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Registration number: 10410468

Flames of Richmond Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Flames of Richmond Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Flames of Richmond Limited

Company Information

Director

Mr James Michael Hill

Company secretary

Ms Alexandra Katherine Hall

Registered office

24 Richmond Hill
Richmond
Surrey
TW10 6QX

Accountants

Neil Wilson Accountancy Limited
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

 

Flames of Richmond Limited

(Registration number: 10410468)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

9,000

12,000

Tangible assets

5

18,578

22,614

 

27,578

34,614

Current assets

 

Stocks

6

101,604

93,006

Debtors

7

18,330

31,901

Cash at bank and in hand

 

40,475

57,832

 

160,409

182,739

Creditors: Amounts falling due within one year

8

(133,132)

(196,564)

Net current assets/(liabilities)

 

27,277

(13,825)

Net assets

 

54,855

20,789

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

54,853

20,787

Shareholders' funds

 

54,855

20,789

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 July 2024
 

.........................................
Mr James Michael Hill
Director

 

Flames of Richmond Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
24 Richmond Hill
Richmond
Surrey
TW10 6QX
United Kingdom

These financial statements were authorised for issue by the director on 25 July 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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Flames of Richmond Limited

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

25% reducing balance

Furniture and fittings

25% reducing balance

Motor Vehicles

25% reducing balance

Leasehold improvements

10% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

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.

 

Flames of Richmond Limited

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

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Flames of Richmond Limited

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 6).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

30,000

30,000

At 31 October 2023

30,000

30,000

Amortisation

At 1 November 2022

18,000

18,000

Amortisation charge

3,000

3,000

At 31 October 2023

21,000

21,000

Carrying amount

At 31 October 2023

9,000

9,000

At 31 October 2022

12,000

12,000

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

21,566

3,608

24,070

49,244

At 31 October 2023

21,566

3,608

24,070

49,244

Depreciation

At 1 November 2022

6,471

2,954

17,205

26,630

Charge for the year

2,157

163

1,716

4,036

At 31 October 2023

8,628

3,117

18,921

30,666

Carrying amount

At 31 October 2023

12,938

491

5,149

18,578

At 31 October 2022

15,095

654

6,865

22,614

Included within the net book value of land and buildings above is £12,938 (2022 - £15,095) in respect of long leasehold land and buildings.
 

 

Flames of Richmond Limited

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

6

Stocks

2023
£

2022
£

Other inventories

101,604

93,006

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

-

6,668

Amounts owed by related parties

12

5,826

6,126

Prepayments

 

375

915

Other debtors

 

12,129

18,192

   

18,330

31,901

 

Flames of Richmond Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

44,181

50,932

Taxation and social security

 

18,574

35,400

Accruals and deferred income

 

5,865

3,015

Other creditors

 

64,512

107,217

 

133,132

196,564

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

25,672

35,827

Bank overdrafts

983

-

Other borrowings

17,526

15,105

44,181

50,932

11

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £2,000.00 (2022 - £4,000.00) per ordinary share

 

2,000

 

4,000

         

 

Flames of Richmond Limited

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

12

Related party transactions

Transactions with the director

2023

At 1 November 2022
£

Advances to director
£

At 31 October 2023
£

Mr James Michael Hill

Mr James Hill

(108,465)

43,953

(64,512)

       
     

 

2022

At 1 November 2021
£

Repayments by director
£

At 31 October 2022
£

Mr James Michael Hill

Mr James Hill

(99,443)

(9,022)

(108,465)

       
     

 

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,570

14,183

Contributions paid to money purchase schemes

3,368

289

15,938

14,472

Dividends paid to the director

   

2023
£

 

2022
£

Mr James Michael Hill

       

Mr James Hill

 

1,000

 

2,000