Registered number
06620738
Rick Connell Limited
Filleted Accounts
30 June 2023
Rick Connell Limited
Registered number: 06620738
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 212,946 211,191
Current assets
Debtors 4 880,004 377,273
Cash at bank and in hand 121,665 326,301
1,001,669 703,574
Creditors: amounts falling due within one year 5 (456,252) (333,425)
Net current assets 545,417 370,149
Total assets less current liabilities 758,363 581,340
Provisions for liabilities (40,460) (40,127)
Net assets 717,903 541,213
Capital and reserves
Called up share capital 100 100
Profit and loss account 717,803 541,113
Shareholder's funds 717,903 541,213
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 member has 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 has not been delivered to the Registrar of Companies.
Richard Paul Connell
Director
Approved by the board on 3 April 2024
Rick Connell Limited
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:
Leasehold land and buildings 10 Years Straight Line
Motor vehicles 25% Straight line
Plant and machinery 15% Reducing balance
Fixtures, fittings, tools and equipment 20% Reducing balance
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 17 17
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 July 2022 6,975 503,594 510,569
Additions - 86,131 86,131
At 30 June 2023 6,975 589,725 596,700
Depreciation
At 1 July 2022 6,975 292,403 299,378
Charge for the year - 84,376 84,376
At 30 June 2023 6,975 376,779 383,754
Net book value
At 30 June 2023 - 212,946 212,946
At 30 June 2022 - 211,191 211,191
4 Debtors 2023 2022
£ £
Trade debtors 340,298 338,549
Other debtors 539,706 38,724
880,004 377,273
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 81,277 81,821
Taxation and social security costs 349,909 232,086
Other creditors 25,066 19,518
456,252 333,425
6 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 71,500 71,500
7 Related party transactions
During the year the company entered into the following transactions with related parties:
2023 2022
£ £
Directors remuneration 73,250 72,500
Mr Richard Connell - DLA Receivable 498,210 473
8 Other information
Rick Connell Limited is a private company limited by shares and incorporated in England. Its registered office is:
Lyndum House
12 High Street
Petersfield
England
GU32 3JG
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