Registered number
02040414
Richardson Designs Limited
Filleted Accounts
31 January 2024
Richardson Designs Limited
Registered number: 02040414
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,315 1,881
Current assets
Stocks 10,779 14,409
Debtors 4 59,288 46,475
Cash at bank and in hand 51,742 77,537
121,809 138,421
Creditors: amounts falling due within one year 5 (65,556) (67,541)
Net current assets 56,253 70,880
Total assets less current liabilities 57,568 72,761
Creditors: amounts falling due after more than one year 6 (16,669) (26,667)
Net assets 40,899 46,094
Capital and reserves
Called up share capital 100 100
Profit and loss account 40,799 45,994
Shareholders' funds 40,899 46,094
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J W Richardson
Director
Approved by the board on 8 October 2024
Richardson Designs Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% straight line
Office equipment 20% straight line
Fixtures and fittings 20% straight line
Motor Vehciles 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 11
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 109,435
At 31 January 2024 109,435
Depreciation
At 1 February 2023 107,554
Charge for the year 566
At 31 January 2024 108,120
Net book value
At 31 January 2024 1,315
At 31 January 2023 1,881
4 Debtors 2024 2023
£ £
Trade debtors 41,177 28,399
Other debtors 18,111 18,076
59,288 46,475
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 24,707 25,181
Taxation and social security costs 5,511 7,021
Other creditors 25,338 25,339
65,556 67,541
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 16,669 26,667
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr J W Richardson Snr
Directors Loan Account 25,338 - - 25,338
25,338 - - 25,338
8 Controlling party
The company is controlled by its Directors.
9 Other information
Richardson Designs Limited is a private company limited by shares and incorporated in England. Its registered office is:
Whiteside Farm
Holmside Lane
Burnhope
Durham
DH7 0DR
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