Richard James (West Swindon) Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 07736974 (England and Wales)
Richard James (West Swindon) Limited
Company Information
Directors
R James
A J Hornby
Company number
07736974
Registered office
Gemini House
Groundswell Industrial Estate
Hargreaves Road
Swindon
Wiltshire
United Kingdom
SN25 5AZ
Accountants
Moore Kingston Smith LLP
The Shipping Building
The Old Vinyl Factory
Blyth Road
Hayes
London
UB3 1HA
Business address
Lucena House
Shaw Village Centre
Swindon
Wiltshire
SN5 5PY
Richard James (West Swindon) Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Richard James (West Swindon) Limited
Balance Sheet
As at 31 December 2023
31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
-
0
Tangible assets
4
3,182
3,905
3,182
3,905
Current assets
Debtors
5
83,570
92,246
Cash at bank and in hand
222,257
181,450
305,827
273,696
Creditors: amounts falling due within one year
6
(89,023)
(117,018)
Net current assets
216,804
156,678
Total assets less current liabilities
219,986
160,583
Provisions for liabilities
(796)
-
0
Net assets
219,190
160,583
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
219,090
160,483
Total equity
219,190
160,583

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

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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.

Richard James (West Swindon) Limited
Balance Sheet (Continued)
As at 31 December 2023
31 December 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 12 September 2024 and are signed on its behalf by:
R James
A J Hornby
Director
Director
Company Registration No. 07736974
Richard James (West Swindon) Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 3
1
Accounting policies
Company information

Richard James (West Swindon) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gemini House, Groundswell Industrial Estate, Hargreaves Road, Swindon, Wiltshire, United Kingdom, SN25 5AZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section1A 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 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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover, which excludes VAT, comprises commissions and fees receivable. Commissions earned on sales of property is recognised on exchange of contracts.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
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:

Office equipment
-25% straight line method
Fixtures and fittings
-25% straight line method
Property Improvements
-25% straight line method

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.

Richard James (West Swindon) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

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.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Richard James (West Swindon) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 5
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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.

Richard James (West Swindon) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 6
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
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.

2
Employees

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

2023
2022
Number
Number
Total
6
8
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
10,000
Amortisation and impairment
At 1 January 2023 and 31 December 2023
10,000
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
Richard James (West Swindon) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
7,162
33,454
40,616
Additions
-
0
1,180
1,180
At 31 December 2023
7,162
34,634
41,796
Depreciation and impairment
At 1 January 2023
7,162
29,549
36,711
Depreciation charged in the year
-
0
1,903
1,903
At 31 December 2023
7,162
31,452
38,614
Carrying amount
At 31 December 2023
-
0
3,182
3,182
At 31 December 2022
-
0
3,905
3,905
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
18,666
27,762
Amounts owed by group undertakings
62,144
-
0
Other debtors
-
62,000
Prepayments and accrued income
2,760
2,484
83,570
92,246
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,169
12,965
Amounts owed to group undertakings
16,174
-
0
Taxation and social security
64,679
99,818
Other creditors
901
1,235
Accruals and deferred income
3,100
3,000
89,023
117,018
Richard James (West Swindon) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 8
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
510
510
51
51
A Ordinary shares of 10p each
150
150
15
15
B Ordinary shares of 10p each
340
340
34
34
1,000
1,000
100
100

The Ordinary shares, A Ordinary shares and B Ordinary shares rank pari passu in all aspects except that different rates of dividends can be paid to each class of shares.

8
Directors' transactions

Dividends totalling £40,000 (2022 - £355,000) were paid in the year in respect of shares held by the company's directors.

9
Parent company

The ultimate controlling party is RJ Property Group Holdings Ltd.

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