Richardson Commercial Ltd 09586599 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is that of Commercial property agent. Digita Accounts Production Advanced 6.30.9574.0 true 09586599 2023-06-01 2024-05-31 09586599 2024-05-31 09586599 bus:Director2 1 2024-05-31 09586599 core:CurrentFinancialInstruments 2024-05-31 09586599 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 09586599 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 09586599 core:OfficeEquipment 2024-05-31 09586599 bus:SmallEntities 2023-06-01 2024-05-31 09586599 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 09586599 bus:FilletedAccounts 2023-06-01 2024-05-31 09586599 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 09586599 bus:RegisteredOffice 2023-06-01 2024-05-31 09586599 bus:Director2 2023-06-01 2024-05-31 09586599 bus:Director2 1 2023-06-01 2024-05-31 09586599 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 09586599 core:OfficeEquipment 2023-06-01 2024-05-31 09586599 countries:EnglandWales 2023-06-01 2024-05-31 09586599 2023-05-31 09586599 bus:Director2 1 2023-05-31 09586599 core:OfficeEquipment 2023-05-31 09586599 2022-06-01 2023-05-31 09586599 2023-05-31 09586599 bus:Director2 1 2023-05-31 09586599 core:CurrentFinancialInstruments 2023-05-31 09586599 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 09586599 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 09586599 core:OfficeEquipment 2023-05-31 09586599 bus:Director2 1 2022-06-01 2023-05-31 09586599 bus:Director2 1 2022-05-31 iso4217:GBP xbrli:pure

Registration number: 09586599

Richardson Commercial Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Richardson Commercial Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Richardson Commercial Ltd

(Registration number: 09586599)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

4,222

948

Investment property

6

585,000

585,000

 

589,222

585,948

Current assets

 

Debtors

7

2,890

2,142

Cash at bank and in hand

 

46,232

61,715

 

49,122

63,857

Creditors: Amounts falling due within one year

8

(59,765)

(95,890)

Net current liabilities

 

(10,643)

(32,033)

Total assets less current liabilities

 

578,579

553,915

Creditors: Amounts falling due after more than one year

8

-

(31,358)

Net assets

 

578,579

522,557

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

184,183

184,183

Retained earnings

394,296

338,274

Shareholders' funds

 

578,579

522,557

 

Richardson Commercial Ltd

(Registration number: 09586599)
Balance Sheet as at 31 May 2024

For the financial 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.

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.

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 24 September 2024 and signed on its behalf by:
 

.........................................
Mr Paul Anthony Richardson
Director

 

Richardson Commercial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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

Turnover comprises the fair value of the consideration received or receivable for the provision of property services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Richardson Commercial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for property services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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

Taxation

2024

2023

£

£

Corporation tax

13,910

8,754

 

Richardson Commercial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 June 2023

7,907

7,907

Additions

4,648

4,648

Disposals

(4,682)

(4,682)

At 31 May 2024

7,873

7,873

Depreciation

At 1 June 2023

6,959

6,959

Charge for the year

729

729

Eliminated on disposal

(4,037)

(4,037)

At 31 May 2024

3,651

3,651

Carrying amount

At 31 May 2024

4,222

4,222

At 31 May 2023

948

948

6

Investment properties

2024
£

At 1 June

585,000

At 31 May

585,000

Fair value of the investment property is £585,000 (2022: £585,000). This was provided from the directors personal valuation of each property. No formal valuation has been carried out.

 

Richardson Commercial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

2,890

2,142

 

2,890

2,142

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

15,332

11,393

Trade creditors

 

44

1,884

Taxation and social security

 

19,403

12,857

Other creditors

 

24,986

69,756

 

59,765

95,890

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

-

31,358

Bank borrowings are secured against the investment property and with a personal guarantee from the directors.

 

Richardson Commercial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

9

Related party transactions

Transactions with directors

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 31 May 2024
£

Mr Paul Anthony Richardson

Movement during the year

(68,005)

64,045

(16,454)

(20,414)

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 31 May 2023
£

Mr Paul Anthony Richardson

Movement during the year

(63,450)

50,684

(53,239)

(2,000)

(68,005)