Company registration number 04130728 (England and Wales)
GRAHAM RICHARDSON & SON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
11 De Grey Square
De Grey Road
Colchester
Essex
CO4 5YQ
GRAHAM RICHARDSON & SON LIMITED
CONTENTS
Page
Company information
Accountants' report
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
The following pages do not form part of the financial statements
Detailed profit and loss account
GRAHAM RICHARDSON & SON LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
283,014
285,741
Current assets
Stocks
104,284
125,024
Debtors
4
226,042
278,002
Cash at bank and in hand
180,766
29,186
511,092
432,212
Creditors: amounts falling due within one year
5
(381,590)
(389,190)
Net current assets
129,502
43,022
Total assets less current liabilities
412,516
328,763
Creditors: amounts falling due after more than one year
6
(227,973)
(258,923)
Provisions for liabilities
(1,461)
(373)
Net assets
183,082
69,467
Capital and reserves
Called up share capital
7
50,000
50,000
Non-distributable profits reserve
8
73,136
76,619
Profit and loss reserves
59,946
(57,152)
Total equity
183,082
69,467
GRAHAM RICHARDSON & SON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

The financial statements were approved and signed by the director and authorised for issue on 22 August 2024
Mr M L Richardson
Director
Company Registration No. 04130728
GRAHAM RICHARDSON & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Graham Richardson & Son Limited is a private company limited by shares incorporated in England and Wales. The registered office is Grange Way, Whitehall Road Industrial Estate, Colchester, Essex, CO2 8HG.

1.1
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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation 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:

Leasehold land and buildings
Over lease term
Plant and equipment
20% reducing balance
Motor vehicles
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.

1.4
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.

GRAHAM RICHARDSON & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Cash at bank and in hand

Cash and cash equivalents 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.

1.6
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.

1.7
Leases

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.

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.

GRAHAM RICHARDSON & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
24
22
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
350,000
174,587
524,587
Additions
-
0
21,815
21,815
Disposals
-
0
(7,000)
(7,000)
At 31 March 2024
350,000
189,402
539,402
Depreciation and impairment
At 1 April 2023
84,414
154,432
238,846
Depreciation charged in the year
12,069
5,473
17,542
At 31 March 2024
96,483
159,905
256,388
Carrying amount
At 31 March 2024
253,517
29,497
283,014
At 31 March 2023
265,586
20,155
285,741
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
210,914
263,023
Other debtors
15,128
14,979
226,042
278,002
GRAHAM RICHARDSON & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
23,336
39,004
Trade creditors
221,439
235,300
Corporation tax
27,744
2
Other taxation and social security
61,316
57,139
Other creditors
47,755
57,745
381,590
389,190

The bank financing is secured by a fixed and floating charge over the undertaking and all assets belonging to the company. The director has also provided a personal guarantee.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
227,973
242,985
Other creditors
-
0
15,938
227,973
258,923

The bank financing is secured by a fixed and floating charge over the undertaking and all assets belonging to it. The director has also provided a personal guarantee.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
167,498
200,117
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
50,000
50,000
50,000
50,000
GRAHAM RICHARDSON & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
Revaluation reserve
2024
2023
£
£
At the beginning of the year
76,619
80,102
Transfer to retained earnings
(3,483)
(3,483)
At the end of the year
73,136
76,619
9
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:

2024
2023
£
£
40,404
33,348
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