Company registration number 01161862 (England and Wales)
RICHARD STAMP AGENCIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
RICHARD STAMP AGENCIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
RICHARD STAMP AGENCIES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
416
833
Tangible assets
4
80,466
56,490
80,882
57,323
Current assets
Stocks
198,796
143,679
Debtors
5
214,705
240,575
Cash at bank and in hand
48,179
74,666
461,680
458,920
Creditors: amounts falling due within one year
6
(328,057)
(318,495)
Net current assets
133,623
140,425
Total assets less current liabilities
214,505
197,748
Creditors: amounts falling due after more than one year
7
(13,391)
(35,712)
Provisions for liabilities
(2,965)
(3,044)
Net assets
198,149
158,992
Capital and reserves
Called up share capital
8
1,001
1,001
Share premium account
99,999
99,999
Profit and loss reserves
97,149
57,992
Total equity
198,149
158,992

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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 year 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.

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RICHARD STAMP AGENCIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
The financial statements were approved by the board of directors and authorised for issue on 20 March 2024 and are signed on its behalf by:
Mr R H Stamp
Director
Company Registration No. 01161862
- 2 -
RICHARD STAMP AGENCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
Company information

Richard Stamp Agencies Limited is a private company limited by shares incorporated in England and Wales. The registered office is One Bell Lane, Lewes, East Sussex, BN7 1JU and the place of business address is London House, High Street, Milton under Wychwood, Chipping Norton, Oxon, OX7 6LD.

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
Turnover
- 3 -

Turnover is recognised at the fair value of the consideration received for commissions and the sale of furniture provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
33.33% straight line
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings - Leasehold
see below
Fixtures, fittings and equipment
15% and 25% reducing balance
Motor vehicles
25% reducing balance
RICHARD STAMP AGENCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)

No depreciation is provided on the office alterations as it is the company's policy to maintain these so as to extend their useful lives indefinitely. The director R H Stamp, who owns the freehold property occupied by the company, has undertaken to reimburse the company for the cost of the alterations when its occupation ceases.

 

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets
- 4 -

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.7
Cash and cash equivalents

Cash and cash equivalents 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.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 STAMP AGENCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Taxation

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

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

- 5 -
RICHARD STAMP AGENCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2023
2022
Number
Number
Total
5
5
3
Intangible fixed assets
Other
£
Cost
At 1 May 2022 and 30 April 2023
1,250
Amortisation and impairment
At 1 May 2022
417
Amortisation charged for the year
417
At 30 April 2023
834
Carrying amount
At 30 April 2023
416
At 30 April 2022
833
- 6 -
RICHARD STAMP AGENCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
4
Tangible fixed assets
Land and buildings - Leasehold
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2022
40,094
48,631
98,687
187,412
Additions
-
0
3,919
39,705
43,624
Disposals
-
0
(3,266)
(41,985)
(45,251)
At 30 April 2023
40,094
49,284
96,407
185,785
Depreciation and impairment
At 1 May 2022
-
0
44,028
86,894
130,922
Depreciation charged in the year
-
0
2,104
11,319
13,423
Eliminated in respect of disposals
-
0
(3,266)
(35,760)
(39,026)
At 30 April 2023
-
0
42,866
62,453
105,319
Carrying amount
At 30 April 2023
40,094
6,418
33,954
80,466
At 30 April 2022
40,094
4,603
11,793
56,490
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
196,884
223,819
Other debtors
4,675
-
0
Prepayments and accrued income
13,146
16,756
214,705
240,575
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
2,394
2,335
Obligations under finance leases
6,498
-
0
Trade creditors
175,729
158,909
Taxation and social security
60,164
61,110
Other creditors
83,272
96,141
328,057
318,495

Net obligations under finance lease and hire purchase contracts are secured on the assets acquired.

- 7 -
RICHARD STAMP AGENCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
5,183
7,576
Obligations under finance leases
8,208
-
0
Other borrowings
-
0
28,136
13,391
35,712

Net obligations under finance lease and hire purchase contracts are secured on the assets acquired.

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
"A" Ordinary shares of £1 each
701
701
701
701
"B" Ordinary shares of £1 each
200
200
200
200
"C" Ordinary shares of £1 each
50
50
50
50
"D" Ordinary shares of £1 each
50
50
50
50
1,001
1,001
1,001
1,001
9
Related party transactions
Remuneration of key management personnel
2023
2022
£
£
Aggregate compensation
39,911
37,129
Transactions with related parties

During the year the company entered into the following transactions with related parties:

R H Stamp and Mrs V J Stamp have personally guaranteed the company's bank borrowings.

The amounts owed to the directors are included in the accounts as follows:

£68,047 included in Creditors: amounts falling due within one year.

 

- 8 -
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