Company Registration No. 08948429 (England and Wales)
RICHARD NEWSAM LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
RICHARD NEWSAM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
RICHARD NEWSAM LIMITED
Company Registration No. 08948429
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
122,375
185,417
Current assets
Debtors
5
532,906
273,538
Cash at bank and in hand
32,674
57,867
565,580
331,405
Creditors: amounts falling due within one year
6
(212,973)
(279,714)
Net current assets
352,607
51,691
Net assets
474,982
237,108
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
474,882
237,008
Total equity
474,982
237,108

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 Period 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 Period 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 27 November 2023
R Newsam
Director
RICHARD NEWSAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Richard Newsam Limited is a private company limited by shares incorporated in England and Wales. The registered office is Portmore House, 54 Church Street, Weybridge, Surrey, KT13 8DP.

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. The principal accounting policies adopted are set out below.

1.2
Reporting period

The financial statements represent an extended 15 month period from January 2022 to March 2023. This is due to a change in chosen financial year end date by the director. Therefore the comparative figures may not be entirely comparable.

1.3
Turnover

Turnover comprises profit share from Curchod & Co LLP.

 

Income is recognised in the period in which the service was supplied.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

1.5
Cash at bank and in hand

Cash at bank and in hand 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.

1.6
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

RICHARD NEWSAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

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

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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Exceptional item
2023
2021
£
£
Expenditure
Profit or loss on disposal of intagible assets
(65,625)
-
3
Employees

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

2023
2021
Number
Number
Total
1
1
RICHARD NEWSAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 4 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2022
436,019
Disposals
(43,602)
At 31 March 2023
392,417
Amortisation and impairment
At 1 January 2022
250,602
Amortisation charged for the Period
47,000
Disposals
(27,560)
At 31 March 2023
270,042
Carrying amount
At 31 March 2023
122,375
At 31 December 2021
185,417
5
Debtors
2023
2021
Amounts falling due within one year:
£
£
Other debtors
532,906
273,538
6
Creditors: amounts falling due within one year
2023
2021
£
£
Trade creditors
-
0
1,248
Taxation and social security
48,920
41,555
Other creditors
164,053
236,911
212,973
279,714
7
Called up share capital
2023
2021
2023
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
RICHARD NEWSAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 5 -
8
Related party transactions

At the balance sheet date the company was owed £451,239 (2021 - £273,538) by Curchod and Co LLP, a limited liability partnership of which the company is a member. This represents £60,000 of capital invested in Curchod and Co LLP and £391,239 of undrawn profit. The amount due attracts no interest.

 

During the period the company received profit share of £394,241 (2021 - £259,630) from Curchod and Co LLP, a partnership in which the company is a member.

 

At the balance sheet date the company owed £20 (2021 - £70) to the director, R Newsam. This loan is interest free and repayable on demand.

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