RichardsApex Europe Limited 02586092 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is manufacture and sale of lubricants to the metal forming industry Digita Accounts Production Advanced 6.30.9574.0 true true true 02586092 2023-01-01 2023-12-31 02586092 2023-12-31 02586092 core:RetainedEarningsAccumulatedLosses 2023-12-31 02586092 core:ShareCapital 2023-12-31 02586092 core:CurrentFinancialInstruments 2023-12-31 02586092 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 02586092 core:FurnitureFittingsToolsEquipment 2023-12-31 02586092 core:ParentEntities 2023-12-31 02586092 bus:SmallEntities 2023-01-01 2023-12-31 02586092 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 02586092 bus:FullAccounts 2023-01-01 2023-12-31 02586092 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02586092 bus:RegisteredOffice 2023-01-01 2023-12-31 02586092 bus:CompanySecretaryDirector1 2023-01-01 2023-12-31 02586092 bus:Director1 2023-01-01 2023-12-31 02586092 bus:Director2 2023-01-01 2023-12-31 02586092 bus:Director5 2023-01-01 2023-12-31 02586092 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02586092 core:FurnitureFittings 2023-01-01 2023-12-31 02586092 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 02586092 core:OfficeEquipment 2023-01-01 2023-12-31 02586092 core:ParentEntities 2023-01-01 2023-12-31 02586092 core:ParentEntities core:RenderingOrReceivingServices 2023-01-01 2023-12-31 02586092 core:ParentEntities core:SaleOrPurchaseGoods 2023-01-01 2023-12-31 02586092 core:ParentEntities core:TransfersUnderLicenceArrangementsRoyalties 2023-01-01 2023-12-31 02586092 1 2023-01-01 2023-12-31 02586092 countries:EnglandWales 2023-01-01 2023-12-31 02586092 2022-12-31 02586092 core:FurnitureFittingsToolsEquipment 2022-12-31 02586092 2022-01-01 2022-12-31 02586092 2022-12-31 02586092 core:RetainedEarningsAccumulatedLosses 2022-12-31 02586092 core:ShareCapital 2022-12-31 02586092 core:CurrentFinancialInstruments 2022-12-31 02586092 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 02586092 core:FurnitureFittingsToolsEquipment 2022-12-31 02586092 core:ParentEntities 2022-12-31 02586092 core:ParentEntities 2022-01-01 2022-12-31 02586092 core:ParentEntities core:RenderingOrReceivingServices 2022-01-01 2022-12-31 02586092 core:ParentEntities core:SaleOrPurchaseGoods 2022-01-01 2022-12-31 02586092 core:ParentEntities core:TransfersUnderLicenceArrangementsRoyalties 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 02586092

RichardsApex Europe Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

RichardsApex Europe Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

RichardsApex Europe Limited

(Registration number: 02586092)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,583

6,253

Current assets

 

Stocks

5

317,167

293,418

Debtors

6

331,393

298,086

Cash at bank and in hand

 

581,520

403,475

 

1,230,080

994,979

Creditors: Amounts falling due within one year

7

(1,767,555)

(1,744,637)

Net current liabilities

 

(537,475)

(749,658)

Net liabilities

 

(531,892)

(743,405)

Capital and reserves

 

Called up share capital

115,000

115,000

Retained earnings

(646,892)

(858,405)

Shareholders' deficit

 

(531,892)

(743,405)

For the financial year ending 31 December 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 February 2024 and signed on its behalf by:
 

 

RichardsApex Europe Limited

(Registration number: 02586092)
Balance Sheet as at 31 December 2023

.........................................

Mr D F Richards

Director

.........................................

Mr A R Richards

Director

.........................................

Mr H C Davis

Company secretary and director

.........................................

Mr D E Neville

Director

 

RichardsApex Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Green Tree Warehousing
Tudworth Road
Hatfield
Doncaster
South Yorkshire
DN7 6HD

These financial statements were authorised for issue by the Board on 12 February 2024.

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 were prepared in accordance with section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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.

Going concern

The financial statements have been prepared on a going concern basis but for reasons set out in the directors report this basis may not be appropriate.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

 

RichardsApex Europe Limited

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

Office equipment

20% reducing balance

Fixtures and fittings

25% reducing balance

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.

 

RichardsApex Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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).

 

RichardsApex Europe Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

27,424

27,424

Additions

862

862

Disposals

(4,150)

(4,150)

At 31 December 2023

24,136

24,136

Depreciation

At 1 January 2023

21,171

21,171

Charge for the year

1,532

1,532

Eliminated on disposal

(4,150)

(4,150)

At 31 December 2023

18,553

18,553

Carrying amount

At 31 December 2023

5,583

5,583

At 31 December 2022

6,253

6,253

5

Stocks

2023
£

2022
£

Closing stock

317,167

293,418

6

Debtors

2023
£

2022
£

Trade debtors

271,261

209,759

Other debtors

50,893

62,226

Prepayments

9,239

26,101

331,393

298,086

 

RichardsApex Europe Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

94,455

95,220

Amounts due to related parties

9

1,650,961

1,637,594

Social security and other taxes

 

4,547

4,374

Outstanding defined contribution pension costs

 

(15)

-

Other payables

 

283

3,687

Accruals

 

17,324

3,762

 

1,767,555

1,744,637

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £89,896 (2022 - £114,146).

 

RichardsApex Europe Limited

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

9

Related party transactions

Summary of transactions with parent

The ultimate parent undertaking is RichardsApex Inc, a company which is incorporated in the United States of America.
 

Expenditure with and payables to related parties

2023

Parent
£

Purchase of goods

179,091

Rendering of services

5,600

Transfers under licence agreements

54,414

239,105

Amounts payable to related party

1,650,961

2022

Parent
£

Purchase of goods

112,708

Rendering of services

5,417

Transfers under licence agreements

50,235

168,360

Amounts payable to related party

1,637,594

10

Parent and ultimate parent undertaking

The ultimate controlling party is RichardApex Inc. Mr D F Richards, Mr A R Richards and Mr H C Davis controlled this company and RichardsApex Inc during the year.