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REGISTERED NUMBER: 05240537 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Rick Charnock (Components) Limited

Rick Charnock (Components) Limited (Registered number: 05240537)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Rick Charnock (Components) Limited (Registered number: 05240537)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 8,250 19,250
Tangible assets 5 113,626 99,886
121,876 119,136

CURRENT ASSETS
Stocks 372,022 356,150
Debtors 6 621,973 463,455
Cash at bank 1,434,328 1,136,027
2,428,323 1,955,632
CREDITORS
Amounts falling due within one year 7 970,345 815,559
NET CURRENT ASSETS 1,457,978 1,140,073
TOTAL ASSETS LESS CURRENT LIABILITIES 1,579,854 1,259,209

CREDITORS
Amounts falling due after more than one year 8 (40,000 ) (70,000 )

PROVISIONS FOR LIABILITIES (28,407 ) (18,978 )
NET ASSETS 1,511,447 1,170,231

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,511,347 1,170,131
SHAREHOLDERS' FUNDS 1,511,447 1,170,231

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

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.

Rick Charnock (Components) Limited (Registered number: 05240537)

Balance Sheet - continued
31 January 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 18 October 2024 and were signed on its behalf by:





Mrs R Charnock - Director


Rick Charnock (Components) Limited (Registered number: 05240537)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Rick Charnock (Components) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05240537

Registered office: Unit 1 Adswood
Road Industrial Estate
Adswood
Stockport
Cheshire
SK3 8LF

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods, excluding of value added tax.

Revenue is recognised as the company becomes entitled to consideration for the goods supplied.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33.33% on reducing balance

All fixed assets are initially recorded at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


Rick Charnock (Components) Limited (Registered number: 05240537)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2023 - 31 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 220,000
AMORTISATION
At 1 February 2023 200,750
Amortisation for year 11,000
At 31 January 2024 211,750
NET BOOK VALUE
At 31 January 2024 8,250
At 31 January 2023 19,250

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 February 2023 44,305 153,919 35,646 233,870
Additions 8,689 44,500 262 53,451
Disposals - (14,650 ) - (14,650 )
At 31 January 2024 52,994 183,769 35,908 272,671
DEPRECIATION
At 1 February 2023 33,262 70,333 30,389 133,984
Charge for year 2,960 31,059 1,840 35,859
Eliminated on disposal - (10,798 ) - (10,798 )
At 31 January 2024 36,222 90,594 32,229 159,045
NET BOOK VALUE
At 31 January 2024 16,772 93,175 3,679 113,626
At 31 January 2023 11,043 83,586 5,257 99,886

Rick Charnock (Components) Limited (Registered number: 05240537)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 588,063 462,490
Other debtors 33,910 965
621,973 463,455

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 30,000 30,000
Trade creditors 656,463 547,131
Taxation and social security 222,808 193,203
Other creditors 61,074 45,225
970,345 815,559

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 40,000 70,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 70,000 100,000

Bank loan is secured against a fixed and floating charge over all assets within the company.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
Mrs D Charnock
Balance outstanding at start of year (19,200 ) (25,000 )
Amounts advanced 56,223 55,800
Amounts repaid (9,300 ) (50,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 27,723 (19,200 )