2022-11-01 04906104 2023-10-31 04906104 2022-11-01 2023-10-31 04906104 2022-10-31 04906104 2021-11-01 2022-10-31 04906104 uk-core:WithinOneYear 2022-10-31 04906104 uk-core:WithinOneYear 2023-10-31 04906104 uk-core:AfterOneYear 2022-10-31 04906104 uk-core:AfterOneYear 2023-10-31 04906104 uk-core:ShareCapital 2023-10-31 04906104 uk-core:ShareCapital 2022-10-31 04906104 uk-core:RetainedEarningsAccumulatedLosses 2023-10-31 04906104 uk-core:RetainedEarningsAccumulatedLosses 2022-10-31 04906104 uk-bus:Director1 2022-11-01 2023-10-31 04906104 uk-bus:Director2 2022-11-01 2023-10-31 04906104 uk-core:NetGoodwill 2022-11-01 2023-10-31 04906104 uk-core:PlantMachinery 2022-11-01 2023-10-31 04906104 uk-core:CommercialMotorVehicles 2022-11-01 2023-10-31 04906104 uk-core:FurnitureFittings 2022-11-01 2023-10-31 04906104 uk-core:Goodwill 2022-10-31 04906104 uk-core:Goodwill 2023-10-31 04906104 uk-core:CommercialMotorVehicles 2022-10-31 04906104 uk-core:PlantMachinery 2022-10-31 04906104 uk-core:PlantMachinery 2023-10-31 04906104 uk-core:CommercialMotorVehicles 2023-10-31 04906104 uk-core:WithinOneYear 2023-10-31 04906104 uk-core:WithinOneYear 2022-10-31 04906104 uk-core:AfterOneYear uk-core:Secured 2023-10-31 04906104 uk-core:AfterOneYear uk-core:Secured 2022-10-31 iso4217:GBP xbrli:pure 04906104 uk-bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 04906104 uk-bus:FRS102 2022-11-01 2023-10-31 04906104 uk-bus:FilletedAccounts 2022-11-01 2023-10-31 04906104 uk-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31
Richardsons The Sweet People Limited
Registered Number:04906104
For the year ended 31 October 2023
England and Wales
Unaudited Financial Statements
2
For the year ended 31 October 2023
Richardsons The Sweet People Limited
Contents Page
1 to 2
Statement of Financial Position
3 to 7
Notes to the Financial Statements
3
Registered Number :
04906104
As at 31 October 2023
Richardsons The Sweet People Limited
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Property, plant and equipment
6,723
8,781
3
6,723
8,781
Current assets
Inventories
38,646
43,990
4
Trade and other receivables
14,265
19,824
5
55,548
Cash and cash equivalents
37,554
101,368
108,459
Trade and other payables: amounts falling due within
one year
(64,844)
(65,177)
6
43,615
36,191
Net current assets
Total assets less current liabilities
42,914
52,396
Trade and other payables: amounts falling due after
more than one year
(30,100)
(20,092)
7
(947)
(1,222)
Provisions for liabilities
21,875
Net assets
21,074
Capital and reserves
Called up share capital
2
2
Retained earnings
21,873
21,072
21,875
21,074
Shareholders' funds
For the year ended 31 October 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
b) preparing financial statements which give a true and fair view of the state of affairs of the company as
at the end of each financial year and of its profit or loss for each financial year in accordance with the
requirements of Section 394 and 395 and which otherwise comply with the requirements of the
Companies Act 2006 relating to financial statements, so far as applicable to the company.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The 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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Registered Number :
04906104
For the year ended 31 October 2023
Richardsons The Sweet People Limited
Statement of Financial Position Continued
Mr Peter Glen Richardson Director
Mrs Gail Richardson Director
These financial statements were approved and authorised for issue by the Board on 01 July 2024 and were signed by:
The notes form part of these financial statements
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For the year ended 31 October 2023
Richardsons The Sweet People Limited
Notes to the Financial Statements
Statutory Information
Richardsons The Sweet People Limited is a private limited company, limited by shares, domiciled in
England and Wales, registration number 04906104.
Registered address:
10 & 11 Northfield Road
Ilfracombe
Devon
EX34 8AL
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of
Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic
of Ireland'' and the Companies Act 2006. The financial statements have been prepared under the
historical costs convention.
The financial statements are prepared in sterling, which is the functional currency of the company.
Monetory amounts in these financial statements are rounded to nearest £.
It is the opinion of the directors that the accounts are prepared on a going concern basis on the
understanding they will continue to support the company.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when goods are delivered and legal title passes.
Goodwill
Goodwill represents the excess of the cost of acquisition of the business over the fair value of the net assets acquired. It is initially recognised at cost, and subsequently measured at cost less accumulated amortisation and accumulated impairment losses. The goodwill is considered to have a finite useful economic life and is amortised on a systematic basis over its expected life: Goodwill on Acquisition 10 % straight line basis Goodwill on Paperounds acquired 20% straight line basis
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
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For the year ended 31 October 2023
Richardsons The Sweet People Limited
Notes to the Financial Statements Continued
Plant and Machinery
15% Reducing balance
25% Reducing balance
Motor Vehicles
10% Reducing balance
Furniture and Fittings
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. When stocks are sold, the carry amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stock to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
Taxation
Taxation represents the sum of tax currently payable and deferred tax.
The company's liability for current tax is calculated using tax rates that have been enacted or
subsequently enacted by the end of the reporting period.
Deferred tax is recognised on all timing differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding tax bases used in the computation of taxable
profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting periods and
reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow
all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the rates that
are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates
(and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
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7
For the year ended 31 October 2023
Richardsons The Sweet People Limited
Notes to the Financial Statements Continued
2. Intangible fixed assets
Goodwill
Cost or valuation
£
At 01 November 2022
95,772
At 31 October 2023
95,772
Amortisation
At 01 November 2022
95,772
At 31 October 2023
95,772
Net book value
At 31 October 2023
-
At 31 October 2022
-
3. Property, plant and equipment
Total
Motor
Vehicles
Plant and
Machinery
£
£
£
Cost or
valuation
At 01 November 2022
23,956
12,217
11,739
(300)
-
Disposals
(300)
At 31 October 2023
11,739
11,917
23,656
Provision for depreciation and impairment
At 01 November 2022
15,175
5,095
10,080
Charge for year
2,018
1,768
250
(260)
(260)
-
On disposal
At 31 October 2023
16,933
6,603
10,330
At 31 October 2023
Net book value
1,409
5,314
6,723
At 31 October 2022
1,659
7,122
8,781
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For the year ended 31 October 2023
Richardsons The Sweet People Limited
Notes to the Financial Statements Continued
4. Inventories
2022
2023
£
£
Stocks
43,990
38,646
Inventories are valued at the lower of cost and selling price less costs to complete and sell. Cost is defined as the actual cost of materials. Provision is made for obsolete and slow-moving items. In respect of work in progress this is the percentage of any sales contract that has been completed within the year but invoiced after the year end and is based on the sales invoice total.
5. Trade and other receivables
2022
2023
£
£
Trade debtors
15,100
12,422
Other debtors
4,724
1,843
14,265
19,824
6. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Bank loans and overdraft
10,000
10,936
Trade creditors
24,811
18,891
Taxation and social security
8,696
9,723
Other creditors
21,670
25,294
65,177
64,844
7. Trade and other payables: amounts falling due after more than one year
2022
2023
£
£
Bank loans and overdraft
20,092
30,100
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For the year ended 31 October 2023
Richardsons The Sweet People Limited
Notes to the Financial Statements Continued
8. Related party transactions
Transactions with directors
The company rents its premises from the directors Mr & Mrs Richardson for an annual rent of £8,320
per year, all of which was paid in the year with nil owing as at 31 October 2023 (2022 nil). In the
opinion of the directors this is a commercial rent.
The directors continue to support the company by way of their directors' current account as follows:
As at Drawn Introduced As At
01 Nov 22 In Year In Year 31 Oct 23
£ £ £ £
Mr P Richardson 7,366.50 43,157 37,636.50 1,846
Mrs G Richardson 7,366.50 43,157 37,363.50 1,846
9. Average number of persons employed
During the year the average number of employees was 14 (2022 : 10)
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