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Filleted

Registration number: 12312311

Richards Distributions Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Richards Distributions Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Richards Distributions Ltd

Company Information

Director

Mr G A Richards

Registered office

Buzzards View
Croesyceiliog
Carmarthen
Carmarthenshire
SA32 8DP

 

Richards Distributions Ltd

(Registration number: 12312311)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

-

141,250

Tangible assets

6

13,718

16,919

 

13,718

158,169

Current assets

 

Stocks

7

42,176

50,479

Debtors

8

305,567

330,833

Cash at bank and in hand

 

109,785

145,222

 

457,528

526,534

Creditors: Amounts falling due within one year

9

(374,064)

(605,597)

Net current assets/(liabilities)

 

83,464

(79,063)

Total assets less current liabilities

 

97,182

79,106

Creditors: Amounts falling due after more than one year

9

(13,075)

(23,641)

Provisions for liabilities

(3,430)

(3,215)

Net assets

 

80,677

52,250

Capital and reserves

 

Called up share capital

2

1

Profit and loss account

80,675

52,249

Total equity

 

80,677

52,250

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.

 

Richards Distributions Ltd

(Registration number: 12312311)
Balance Sheet as at 30 November 2023

Approved and authorised by the director on 14 August 2024
 

.........................................
Mr G A Richards
Director

   
     
 

Richards Distributions Ltd

Notes to the Financial Statements for the Year Ended 30 November 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:
Buzzards View
Croesyceiliog
Carmarthen
Carmarthenshire
SA32 8DP

These financial statements were authorised for issue by the director on 14 August 2024.

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.

Going concern

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

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.

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.

 

Richards Distributions Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

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.

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

20% Reducing Balance

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 on hand and call deposits, 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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

 

Richards Distributions Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 balance sheet as a finance lease obligation.

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Richards Distributions Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 5).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

3,417

4,230

Amortisation expense

-

8,750

5

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 December 2022

150,000

150,000

Disposals

(150,000)

(150,000)

At 30 November 2023

-

-

Amortisation

At 1 December 2022

8,750

8,750

Amortisation eliminated on disposals

(8,750)

(8,750)

At 30 November 2023

-

-

Carrying amount

At 30 November 2023

-

-

At 30 November 2022

141,250

141,250

 

Richards Distributions Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

6

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2022

32,463

32,463

Additions

215

215

At 30 November 2023

32,678

32,678

Depreciation

At 1 December 2022

15,544

15,544

Charge for the year

3,416

3,416

At 30 November 2023

18,960

18,960

Carrying amount

At 30 November 2023

13,718

13,718

At 30 November 2022

16,919

16,919

7

Stocks

2023
£

2022
£

Other inventories

42,176

50,479

8

Debtors

Note

2023
£

2022
£

Trade debtors

 

181,851

330,833

Amounts owed by group undertakings and undertakings in which the company has a participating interest

12

52,683

-

Other debtors

 

71,033

-

 

305,567

330,833

 

Richards Distributions Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

11

135,554

255,227

Trade creditors

 

131,533

176,737

Taxation and social security

 

29,152

78,909

Other related parties

 

-

8,389

Outstanding defined contribution pension costs

 

-

2,375

Corporation tax liability

 

64,366

73,307

Other creditors

 

13,459

10,653

 

374,064

605,597

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

13,075

23,641

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

A Ordinary of £1 (2022 - £0) each

1

1

-

-

 

2

2

1

1

 

Richards Distributions Ltd

Notes to the Financial Statements for the Year Ended 30 November 2023

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

12,667

20,666

HP and finance lease liabilities

408

2,975

13,075

23,641

2023
£

2022
£

Current loans and borrowings

Bank borrowings

8,000

8,000

HP and finance lease liabilities

2,566

2,566

Other borrowings

124,988

244,661

135,554

255,227

12

Related party transactions

Transactions with directors

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Mr G A Richards

Interest free loan repayable on demand

(8,389)

150,939

(121,518)

21,032

         
       

 

2022

At 1 December 2021
£

Advances to director
£

Repayments by director
£

At 30 November 2022
£

Mr G A Richards

Interest free loan repayable on demand

(815)

73,400

(80,974)

(8,389)

         
       

 

Summary of transactions with other related parties

CFK Gym Limited
 At the balance sheet date £52,683.28 was owed from CFK Gym Limited (2022: £0)