Richard Learoyd Ltd |
Notes to the Accounts |
for the year ended 30 June 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Freehold buildings |
10% straight line |
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Plant, machinery, fixtures and fittings |
15% written down value |
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Motor vehicles |
20% written down value |
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Investment property |
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Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Taxation |
2023 |
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2022 |
£ |
£ |
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Balance sheet |
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Corporation tax payable on 01.04.2024 |
73,664 |
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42,730 |
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Profit and loss account |
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Prior year (over)/under provisions |
- |
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(23) |
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UK corporation tax charge/(refund) @ 26% and 19% |
73,664 |
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42,730 |
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Transfer/(released) to deferred taxation |
5,462 |
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11,661 |
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79,126 |
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54,368 |
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3 |
Wages and NI |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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4 |
Tangible fixed assets |
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Land and buildings |
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Plant, machinery, fixtures and fittings |
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Motor vehicles |
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Total |
£ |
£ |
£ |
£ |
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Cost |
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At 1 July 2022 |
150,736 |
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426,992 |
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61,490 |
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639,218 |
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Additions |
- |
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6,446 |
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- |
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6,446 |
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Surplus on revaluation |
- |
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- |
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- |
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- |
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Disposals |
- |
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- |
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- |
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- |
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At 30 June 2023 |
150,736 |
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433,438 |
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61,490 |
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645,664 |
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Depreciation |
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At 1 July 2022 |
88,387 |
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266,307 |
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12,298 |
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366,992 |
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Charge for the year |
15,073 |
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25,069 |
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9,838 |
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49,980 |
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Surplus on revaluation |
- |
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- |
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- |
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- |
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On disposals |
- |
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- |
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- |
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- |
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At 30 June 2023 |
103,460 |
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291,376 |
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22,136 |
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416,972 |
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Net book value |
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At 30 June 2023 |
47,276 |
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142,062 |
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39,354 |
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228,692 |
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At 30 June 2022 |
62,349 |
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160,685 |
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49,192 |
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272,226 |
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Freehold land and buildings: |
2023 |
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2022 |
£ |
£ |
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Historical cost |
150,736 |
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150,736 |
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Cumulative depreciation based on historical cost |
(103,460) |
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(88,387) |
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47,276 |
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62,349 |
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5 |
Investments |
Investments in |
Investment |
Other |
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2023 |
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2022 |
property |
investments |
Total |
Total |
£ |
£ |
£ |
£ |
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Cost |
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At 1 July 2022 |
125,950 |
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96,050 |
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222,000 |
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209,297 |
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Additions |
- |
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10,510 |
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10,510 |
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12,703 |
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Adjustment on revaluation |
22,050 |
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- |
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22,050 |
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- |
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At 30 June 2023 |
148,000 |
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106,560 |
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254,560 |
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222,000 |
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The investment property was revalued by the directors during the year to reflect the year end market value. |
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Freehold land and buildings: |
2023 |
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2022 |
£ |
£ |
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Historical cost |
125,950 |
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125,950 |
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6 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Lease deposit |
35,000 |
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- |
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Loan to Holt Farm Lettings Ltd (see note 11) |
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400,513 |
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400,500 |
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Other debtors |
8,759 |
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7,508 |
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444,272 |
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408,008 |
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Amounts due after more than one year included above |
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Loan to Holt Farm Lettings Ltd (see note 11) |
400,513 |
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400,500 |
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The Holt Farm Lettings Ltd loan is interest free and there is no fixed repayment date. The effects of discounting are immaterial to the accounts. |
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7 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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VAT |
- |
|
2,071 |
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Corporation tax |
73,664 |
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42,730 |
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Other taxes and social security costs |
- |
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- |
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Other creditors |
- |
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- |
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73,664 |
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44,801 |
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8 |
Provision for liabilities |
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2023 |
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2022 |
£ |
£ |
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Deferred tax: |
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Accelerated capital allowances |
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Deferred tax brought forward |
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39,683 |
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28,022 |
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Charge/(credit) to profit and loss account |
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5,462 |
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11,661 |
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Deferred tax carried forward |
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45,145 |
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39,683 |
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9 |
Share capital |
Nominal |
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2023 |
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2023 |
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2022 |
value |
Number |
£ |
£ |
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Authorised |
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Ordinary shares |
£1 each |
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100 |
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100 |
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100 |
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Allotted, called up and fully paid: |
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Ordinary shares |
£1 each |
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100 |
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100 |
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100 |
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11 |
Related party transactions |
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Holt Farm Lettings Ltd Company under common control The company has loaned funds to the related party. The loan is interest free and there is no fixed repayment date. |
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12 |
Controlling party |
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The company is jointly controlled by its directors. No single party has control. |
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13 |
Presentation currency |
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The accounts are presented in British Pounds Sterling. |
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14 |
Other information |
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Richard Learoyd Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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Suite 1, Unit 2, Stansted Courtyard |
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Parsonage Road, Takeley, Essex, CM22 6PU |
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The company's principal place of business is: |
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3-4 Links Yard |
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299 Spelman Street |
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London E1 5LX |