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Registration number: 07861897

N Richardson Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

N Richardson Ltd

Contents


 

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

N Richardson Ltd

Registration number: 07861897

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

21,406

31,130

Current assets

 

Stocks

6

242,966

243,574

Debtors

7

52,884

39,893

Cash at bank and in hand

 

95,544

5,193

 

391,394

288,660

Creditors: Amounts falling due within one year

8

(355,891)

(347,727)

Net current assets/(liabilities)

 

35,503

(59,067)

Total assets less current liabilities

 

56,909

(27,937)

Creditors: Amounts falling due after more than one year

8

(22,174)

(31,597)

Provisions for liabilities

(606)

-

Net assets/(liabilities)

 

34,129

(59,534)

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

34,127

(59,536)

Shareholders' funds/(deficit)

 

34,129

(59,534)



The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

 

N Richardson Ltd

Registration number: 07861897

Balance Sheet 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 Profit and Loss Account.

Approved and authorised by the Board on 8 August 2024 and signed on its behalf by:
 

N J Richardson
Director

N Richardson
Director

 
     

 

N Richardson Ltd

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 and Wales.

The address of its registered office is:
Kimberley
Bradfield Road
Southrepps
Norwich
Norfolk
NR11 8UJ
England

The principal place of business is:
Hangar Dairy
Oulton Street
Norfolk
NR11 6QZ

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

 

N Richardson Ltd

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

2

Accounting policies (continued)

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises 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.

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 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.

 

N Richardson Ltd

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

2

Accounting policies (continued)

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

Plant and machinery

25% straight line

Motor vehicles

25% on reducing balance

Office equipment

20% on reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

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.

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.

 

N Richardson Ltd

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

3

Staff numbers

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

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

6,663

10,026

 

N Richardson Ltd

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

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

4,313

13,667

70,646

22,925

111,551

Additions

-

580

-

962

1,542

Disposals

-

-

(6,695)

-

(6,695)

At 31 December 2023

4,313

14,247

63,951

23,887

106,398

Depreciation

At 1 January 2023

3,535

7,333

52,103

17,450

80,421

Charge for the year

431

1,327

3,486

1,419

6,663

Eliminated on disposal

-

-

(2,092)

-

(2,092)

At 31 December 2023

3,966

8,660

53,497

18,869

84,992

Carrying amount

At 31 December 2023

347

5,587

10,454

5,018

21,406

At 31 December 2022

778

6,334

18,543

5,475

31,130

Included within the net book value of land and buildings above is £347 (2022 - £778) in respect of short leasehold land and buildings.
 

 

N Richardson Ltd

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

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

242,966

243,574

7

Debtors

Current

2023
£

2022
£

Trade debtors

49,190

16,068

Prepayments

3,694

2,501

Other debtors

-

21,324

 

52,884

39,893

 

N Richardson Ltd

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

 

Bank loans and overdrafts

10,326

11,769

Trade creditors

 

250,203

210,347

Directors loan account

41,953

90,388

Taxation and social security

 

18,172

18,217

Other creditors

 

35,237

17,006

 

355,891

347,727

Due after one year

 

Loans and borrowings

22,174

31,597

Hire purchase contracts and stocking plans are secured over the related asset.

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

2

2

2

2