REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 September 2023 |
for |
FRANK RIVETT & SONS (FUNERAL DIRECTORS) |
LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 September 2023 |
for |
FRANK RIVETT & SONS (FUNERAL DIRECTORS) |
LIMITED |
FRANK RIVETT & SONS (FUNERAL DIRECTORS) |
LIMITED (REGISTERED NUMBER: 00960009) |
Contents of the Financial Statements |
for the year ended 30 September 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
FRANK RIVETT & SONS (FUNERAL DIRECTORS) |
LIMITED |
Company Information |
for the year ended 30 September 2023 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
3rd Floor |
Marlborough House |
298 Regents Park Road |
Finchley |
London |
N3 2SZ |
FRANK RIVETT & SONS (FUNERAL DIRECTORS) |
LIMITED (REGISTERED NUMBER: 00960009) |
Balance Sheet |
30 September 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 6 |
Net current (liabilities)/assets | ( |
) |
Total assets less current liabilities |
Provisions for liabilities |
Net assets |
Capital and reserves |
Called up share capital | 8 |
Share premium |
Revaluation reserve | 9 |
Capital redemption reserve |
Retained earnings |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
FRANK RIVETT & SONS (FUNERAL DIRECTORS) |
LIMITED (REGISTERED NUMBER: 00960009) |
Balance Sheet - continued |
30 September 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
FRANK RIVETT & SONS (FUNERAL DIRECTORS) |
LIMITED (REGISTERED NUMBER: 00960009) |
Notes to the Financial Statements |
for the year ended 30 September 2023 |
1. | Statutory information |
Frank Rivett & Sons (Funeral Directors) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets. |
There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed off. |
There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable. |
There is estimation uncertainty in calculating stock provisions. A full line by line review of stock is carried out at the end of each month. Whilst every attempt is made to ensure that the stock provisions are as accurate as possible, there remains a risk that the provisions do not match the level of stock which ultimately prove to be obsolete. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
FRANK RIVETT & SONS (FUNERAL DIRECTORS) |
LIMITED (REGISTERED NUMBER: 00960009) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2023 |
2. | Accounting policies - continued |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are integral part of the company’s cash management. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
FRANK RIVETT & SONS (FUNERAL DIRECTORS) |
LIMITED (REGISTERED NUMBER: 00960009) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2023 |
2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Freehold property |
Freehold properties are included in the balance sheet at their open market value and the aggregate surplus or deficit is transferred to the revaluation reserve. No depreciation is provided. |
3. | Employees and directors |
The average number of employees during the year was |
FRANK RIVETT & SONS (FUNERAL DIRECTORS) |
LIMITED (REGISTERED NUMBER: 00960009) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2023 |
4. | Tangible fixed assets |
Freehold | Improvements | Plant and |
property | to property | machinery |
£ | £ | £ |
Cost or valuation |
At 1 October 2022 |
Additions |
Disposals |
At 30 September 2023 |
Depreciation |
At 1 October 2022 |
Charge for year |
Eliminated on disposal |
At 30 September 2023 |
Net book value |
At 30 September 2023 |
At 30 September 2022 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
Cost or valuation |
At 1 October 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 September 2023 |
Depreciation |
At 1 October 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 September 2023 |
Net book value |
At 30 September 2023 |
At 30 September 2022 |
FRANK RIVETT & SONS (FUNERAL DIRECTORS) |
LIMITED (REGISTERED NUMBER: 00960009) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2023 |
4. | Tangible fixed assets - continued |
Cost or valuation at 30 September 2023 is represented by: |
Freehold | Improvements | Plant and |
property | to property | machinery |
£ | £ | £ |
Valuation in 2017 | 233,067 | - | - |
Cost | 243,793 | 381,237 | 81,048 |
476,860 | 381,237 | 81,048 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
Valuation in 2017 | - | - | 233,067 |
Cost | 219,144 | 250,155 | 1,175,377 |
219,144 | 250,155 | 1,408,444 |
The directors have revalued freehold property to £476,860 on 30 September 2017 and consider this to be the value as on 30 September 2023 as well. |
Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows: |
Motor |
vehicles |
£ |
Cost or valuation |
At 1 October 2022 |
and 30 September 2023 |
Depreciation |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
Net book value |
At 30 September 2023 |
At 30 September 2022 |
FRANK RIVETT & SONS (FUNERAL DIRECTORS) |
LIMITED (REGISTERED NUMBER: 00960009) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2023 |
5. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
Bank overdrafts and bank loans are secured by way of fixed and floating charge over the company's assets and undertaking. |
7. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 3,157 | 3,157 |
9. | Reserves |
Revaluation |
reserve |
£ |
At 1 October 2022 |
and 30 September 2023 |