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Registered number: 04742195
Richards Funeral Services Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Pecuniary Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04742195
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 363,318 415,028
363,318 415,028
CURRENT ASSETS
Stocks 6 39,973 31,957
Debtors 7 272,328 275,882
Cash at bank and in hand 443,199 267,344
755,500 575,183
Creditors: Amounts Falling Due Within One Year 8 (230,847 ) (136,028 )
NET CURRENT ASSETS (LIABILITIES) 524,653 439,155
TOTAL ASSETS LESS CURRENT LIABILITIES 887,971 854,183
Creditors: Amounts Falling Due After More Than One Year 9 (44,361 ) (105,768 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (87,009 ) (86,675 )
NET ASSETS 756,601 661,740
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 756,501 661,640
SHAREHOLDERS' FUNDS 756,601 661,740
Page 1
Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J J Richards
Director
12/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Richards Funeral Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04742195 . The registered office is 74 Harriet Street, Aberdare, Mid Glamorgan, CF44 8PL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% on cost
Motor Vehicles at varying rates on cost
Fixtures & Fittings 15% on cost
Computer Equipment 15% on cost
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
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2.7. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 6)
6 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 230,003
As at 31 May 2024 230,003
Amortisation
As at 1 June 2023 230,003
As at 31 May 2024 230,003
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 June 2023 20,110 461,494 94,756 34,049 610,409
Additions 1,025 12,000 (1,025 ) 3,757 15,757
As at 31 May 2024 21,135 473,494 93,731 37,806 626,166
Depreciation
As at 1 June 2023 7,047 104,945 58,246 25,143 195,381
Provided during the period 2,259 53,449 9,729 2,030 67,467
As at 31 May 2024 9,306 158,394 67,975 27,173 262,848
Net Book Value
As at 31 May 2024 11,829 315,100 25,756 10,633 363,318
As at 1 June 2023 13,063 356,549 36,510 8,906 415,028
6. Stocks
2024 2023
£ £
Stocks 39,973 31,957
Page 4
Page 5
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 202,328 205,882
Other debtors 70,000 70,000
272,328 275,882
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 50,000 50,000
Trade creditors 71,371 58,590
Corporation tax 72,952 -
Other taxes and social security 7,340 2,444
Accruals and deferred income 26,735 20,330
Directors' loan accounts 2,449 4,664
230,847 136,028
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 12,499 62,499
Prepaid funerals 31,862 43,269
44,361 105,768
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 55,666 55,666
Later than one year and not later than five years 13,916 69,582
69,582 125,248
Less: Finance charges allocated to future periods 7,083 12,749
62,499 112,499
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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