Company registration number 00723348 (England and Wales)
RICHARD HARTLEY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
RICHARD HARTLEY LIMITED
COMPANY INFORMATION
Directors
Mr R S Hartley
Mr M D Hartley
Mrs A T Hartley
Mrs R M Hartley
Mr R J Hartley
Mrs R Hartley
Miss V L Hartley
Secretary
Mr M D Hartley
Company number
00723348
Registered office
Simonsfield House
Upper Milton
Milton Under Wychwood
Oxfordshire
United Kingdom
OX7 6EX
Accountants
Ellacotts LLP
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
RICHARD HARTLEY LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
RICHARD HARTLEY LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF RICHARD HARTLEY LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Richard Hartley Limited for the year ended 31 December 2023 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity, the Cash Flow Statement and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Richard Hartley Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Richard Hartley Limited and state those matters that we have agreed to state to the Board of Directors of Richard Hartley Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at icaew.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Richard Hartley Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Richard Hartley Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Richard Hartley Limited. You consider that Richard Hartley Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Richard Hartley Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ellacotts LLP
Chartered Accountants
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
Date:
12 August 2024
RICHARD HARTLEY LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
5,947,436
5,688,728
Investment property
6
1,430,000
1,430,000
Investments
7
109,932
109,932
7,487,368
7,228,660
Current assets
Stocks
401,361
493,032
Debtors
8
361,728
341,790
Cash at bank and in hand
75,750
281,078
838,839
1,115,900
Creditors: amounts falling due within one year
9
(458,276)
(514,695)
Net current assets
380,563
601,205
Total assets less current liabilities
7,867,931
7,829,865
Creditors: amounts falling due after more than one year
10
(270,174)
(329,135)
Provisions for liabilities
(353,293)
(349,187)
Net assets
7,244,464
7,151,543
Capital and reserves
Called up share capital
11
33,000
33,000
Revaluation reserve
1,403,282
1,403,282
Other reserves
25,420
25,420
Profit and loss reserves
5,782,762
5,689,841
Total equity
7,244,464
7,151,543
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 31 December 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.
RICHARD HARTLEY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 4 July 2024 and are signed on its behalf by:
Mr R S Hartley
Director
Company registration number 00723348 (England and Wales)
RICHARD HARTLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2
Accounting policies
Company information
Richard Hartley Limited is a private company limited by shares incorporated in England and Wales. The registered office is given in the company information page.
2.1
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 £.
2.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
2.3
Intangible fixed assets
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:
Basic Payment Scheme entitlements
3 years on a straight line basis
RICHARD HARTLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 5 -
2.4
Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Freehold property
Nil to 10% reducing balance
Plant and machinery
10% reducing balance
Fixtures, fittings and equipment
10% reducing balance
Motor vehicles, tractors, combines and balers
25% reducing balance
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.
2.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
2.6
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.
2.7
Cash at bank and in hand
Cash at bank and in hand 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.
2.8
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
RICHARD HARTLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 6 -
2.9
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2.12
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
11
11
RICHARD HARTLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Intangible fixed assets
Basic Payment Scheme entitlements
£
Cost
At 1 January 2023 and 31 December 2023
1,536
Amortisation and impairment
At 1 January 2023 and 31 December 2023
1,536
Carrying amount
At 31 December 2023
At 31 December 2022
5
Tangible fixed assets
Freehold property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles, tractors, combines and balers
Total
£
£
£
£
£
Cost
At 1 January 2023
5,388,650
1,332,773
178,400
405,445
7,305,268
Additions
305,241
19,501
17,716
342,458
At 31 December 2023
5,693,891
1,352,274
196,116
405,445
7,647,726
Depreciation and impairment
At 1 January 2023
282,792
989,797
36,034
307,917
1,616,540
Depreciation charged in the year
7,114
36,245
16,008
24,383
83,750
At 31 December 2023
289,906
1,026,042
52,042
332,300
1,700,290
Carrying amount
At 31 December 2023
5,403,985
326,232
144,074
73,145
5,947,436
At 31 December 2022
5,105,858
342,976
142,366
97,528
5,688,728
6
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
1,430,000
The investment properties were valued by the directors of Richard Hartley Limited on 8 March 2017 on the basis of market value at 31 December 2016. The directors consider that these valuations still applied as at 31 December 2023.
RICHARD HARTLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
7
Fixed asset investments
2023
2022
£
£
Other investments other than loans
109,932
109,932
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
203,844
180,109
Corporation tax recoverable
50,824
Other debtors
157,884
110,857
361,728
341,790
9
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
18,725
Trade creditors
48,973
43,379
Other taxation and social security
2,726
6,562
Dividends payable
15,480
13,480
Other creditors
376,750
417,770
Accruals and deferred income
14,347
14,779
458,276
514,695
Net obligations under finance leases and hire purchase contracts falling due within one year amounting to £Nil (2022 - £18,725) are secured against the assets to which they relate.
10
Creditors: amounts falling due after more than one year
2023
2022
£
£
Directors' loan accounts
270,174
329,135
RICHARD HARTLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
22,498
22,498
22,498
22,498
Ordinary A Class of £1 each
5,000
5,000
5,000
5,000
Ordinary B Class of £1 each
1,375
1,375
1,375
1,375
Ordinary C Class of £1 each
1,376
1,376
1,376
1,376
Ordinary D Class of £1 each
1,375
1,375
1,375
1,375
Ordinary E Class of £1 each
1,376
1,376
1,376
1,376
33,000
33,000
33,000
33,000
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
39,100
39,100
13
Directors' transactions
Dividends totalling £9,249 (2022 - £118,745) were paid in the year in respect of shares held by the company's directors.
As at 31 December 2023 Richard Hartley Limited owed £270,175 to the directors (2022 - £329,134).
As at 31 December 2023, three of the directors' loan accounts became overdrawn by £37,861. The loans were repaid before the year end. Richard Hartley Limited charges interest at the HM Revenue & Customs official rate of interest of 2% for period up to 5 April 2023, and 2.5% after 6 April 2023 on overdrawn directors' loan account balances.
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