Andrew Richardson (Contractor) Limited 05476541 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is Contract painting and decorating Digita Accounts Production Advanced 6.30.9574.0 true 05476541 2022-09-01 2023-08-31 05476541 2023-08-31 05476541 core:RetainedEarningsAccumulatedLosses 2023-08-31 05476541 core:ShareCapital 2023-08-31 05476541 core:CurrentFinancialInstruments 2023-08-31 05476541 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 05476541 core:Goodwill 2023-08-31 05476541 core:FurnitureFittings 2023-08-31 05476541 core:MotorVehicles 2023-08-31 05476541 core:OfficeEquipment 2023-08-31 05476541 bus:SmallEntities 2022-09-01 2023-08-31 05476541 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 05476541 bus:FullAccounts 2022-09-01 2023-08-31 05476541 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 05476541 bus:RegisteredOffice 2022-09-01 2023-08-31 05476541 bus:CompanySecretaryDirector1 2022-09-01 2023-08-31 05476541 bus:Director1 2022-09-01 2023-08-31 05476541 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 05476541 core:Goodwill 2022-09-01 2023-08-31 05476541 core:FurnitureFittings 2022-09-01 2023-08-31 05476541 core:MotorVehicles 2022-09-01 2023-08-31 05476541 core:OfficeEquipment 2022-09-01 2023-08-31 05476541 core:ToolsEquipment 2022-09-01 2023-08-31 05476541 countries:EnglandWales 2022-09-01 2023-08-31 05476541 2022-08-31 05476541 core:Goodwill 2022-08-31 05476541 core:FurnitureFittings 2022-08-31 05476541 core:MotorVehicles 2022-08-31 05476541 core:OfficeEquipment 2022-08-31 05476541 2021-09-01 2022-08-31 05476541 2022-08-31 05476541 core:RetainedEarningsAccumulatedLosses 2022-08-31 05476541 core:ShareCapital 2022-08-31 05476541 core:CurrentFinancialInstruments 2022-08-31 05476541 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 05476541 core:Goodwill 2022-08-31 05476541 core:FurnitureFittings 2022-08-31 05476541 core:MotorVehicles 2022-08-31 05476541 core:OfficeEquipment 2022-08-31 iso4217:GBP xbrli:pure

Registration number: 05476541

Andrew Richardson (Contractor) Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Andrew Richardson (Contractor) Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 8

 

Andrew Richardson (Contractor) Limited

Company Information

Directors

G.A. Richardson

J. Richardson

Company secretary

J. Richardson

Registered office

Ferniehaugh
Netherton
Morpeth
Northumberland
NE65 7HD

 

Andrew Richardson (Contractor) Limited

(Registration number: 05476541)
Statement of Financial Position as at 31 August 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Intangible assets

4

 

1,000

 

1,500

Tangible assets

5

 

18,979

 

24,316

Investment property

6

 

88,437

 

88,437

   

108,416

 

114,253

Current assets

   

 

Stocks

7

500

 

500

 

Debtors

8

10,237

 

6,029

 

Cash at bank and in hand

 

58,540

 

54,091

 

 

69,277

 

60,620

 

Creditors: Amounts falling due within one year

9

(51,443)

 

(58,660)

 

Net current assets

   

17,834

 

1,960

Total assets less current liabilities

   

126,250

 

116,213

Provisions for liabilities

 

(3,606)

 

(4,620)

Net assets

   

122,644

 

111,593

Capital and reserves

   

 

Called up share capital

100

 

100

 

Profit and loss account

122,544

 

111,493

 

Total equity

   

122,644

 

111,593

For the financial year ending 31 August 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 financial statements 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 financial statements.

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.

Approved and authorised for issue by the Board on 24 November 2023 and signed on its behalf by:
 

.........................................
J. Richardson
Company secretary and director

 

Andrew Richardson (Contractor) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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 Ferniehaugh, Netherton, Morpeth, Northumberland, NE65 7HD.

2

Accounting policies

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.

These financial statements are prepared in sterling which is the functional currency of the entity.

Revenue recognition

Turnover represents the value of goods sold and services provided during the year net of discounts, returns and Value Added Tax. For goods sold, turnover is recognised when the goods are physically delivered to the customer and for services provided, turnover is recognised to the extent that and when there is a right to consideration.

Government grants

Government grants relating to the costs incurred by the company are recognised in the income statement over the period necessary to match them with costs that they are intended to compensate. Government grants are presented separately and disclosed in Other operating income in the income statement.

Other operating income includes the UK Government assistance provided through Coronavirus Job Retention Scheme during the Covid-19 pandemic.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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.

 

Andrew Richardson (Contractor) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.e 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

 

Motor vehicles

25% reducing balance

 

Fixtures & fittings

15% reducing balance

 

Equipment

20% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years straight line

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.

 

Andrew Richardson (Contractor) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

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 measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Leases

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

 

Andrew Richardson (Contractor) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

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 2 (2022 - 2).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2022

10,000

10,000

At 31 August 2023

10,000

10,000

Amortisation

At 1 September 2022

8,500

8,500

Amortisation charge

500

500

At 31 August 2023

9,000

9,000

Carrying amount

At 31 August 2023

1,000

1,000

At 31 August 2022

1,500

1,500

 

Andrew Richardson (Contractor) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

5

Tangible assets

Fixtures and fittings
£

Plant and Equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

5,270

11,197

49,467

65,934

Additions

19

309

-

328

At 31 August 2023

5,289

11,506

49,467

66,262

Depreciation

At 1 September 2022

3,209

6,749

31,660

41,618

Charge for the year

309

904

4,452

5,665

At 31 August 2023

3,518

7,653

36,112

47,283

Carrying amount

At 31 August 2023

1,771

3,853

13,355

18,979

At 31 August 2022

2,061

4,448

17,807

24,316

6

Investment properties

2023
£

At 1 September

88,437

At 31 August

88,437

There has been no valuation of investment property by an independent valuer.

7

Stocks

2023
£

2022
£

Other inventories

500

500

8

Debtors

Note

2023
£

2022
£

Trade debtors

 

2,556

3,945

Loans to related parties

5,000

-

Other debtors

 

2,681

2,084

 

10,237

6,029

 

Andrew Richardson (Contractor) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

2,977

2,672

Taxation and social security

8,541

4,687

Other creditors

31,157

43,970

Corporation tax liability

8,768

7,331

51,443

58,660

Included within other creditors are amounts owed under hire purchase agreements which are secured over the assets to which they relate.