Richardsons of Feckenham Limited 04711565 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is retail sale of hardware, paints and glass in specialised stores Digita Accounts Production Advanced 6.30.9574.0 true 04711565 2022-04-01 2023-03-31 04711565 2023-03-31 04711565 bus:OrdinaryShareClass1 2023-03-31 04711565 bus:OrdinaryShareClass2 2023-03-31 04711565 bus:OrdinaryShareClass3 2023-03-31 04711565 core:RetainedEarningsAccumulatedLosses 2023-03-31 04711565 core:ShareCapital 2023-03-31 04711565 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2023-03-31 04711565 core:CurrentFinancialInstruments 2023-03-31 04711565 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04711565 core:Non-currentFinancialInstruments 2023-03-31 04711565 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 04711565 core:LandBuildings 2023-03-31 04711565 core:OtherPropertyPlantEquipment 2023-03-31 04711565 bus:SmallEntities 2022-04-01 2023-03-31 04711565 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04711565 bus:FullAccounts 2022-04-01 2023-03-31 04711565 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 04711565 bus:RegisteredOffice 2022-04-01 2023-03-31 04711565 bus:Director1 2022-04-01 2023-03-31 04711565 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 04711565 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 04711565 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 04711565 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04711565 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 04711565 core:ShareCapital 2022-04-01 2023-03-31 04711565 core:LandBuildings 2022-04-01 2023-03-31 04711565 core:LeaseholdImprovements 2022-04-01 2023-03-31 04711565 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 04711565 core:PlantMachinery 2022-04-01 2023-03-31 04711565 countries:England 2022-04-01 2023-03-31 04711565 2022-03-31 04711565 core:RetainedEarningsAccumulatedLosses 2022-03-31 04711565 core:ShareCapital 2022-03-31 04711565 core:LandBuildings 2022-03-31 04711565 core:OtherPropertyPlantEquipment 2022-03-31 04711565 2021-04-01 2022-03-31 04711565 2022-03-31 04711565 bus:OrdinaryShareClass1 2022-03-31 04711565 bus:OrdinaryShareClass2 2022-03-31 04711565 bus:OrdinaryShareClass3 2022-03-31 04711565 core:RetainedEarningsAccumulatedLosses 2022-03-31 04711565 core:ShareCapital 2022-03-31 04711565 core:CurrentFinancialInstruments 2022-03-31 04711565 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 04711565 core:Non-currentFinancialInstruments 2022-03-31 04711565 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 04711565 core:LandBuildings 2022-03-31 04711565 core:OtherPropertyPlantEquipment 2022-03-31 04711565 core:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 04711565 core:ShareCapital 2021-04-01 2022-03-31 04711565 2021-03-31 04711565 core:RetainedEarningsAccumulatedLosses 2021-03-31 04711565 core:ShareCapital 2021-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04711565

Richardsons of Feckenham Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Richardsons of Feckenham Limited

Contents

Balance Sheet

1 to 2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 9

 

Richardsons of Feckenham Limited

(Registration number: 04711565)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

74,940

59,210

Other financial assets

5

64

64

 

75,004

59,274

Current assets

 

Stocks

6

368,565

405,275

Debtors

7

148,402

223,223

Cash at bank and in hand

 

458,981

396,355

 

975,948

1,024,853

Creditors: Amounts falling due within one year

8

(132,371)

(258,929)

Net current assets

 

843,577

765,924

Total assets less current liabilities

 

918,581

825,198

Creditors: Amounts falling due after more than one year

8

(922)

(920)

Provisions for liabilities

(14,239)

(11,250)

Net assets

 

903,420

813,028

Capital and reserves

 

Called up share capital

9

200

200

Retained earnings

903,220

812,828

Shareholders' funds

 

903,420

813,028

For the financial year ending 31 March 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 and the option not to file the Profit and Loss Account has been taken.

 

Richardsons of Feckenham Limited

(Registration number: 04711565)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 15 November 2023 and signed on its behalf by:
 

.........................................
Mr H G Richardson
Director

 

Richardsons of Feckenham Limited

Statement of Changes in Equity for the Year Ended 31 March 2023

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

200

812,828

813,028

Profit for the year

-

90,392

90,392

At 31 March 2023

200

903,220

903,420

Share capital
£

Retained earnings
£

Total
£

At 1 April 2021

200

756,271

756,471

Profit for the year

-

56,557

56,557

At 31 March 2022

200

812,828

813,028

 

Richardsons of Feckenham Limited

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

1

General information

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

The address of its registered office is:
Foxley Farm
Swansbrook Lane
Feckenham
Redditch
B96 6QB

These financial statements were authorised for issue by the Board on 15 November 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.

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 and deferred 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.

 

Richardsons of Feckenham Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Plant and machinery

15% straight line basis

Leasehold improvements

5% 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Richardsons of Feckenham Limited

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

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.

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.

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 5 (2022 - 5).

 

Richardsons of Feckenham Limited

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

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

21,376

159,206

180,582

Additions

-

36,149

36,149

Disposals

-

(29,271)

(29,271)

At 31 March 2023

21,376

166,084

187,460

Depreciation

At 1 April 2022

15,479

105,893

121,372

Charge for the year

1,069

7,643

8,712

Eliminated on disposal

-

(17,564)

(17,564)

At 31 March 2023

16,548

95,972

112,520

Carrying amount

At 31 March 2023

4,828

70,112

74,940

At 31 March 2022

5,897

53,313

59,210

Included within the net book value of land and buildings above is £4,828 (2022 - £5,897) in respect of short leasehold land and buildings.
 

 

Richardsons of Feckenham Limited

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

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2022

64

64

At 31 March 2023

64

64

Impairment

Carrying amount

At 31 March 2023

64

64

6

Stocks

2023
£

2022
£

Merchandise

368,565

405,275

7

Debtors

Current

2023
£

2022
£

Trade debtors

141,870

218,252

Prepayments

3,955

3,845

Other debtors

2,577

1,126

 

148,402

223,223

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

103,544

233,378

Taxation and social security

22,918

20,220

Accruals and deferred income

3,283

3,250

Other creditors

2,626

2,081

132,371

258,929

 

Richardsons of Feckenham Limited

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

922

920

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

100

100

100

100

Ordinary B of £1 each

50

50

50

50

Ordinary C of £1 each

50

50

50

50

 

200

200

200

200

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

922

920