Russell Ham Limited 04615596 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is is that of car sales, servicing and repairs. Digita Accounts Production Advanced 6.30.9574.0 true true 04615596 2023-01-01 2023-12-31 04615596 2023-12-31 04615596 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 04615596 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-12-31 04615596 core:CurrentFinancialInstruments 2023-12-31 04615596 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 04615596 core:Non-currentFinancialInstruments 2023-12-31 04615596 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 04615596 core:Goodwill 2023-12-31 04615596 core:FurnitureFittings 2023-12-31 04615596 core:LandBuildings core:ShortLeaseholdAssets 2023-12-31 04615596 core:MotorVehicles 2023-12-31 04615596 core:OfficeEquipment 2023-12-31 04615596 1 2023-12-31 04615596 bus:SmallEntities 2023-01-01 2023-12-31 04615596 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04615596 bus:FilletedAccounts 2023-01-01 2023-12-31 04615596 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04615596 bus:RegisteredOffice 2023-01-01 2023-12-31 04615596 bus:Director1 2023-01-01 2023-12-31 04615596 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04615596 core:Goodwill 2023-01-01 2023-12-31 04615596 core:ComputerEquipment 2023-01-01 2023-12-31 04615596 core:FurnitureFittings 2023-01-01 2023-12-31 04615596 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 04615596 core:LandBuildings 2023-01-01 2023-12-31 04615596 core:LandBuildings core:ShortLeaseholdAssets 2023-01-01 2023-12-31 04615596 core:MotorVehicles 2023-01-01 2023-12-31 04615596 core:OfficeEquipment 2023-01-01 2023-12-31 04615596 countries:AllCountries 2023-01-01 2023-12-31 04615596 1 2023-01-01 2023-12-31 04615596 2022-12-31 04615596 core:Goodwill 2022-12-31 04615596 core:FurnitureFittings 2022-12-31 04615596 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 04615596 core:MotorVehicles 2022-12-31 04615596 core:OfficeEquipment 2022-12-31 04615596 1 2022-12-31 04615596 2022-01-01 2022-12-31 04615596 2022-12-31 04615596 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 04615596 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-12-31 04615596 core:CurrentFinancialInstruments 2022-12-31 04615596 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 04615596 core:Non-currentFinancialInstruments 2022-12-31 04615596 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 04615596 core:Goodwill 2022-12-31 04615596 core:FurnitureFittings 2022-12-31 04615596 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 04615596 core:MotorVehicles 2022-12-31 04615596 core:OfficeEquipment 2022-12-31 04615596 1 2022-12-31 04615596 1 2022-01-01 2022-12-31 04615596 1 2021-12-31 iso4217:GBP xbrli:pure

Registration number: 04615596

Russell Ham Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Russell Ham Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Russell Ham Limited

(Registration number: 04615596)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

85,444

60,605

 

85,445

60,606

Current assets

 

Stocks

6

262,775

290,027

Debtors

7

43,145

16,128

Cash at bank and in hand

 

36,894

13,742

 

342,814

319,897

Creditors: Amounts falling due within one year

8

(224,937)

(193,678)

Net current assets

 

117,877

126,219

Total assets less current liabilities

 

203,322

186,825

Creditors: Amounts falling due after more than one year

8

(43,117)

(24,014)

Provisions for liabilities

(15,019)

(11,392)

Net assets

 

145,186

151,419

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

145,086

151,319

Shareholders' funds

 

145,186

151,419

 

Russell Ham Limited

(Registration number: 04615596)
Statement of Financial Position as at 31 December 2023 (continued)

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

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 3 July 2024 and signed on its behalf by:
 


N E Higginson
Director

 

Russell Ham Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Russell Ham Service Care
Britannia Garage
4 Wolseley Road
Plymouth
Devon
PL2 3BH

Principal activity

The principal activity of the company is is that of car sales, servicing and repairs.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Russell Ham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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 and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to property

10% Straight Line

Computer equipment

25% Reducing Balance

 

Russell Ham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Fixtures, fittings & equipment

20% Reducing Balance

Motor Vehicles

25% Reducing Balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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 at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Russell Ham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

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 statement of comprehensive income 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Russell Ham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 9).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

50,000

50,000

At 31 December 2023

50,000

50,000

Amortisation

At 1 January 2023

49,999

49,999

At 31 December 2023

49,999

49,999

Carrying amount

At 31 December 2023

1

1

At 31 December 2022

1

1

 

Russell Ham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5

Tangible assets

Improvements to property
£

Fixtures and fittings
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

19,089

112,975

9,641

32,789

174,494

Additions

5,893

2,933

2,090

38,355

49,271

Disposals

-

-

-

(2,789)

(2,789)

At 31 December 2023

24,982

115,908

11,731

68,355

220,976

Depreciation

At 1 January 2023

13,108

82,768

7,761

10,252

113,889

Charge for the year

1,560

6,628

993

15,214

24,395

Eliminated on disposal

-

-

-

(2,752)

(2,752)

At 31 December 2023

14,668

89,396

8,754

22,714

135,532

Carrying amount

At 31 December 2023

10,314

26,512

2,977

45,641

85,444

At 31 December 2022

5,981

30,207

1,880

22,537

60,605

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

262,775

290,027

7

Debtors

2023
£

2022
£

Trade debtors

34,871

15,144

Prepayments

8,274

984

43,145

16,128

 

Russell Ham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

75,303

58,143

Trade creditors

 

61,505

43,294

Taxation and social security

 

14,399

13,355

Accruals and deferred income

 

13,222

12,113

Other creditors

 

60,508

66,773

 

224,937

193,678

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £65,303 (2022 - £48,143).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

43,117

24,014

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £28,116 (2022 - £nil).

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Russell Ham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

15,000

24,014

Hire purchase contracts

28,117

-

43,117

24,014

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

10,000

Bank overdrafts

59,804

48,143

Hire purchase contracts

5,499

-

75,303

58,143

11

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

At 31 December 2023
£

Director

(66,773)

6,265

(60,508)

       
     

 

2022

At 1 January 2022
£

Advances to director
£

At 31 December 2022
£

Director

(36,359)

(30,414)

(66,773)