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COMPANY REGISTRATION NUMBER: 06403494
RICHARDSON CLADDINGS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 October 2023
RICHARDSON CLADDINGS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2023
CONTENTS
PAGE
Statement of financial position
1
Notes to the financial statements
3
RICHARDSON CLADDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
31 October 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
99,064
68,443
CURRENT ASSETS
Stocks
10,570
10,135
Debtors
6
466,445
494,144
Cash at bank and in hand
121,601
----------
----------
598,616
504,279
CREDITORS: amounts falling due within one year
7
193,449
233,802
----------
----------
NET CURRENT ASSETS
405,167
270,477
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
504,231
338,920
CREDITORS: amounts falling due after more than one year
8
49,284
46,999
----------
----------
NET ASSETS
454,947
291,921
----------
----------
RICHARDSON CLADDINGS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 October 2023
2023
2022
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
454,847
291,821
----------
----------
SHAREHOLDERS FUNDS
454,947
291,921
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 22 July 2024 , and are signed on behalf of the board by:
Mr J Richardson
Director
Company registration number: 06403494
RICHARDSON CLADDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Equitable House, 55 Pellon Lane, Halifax, West Yorkshire, HX1 5SP.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and equipment
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2022: 3 ).
5. TANGIBLE ASSETS
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 November 2022
20,658
76,698
97,356
Additions
8,482
89,954
98,436
Disposals
( 69,998)
( 69,998)
---------
---------
----------
At 31 October 2023
29,140
96,654
125,794
---------
---------
----------
Depreciation
At 1 November 2022
12,924
15,989
28,913
Charge for the year
2,231
17,005
19,236
Disposals
( 21,419)
( 21,419)
---------
---------
----------
At 31 October 2023
15,155
11,575
26,730
---------
---------
----------
Carrying amount
At 31 October 2023
13,985
85,079
99,064
---------
---------
----------
At 31 October 2022
7,734
60,709
68,443
---------
---------
----------
6. DEBTORS
2023
2022
£
£
Trade debtors
391,151
458,244
Other debtors
75,294
35,900
----------
----------
466,445
494,144
----------
----------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,025
6,364
Trade creditors
43,122
144,606
Corporation tax
108,191
34,366
Social security and other taxes
13,677
Other creditors
36,111
34,789
----------
----------
193,449
233,802
----------
----------
The following liabilities disclosed under creditors falling due within one year are secured by the company:
2023
2022
£
£
Hire purchase agreement
20,757
20,999
---------
---------
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
9,500
15,500
Other creditors
39,784
31,499
---------
---------
49,284
46,999
---------
---------
The following liabilities disclosed under creditors falling due after more than one year are secured by the company:
2023
2022
£
£
Hire purchase agreement
39,784
31,499
---------
---------
9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The directors loan account was in credit throughout the year. The loan is repayable on demand and no interest is charged.