
1,826
At 31 March 2023
350,000
174,587
524,587
Depreciation and impairment
At 1 April 2022
72,345
149,646
221,991
Depreciation charged in the year
12,069
4,786
16,855
At 31 March 2023
84,414
154,432
238,846
Carrying amount
At 31 March 2023
265,586
20,155
285,741
At 31 March 2022
277,655
23,115
300,770
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
263,023
242,264
Other debtors
14,979
17,415
278,002
259,679
GRAHAM RICHARDSON & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
39,004
45,199
Trade creditors
235,300
253,010
Corporation tax
2
-
0
Other taxation and social security
57,139
59,155
Other creditors
57,745
61,874
389,190
419,238

The bank financing is secured by a fixed and floating charge over the undertaking and all assets belonging to the company. The director has also provided a personal guarantee.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
242,985
258,279
Other creditors
15,938
18,338
258,923
276,617

The bank financing is secured by a fixed and floating charge over the undertaking and all assets belonging to it. The director has also provided a personal guarantee.

 

Included within creditors: amounts falling due after more than one year is an amount of £200,117 (2022: £185,393) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

GRAHAM RICHARDSON & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
8
Revaluation reserve
2023
2022
£
£
At the beginning of the year
80,102
83,585
Transfer to retained earnings
(3,483)
(3,483)
At the end of the year
76,619
80,102
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
33,348
25,675
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