Registered number
07684615
Richard Learoyd Ltd
Unaudited Filleted Accounts
30 June 2023
Smithfield Accountants LLP
Chartered Accountants
Suite 1, Unit 2, Stansted Courtyard
Parsonage Road, Takeley, Essex, CM22 6PU
Richard Learoyd Ltd
Registered number: 07684615
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 228,692 272,226
Investment property 5 254,560 222,000
483,252 494,226
Current assets
Debtors 6 444,272 408,008
Cash at bank and in hand 1,209,530 1,085,299
1,653,802 1,493,307
Creditors: amounts falling due within one year 7 (73,664) (44,801)
Net current assets 1,580,138 1,448,506
Total assets less current liabilities 2,063,390 1,942,732
Provisions for liabilities 8 (45,145) (39,683)
Net assets 2,018,245 1,903,049
Capital and reserves
Called up share capital 9 100 100
Profit and loss account 2,018,145 1,902,949
Shareholders' funds 2,018,245 1,903,049
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The Profit and Loss Account and Directors' Report have not been delivered to the Registrar of Companies.
All of the members have consented to the preparation of abridged accounts in accordance with Section 444(2A) of the Companies Act 2006.
R Learoyd
Director
Approved by the board on 1 November 2023
Richard Learoyd Ltd
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
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).
Turnover
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.
Tangible fixed assets
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:
Freehold buildings 10% straight line
Plant, machinery, fixtures and fittings 15% written down value
Motor vehicles 20% written down value
Investment property
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.
Stocks
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.
Debtors
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.
Creditors
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.
Taxation
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.
Foreign currency translation
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Taxation 2023 2022
£ £
Balance sheet
Corporation tax payable on 01.04.2024 73,664 42,730
Profit and loss account
Prior year (over)/under provisions - (23)
UK corporation tax charge/(refund) @ 26% and 19% 73,664 42,730
Transfer/(released) to deferred taxation 5,462 11,661
79,126 54,368
3 Wages and NI 2023 2022
Number Number
Average number of persons employed by the company 2 2
4 Tangible fixed assets
Land and buildings Plant, machinery, fixtures and fittings Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 150,736 426,992 61,490 639,218
Additions - 6,446 - 6,446
Surplus on revaluation - - - -
Disposals - - - -
At 30 June 2023 150,736 433,438 61,490 645,664
Depreciation
At 1 July 2022 88,387 266,307 12,298 366,992
Charge for the year 15,073 25,069 9,838 49,980
Surplus on revaluation - - - -
On disposals - - - -
At 30 June 2023 103,460 291,376 22,136 416,972
Net book value
At 30 June 2023 47,276 142,062 39,354 228,692
At 30 June 2022 62,349 160,685 49,192 272,226
Freehold land and buildings: 2023 2022
£ £
Historical cost 150,736 150,736
Cumulative depreciation based on historical cost (103,460) (88,387)
47,276 62,349
5 Investments
Investments in
Investment Other 2023 2022
property investments Total Total
£ £ £ £
Cost
At 1 July 2022 125,950 96,050 222,000 209,297
Additions - 10,510 10,510 12,703
Adjustment on revaluation 22,050 - 22,050 -
At 30 June 2023 148,000 106,560 254,560 222,000
The investment property was revalued by the directors during the year to reflect the year end market value.
Freehold land and buildings: 2023 2022
£ £
Historical cost 125,950 125,950
6 Debtors 2023 2022
£ £
Lease deposit 35,000 -
Loan to Holt Farm Lettings Ltd (see note 11) 400,513 400,500
Other debtors 8,759 7,508
444,272 408,008
Amounts due after more than one year included above
Loan to Holt Farm Lettings Ltd (see note 11) 400,513 400,500
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.
7 Creditors: amounts falling due within one year 2023 2022
£ £
VAT - 2,071
Corporation tax 73,664 42,730
Other taxes and social security costs - -
Other creditors - -
73,664 44,801
8 Provision for liabilities 2023 2022
£ £
Deferred tax:
Accelerated capital allowances
Deferred tax brought forward 39,683 28,022
Charge/(credit) to profit and loss account 5,462 11,661
Deferred tax carried forward 45,145 39,683
9 Share capital Nominal 2023 2023 2022
value Number £ £
Authorised
Ordinary shares £1 each 100 100 100
Allotted, called up and fully paid:
Ordinary shares £1 each 100 100 100
11 Related party transactions
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.
12 Controlling party
The company is jointly controlled by its directors. No single party has control.
13 Presentation currency
The accounts are presented in British Pounds Sterling.
14 Other information
Richard Learoyd Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Suite 1, Unit 2, Stansted Courtyard
Parsonage Road, Takeley, Essex, CM22 6PU
The company's principal place of business is:
3-4 Links Yard
299 Spelman Street
London E1 5LX
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