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Registration number: 04396362

Radbournes Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Radbournes Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

Radbournes Limited

(Registration number: 04396362)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,288,282

855,590

Other financial assets

6

47,005

47,005

 

1,335,287

902,595

Current assets

 

Stocks

7

238,009

261,405

Debtors

8

1,071,158

825,695

Cash at bank and in hand

 

1,922,240

2,443,249

 

3,231,407

3,530,349

Creditors: Amounts falling due within one year

9

(1,115,444)

(1,201,838)

Net current assets

 

2,115,963

2,328,511

Total assets less current liabilities

 

3,451,250

3,231,106

Provisions for liabilities

(222,789)

(139,389)

Net assets

 

3,228,461

3,091,717

Capital and reserves

 

Called up share capital

10

500

500

Retained earnings

3,227,961

3,091,217

Shareholders' funds

 

3,228,461

3,091,717

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.

 

Radbournes Limited

(Registration number: 04396362)
Balance Sheet as at 31 December 2023
(continued)

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 18 April 2024 and signed on its behalf by:
 

.........................................
Mr Christopher Radbourne
Company secretary and director

 

Radbournes 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.

The address of its registered office is:
Reynard Close
Chapel Road
Rotherwas Hereford
Herefordshire
HR2 6JH

These financial statements were authorised for issue by the Board on 18 April 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.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.

Tax

Taxation represents the sum of tax currently payable and deferred tax.

 

Radbournes Limited

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

2

Accounting policies (continued)

The company's liability for current tax is calculated using tax rates that have been enacted or substantially enacted by the end of the reporting period.

Deferred tax is recognised on all 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. 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. 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 substantially enacted by the end of the reporting period.

Depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives at the following rates:

Asset class

Depreciation method and rate

Motor vehicles

20% of written down value per annum

Plant and machinery

20% of cost per annum

Fixtures and fittings

20% of cost per annum

Computer equipment

33% of cost per annum

Property improvements

4% of cost per annum

Goodwill

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life which in the opinion of the directors is three years.

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

Computer software

33% Straight line

 

Radbournes Limited

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

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit and loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2022 - 29).

 

 

Radbournes Limited

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

4

Intangible assets

Software
£

Total
£

Cost or valuation

At 1 January 2023

2,950

2,950

At 31 December 2023

2,950

2,950

Amortisation

At 1 January 2023

2,950

2,950

At 31 December 2023

2,950

2,950

Carrying amount

At 31 December 2023

-

-

 

Radbournes Limited

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

5

Tangible assets

Freehold property improvements
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 January 2023

129,745

65,054

341,592

14,269

Additions

-

-

194,601

5,729

Disposals

-

-

(112,600)

(536)

At 31 December 2023

129,745

65,054

423,593

19,462

Depreciation

At 1 January 2023

25,573

62,335

282,202

10,356

Charge for the year

5,190

2,666

46,127

2,405

Eliminated on disposal

-

-

(105,240)

(473)

At 31 December 2023

30,763

65,001

223,089

12,288

Carrying amount

At 31 December 2023

98,982

53

200,504

7,174

At 31 December 2022

104,172

2,719

59,390

3,913

 

Radbournes Limited

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

5

Tangible assets (continued)

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

1,674,223

2,224,883

Additions

520,949

721,279

Disposals

(384,295)

(497,431)

At 31 December 2023

1,810,877

2,448,731

Depreciation

At 1 January 2023

988,827

1,369,293

Charge for the year

139,847

196,235

Eliminated on disposal

(299,366)

(405,079)

At 31 December 2023

829,308

1,160,449

Carrying amount

At 31 December 2023

981,569

1,288,282

At 31 December 2022

685,396

855,590

Included within the net book value of land and buildings above is £98,982 (2022 - £104,172) in respect of freehold land and buildings.
 

 

Radbournes Limited

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

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

47,005

47,005

At 31 December 2023

47,005

47,005

Impairment

Carrying amount

At 31 December 2023

47,005

47,005

The investment comprises of stocks, bonds and shares held through the London Stock Exchange and is managed on behalf of the company by EFG Harris Allday, an independent brokerage firm.
 

7

Stocks

2023
£

2022
£

Other inventories

238,009

261,405

 

Radbournes Limited

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

8

Debtors

2023
£

2022
£

Trade debtors

1,055,720

818,324

Prepayments

10,438

6,871

Other debtors

5,000

500

1,071,158

825,695

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

879,786

841,296

Taxation and social security

25,721

158,113

Accruals and deferred income

23,743

11,740

Other creditors

186,194

190,689

1,115,444

1,201,838

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Share of £1 each

500

500

500

500

         
 

Radbournes Limited

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

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £50,000 (2022 - £50,000).

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £160,000 (2022 - £140,104). The company operates defined contribution schemes on behalf of its directors and employees. The assets of the schemes are held separately from those of the company in independently administered funds.

12

Related party transactions

Mr C Radbourne and Mr A Radbourne, directors and shareholders, charged the company rent of £50,000 (2022 - £50,000) for use of the yard, land and freehold building for the year ended 31 December 2023.

The above transactions were in the normal course of business and were conducted on an at arms length basis.