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Registration number: 05330619

John Radcliffe & Sons Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

John Radcliffe & Sons Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

John Radcliffe & Sons Ltd

Company Information

Director

Mr P G Radcliffe

Company secretary

Mr D Tasker

Registered office

Project House
246b Lockwood Road
Lockwood
Huddersfield
West Yorkshire
HD1 3TG

Accountants

Walker & Sutcliffe
Chartered Accountants
12 Greenhead Road
Huddersfield
West Yorkshire
HD1 4EN

 

John Radcliffe & Sons Ltd

(Registration number: 05330619)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

88,323

31,763

Current assets

 

Stocks

5

229,379

250,782

Debtors

6

532,335

407,643

Cash at bank and in hand

 

1,034,876

1,033,112

 

1,796,590

1,691,537

Creditors: Amounts falling due within one year

7

(1,167,366)

(1,122,698)

Net current assets

 

629,224

568,839

Total assets less current liabilities

 

717,547

600,602

Creditors: Amounts falling due after more than one year

7

(22,504)

(41,762)

Provisions for liabilities

(20,076)

(5,761)

Net assets

 

674,967

553,079

Capital and reserves

 

Called up share capital

1,000

1,000

Share premium reserve

390,000

390,000

Retained earnings

283,967

162,079

Shareholders' funds

 

674,967

553,079

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.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 6 October 2023
 

 

John Radcliffe & Sons Ltd

(Registration number: 05330619)
Balance Sheet as at 31 March 2023

.........................................
Mr P G Radcliffe
Director

 

John Radcliffe & Sons Ltd

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 and Wales.

The address of its registered office is:
Project House
246b Lockwood Road
Lockwood
Huddersfield
West Yorkshire
HD1 3TG
England

These financial statements were authorised for issue by the director on 6 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.

The presentational currency is £ sterling.

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.

 

John Radcliffe & Sons Ltd

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

Government grants

Government grants, including non-monetary grants are not recognised until there is reasonable assurance that:
The company will comply with the conditions attaching to them; and
The grants will be received.

The company recognises grants either based on the performance model or the accrual model. This policy choice is applied on a class-by-class basis.
The company measures grants at the fair value of the asset received or receivable.
Where a grant becomes repayable it is recognised as a liability when the repayment meets the definition of a liability.

Performance model
The performance model recognises grants as follows:
A grant that does not impose specified future performance-related conditions on the company is recognised in income when the grant proceeds are received or receivable.
A grant that imposes specified future performance-related conditions on the company is recognised in income only when the performance-related conditions are met.
Grants received before the revenue recognition criteria are satisfied are recognised as a liability.

Accrual model
The accrual model classifies grants either as a grant relating to revenue or a grant relating to assets.
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company with no future related costs is recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.
Where part of a grant relating to an asset is deferred it is recognised as deferred income and not deducted from the carrying amount of the asset.

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.

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.

 

John Radcliffe & Sons Ltd

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

Plant and machinery

25% on cost

Improvements to property

10% on cost

Fixtures and fittings

20% on cost

Motor vehicles

25% on cost

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.

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.

 

John Radcliffe & Sons Ltd

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

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 the director) during the year, was 16 (2022 - 11).

 

John Radcliffe & Sons Ltd

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

17,305

128,560

79,510

225,375

Additions

-

10,091

84,650

94,741

Disposals

-

(94,285)

-

(94,285)

At 31 March 2023

17,305

44,366

164,160

225,831

Depreciation

At 1 April 2022

16,407

122,350

54,856

193,613

Charge for the year

301

5,288

32,592

38,181

Eliminated on disposal

-

(94,286)

-

(94,286)

At 31 March 2023

16,708

33,352

87,448

137,508

Carrying amount

At 31 March 2023

597

11,014

76,712

88,323

At 31 March 2022

898

6,211

24,654

31,763

Included within the net book value of land and buildings above is £597 (2022 - £898) in respect of freehold land and buildings.
 

 

John Radcliffe & Sons Ltd

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

5

Stocks

2023
£

2022
£

Work in progress

229,379

250,782

6

Debtors

Current

2023
£

2022
£

Trade debtors

526,604

403,904

Prepayments

3,351

3,739

Other debtors

2,380

-

 

532,335

407,643

 

John Radcliffe & Sons Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

10,648

13,824

Trade creditors

 

632,984

506,900

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

11,536

570

Taxation and social security

 

224,721

239,627

Accruals and deferred income

 

14,790

26,169

Other creditors

 

272,687

335,608

 

1,167,366

1,122,698

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

22,504

41,762

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,504

33,262

Hire purchase contracts

-

8,500

22,504

41,762

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,648

9,568

Hire purchase contracts

-

4,256

10,648

13,824

 

John Radcliffe & Sons Ltd

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

9

Related party transactions

Summary of transactions with parent

Radcliffe Projects Limited
(Parent Company, Registered Office: Project House,246b Lockwood Road,Huddersfield, HD1 3TG)

During the year the company incurred management charges of £Nil (2022: £Nil). It also advanced loans of £67,000 (2022: £62,000) and received repayments from Radcliffe Projects Limited of £56,034 (2022: £41,985). At the balance sheet date the amount due to Radcliffe Projects Limited was £11,536 (2022: £570).

 

Summary of transactions with other related parties

The late Mr W Radcliffe
(A former director of the company)
The pension scheme for the late Mr W Radcliffe owns the property from which the company trades.

The company pays rent, on arm's length basis, to the pension scheme and £16,000 (2022: £16,000) is included in administrative expenses in respect of the rent. At the balance sheet date the amount due to the pension scheme was £nil (2022: £14,665).