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REGISTERED NUMBER: 04316275 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Richards Sheet Metal Ltd

Richards Sheet Metal Ltd (Registered number: 04316275)






Contents of the Financial Statements
for the year ended 31 March 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Richards Sheet Metal Ltd

Company Information
for the year ended 31 March 2023







DIRECTORS: D Richards
A Richards
Mrs B Richards





SECRETARY: Mrs S Richards





REGISTERED OFFICE: Unit 3 Valley Mills
Southfield Street
Nelson
Lancashire
BB9 0LD





REGISTERED NUMBER: 04316275 (England and Wales)





ACCOUNTANTS: Mayes Business Partnership Ltd
Chartered Certified Accountants
22-28 Willow Street
Accrington
Lancashire
BB5 1LP

Richards Sheet Metal Ltd (Registered number: 04316275)

Abridged Balance Sheet
31 March 2023

31/3/23 31/3/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 382,601 427,347
382,601 427,347

CURRENT ASSETS
Stocks 15,745 57,115
Debtors 666,889 762,549
Cash at bank and in hand 922,757 786,970
1,605,391 1,606,634
CREDITORS
Amounts falling due within one year 338,605 392,814
NET CURRENT ASSETS 1,266,786 1,213,820
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,649,387

1,641,167

PROVISIONS FOR LIABILITIES 72,694 81,196
NET ASSETS 1,576,693 1,559,971

CAPITAL AND RESERVES
Called up share capital 6 100 100
Retained earnings 1,576,593 1,559,871
SHAREHOLDERS' FUNDS 1,576,693 1,559,971

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.

Richards Sheet Metal Ltd (Registered number: 04316275)

Abridged 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 1 September 2023 and were signed on its behalf by:





A Richards - Director


Richards Sheet Metal Ltd (Registered number: 04316275)

Notes to the Financial Statements
for the year ended 31 March 2023

1. STATUTORY INFORMATION

Richards Sheet Metal Ltd 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.

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.

The company provides sheet metal fabrication services to its customers. Revenue is recognised in the accounting period in which the services are rendered when the outcome of contract can be estimated reliably. The company uses the percentage of completion method based on the actual service performed as a percentage of the total services to be provided.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Government grants
Covid-19 grants provided by the government are revenue-based grants and have been accounted for using the Accrual model. The grant has been recognised as income on a systematic basis over the period in which the entity recognises the related loss for which the grant is intended to compensate.

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

Financial instruments
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, 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.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.


Richards Sheet Metal Ltd (Registered number: 04316275)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

2. ACCOUNTING POLICIES - continued
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.

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.

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.

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 useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. the capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Government grants
Government grants received in respect of expenditure charged to the profit and loss account during the year have been included in profit and loss. The remainder are deferred and included in the profit and loss account by instalments over the expected useful lives of the related assets.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 11 ) .

Richards Sheet Metal Ltd (Registered number: 04316275)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022
and 31 March 2023 95,000
AMORTISATION
At 1 April 2022
and 31 March 2023 95,000
NET BOOK VALUE

At 31 March 2023 -
At 31 March 2022 -

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022
and 31 March 2023 1,134,610
DEPRECIATION
At 1 April 2022 707,263
Charge for year 44,746
At 31 March 2023 752,009
NET BOOK VALUE
At 31 March 2023 382,601
At 31 March 2022 427,347


6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/23 31/3/22
value: £    £   
55 Ordinary A £1 55 55
22 Ordinary C £1 22 22
23 Ordinary B £1 23 23
100 100

Richards Sheet Metal Ltd (Registered number: 04316275)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

31/3/23 31/3/22
£    £   
A Richards
Balance outstanding at start of year 234,238 247,689
Amounts advanced 29,622 28,549
Amounts repaid (42,000 ) (42,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 221,860 234,238

Interest has been charged at 2% on the overdrawn loan account.