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Company Registration Number 04681129























M & L RICHARDSON & SONS LIMITED





FINANCIAL STATEMENTS





 30 APRIL 2024
























img5042.png

 
M & L RICHARDSON & SONS LIMITED
 

COMPANY INFORMATION


Directors
D G Richardson 
J P Richardson 
K S Richardson 
M E Richardson 




Company secretary
M E Richardson



Registered number
04681129



Registered office
Low Row Service Station
Low Row

Brampton

Cumbria

CA8 2JE




Independent auditors
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors

James Watson House

Montgomery Way

Rosehill

Carlisle

Cumbria

CA1 2UU




Bankers
Barclays Bank Plc
33 English Street

Carlisle

CA3 8JX





 
M & L RICHARDSON & SONS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditors' Report
 
6 - 9
Statement of Comprehensive Income
 
10
Statement of Financial Position
 
11
Statement of Changes in Equity
 
12 - 13
Statement of Cash Flows
 
14
Analysis of Net Debt
 
15
Notes to the Financial Statements
 
16 - 34


 
M & L RICHARDSON & SONS LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The directors present their strategic report for the year ended 30 April 2024.
Principal activity
The principal activity of the company is Petrol Forecourt and convenience retail proprietors.

Business review
 
Performance
Turnover increased to £44,532k (2023: £41,972k).  This is mainly due to addition of the first full year of trading from Crossways Service Station. However, it has been tempered by the lower oil prices meaning lower retail fuel prices. Like for like fuel volumes were up 4.5% on the previous year and shop convenience retail sales were up just under 12%. 
Overall gross profit has increased by 21.3% to £4,436k (2023: £3,657k) with margin increased to 9.96% (2023: 8.71%). The increased margin being driven by improved fuel margins.
Administration expenses increased to £1,901k (2023: £1,648k) up 15.35%. Other than inflationary increases, the addition of the first full year of trading at Crossways Service Station is a main contributor to the increase.
Interest payable increased to £263k (2023: £133k). This was due to increase interest rates and also an increase in the loan facility in March 23 to part finance the purchase of Crossways Garage, Gretna.
As a result of the above variances, profit before Tax increased by 21% to £2,272k (2023: £1,878). 
The directors are pleased with the performance of the business which has shown to manage the volatile wholesale fuel prices and high inflationary pressures effectively.
Position
The company’s statement of financial position at the 30th April 2024 shows net assets at £7,094k (2023:     £5,428). 
Fixed assets have reduced to £8,613k (2023: £8,661k) due to limited purchases being offset by depreciation.  
Long term creditors have reduced to £3,430k (2023: £3,655k). 
Cash has increased to £3,783k (2023: £1,945k).  Current assets as a whole have increased by 32% to £5,885k (2023: £4,444k). Current liabilities have increased to £3,671k (2023: £3,666k) an increase of under 1%.

Page 1

 
M & L RICHARDSON & SONS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Principal risks and uncertainties
 
Financial
Debtors
Other than Card payment companies and a low number of private debtors for fuel accounts which are on Direct Debit, the company has a number of debtor accounts for workshop repairs & gas deliveries. There is no high concentration of debt with one customer. Customers are continually manged with balances reviewed regularly. Payment terms are the end of the month following date of invoice. The directors do not consider there to be a significant credit risk.
Creditors payment policy
Fuel purchases being paid within 4 - 14 days of supply depending on supplier, principal shop purchases being paid within 20 Days of supply and all other purchases generally paid by the end of the month following date of delivery.
Liquidity Risk
The company has had no issues with liquidity during the year and does not anticipate any going forward. Cash has increased to £3,782,855 (2023: £1,945,076). The company is comfortably meeting its financial obligations and bank covenants.
Continuity of Supply
The company has long term supply agreements in place for both fuel and shop goods.  During and since the yearend supplies have been good and well maintained.
Regularity & Environmental
Due to the nature of the business the company must meet various environmental and licencing obligations. The company carries out rigorous due diligence procedures both internally and by third party companies to ensure all obligations are met.
The company recognises it sells product which can be harmful to the environment. It continually invests in the maintenance and the monitoring of its storage fuel storage equipment.
Risks
The competitive risk is the development of new forecourts and shops in the vicinity of the company’s current locations

Page 2

 
M & L RICHARDSON & SONS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Financial key performance indicators
 
The company uses several KPI’s to monitor performance. These are Fuel volume throughput, Convenience retail sales, Gross profits and administrative overheads as a percentage of turnover and gross profits.
The levels of financial KPIs are disclosed below:


2024
2023
      £ (k)
      £ (k)
Revenue

44,532

41,972
 
Gross Profit

4,436

3,657
 
Gross Profit %

10.0

8.7
 

Future Developments
Total current trading is up on last year with fuel being strong. Shop sales are around level. Fuel margins have been strong since the start of the financial year. 
The company is continually looking to review and invest in its shops and forecourts and is monitoring the decarbonisation of road transport closely. English Street Convenience store is due to open in the autumn of 2024. 


This report was approved by the board and signed on its behalf.



M E Richardson
Director

Date: 4 October 2024

Page 3

 
M & L RICHARDSON & SONS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,666,280 (2023 - £1,429,385).

No dividends have been declared since last year end.

Directors

The directors who served during the year were:

D G Richardson 
J P Richardson 
K S Richardson 
M E Richardson 

Matters covered in the Strategic Report

Mandatory disclosures in the Directors Report have been included in the Strategic Report where they are of strategic importance, these included the principal risks and uncertainties of the entity in the year.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
• so far as the director is aware, there is no relevant audit information of which the Company and the    Company's auditors are unaware, and
• the director has taken all the steps that ought to have been taken as a director in order to be aware of any   relevant audit information and to establish that the Company and the Company's auditors are aware of    that information.

Page 4

 
M & L RICHARDSON & SONS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Auditors

The auditorsArmstrong Watson Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 



M E Richardson
Director
K S Richardson
Director


Date: 4 October 2024
Date: 4 October 2024

Page 5

 
M & L RICHARDSON & SONS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M & L RICHARDSON & SONS LIMITED
 

Opinion


We have audited the financial statements of M & L Richardson & Sons Limited (the 'company') for the year ended 30 April 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 6

 
M & L RICHARDSON & SONS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M & L RICHARDSON & SONS LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
M & L RICHARDSON & SONS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M & L RICHARDSON & SONS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate       competence, capabilities and skills to identify or recognise non-compliance with applicable laws and     regulations, such as the Health & Safety at Work Act 1974 and Companies Act 2006;
• we identified the laws and regulations applicable to the company through discussions with directors and    other management;
• we assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management; and
• identified laws and regulations were communicated within the audit team regularly and the team remained   alert to instances of non-compliance throughout the audit.
 We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their    knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and      regulations.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures as a risk assessment tool to identify any unusual or unexpected           relationships; and
• tested journal entries to identify unusual transactions; and
• tested the operating effectiveness of key controls over purchase cycles on a sample basis; and
• reviewed the application of accounting policies.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
•  agreeing financial statement disclosures to underlying supporting documentation; and
• enquiring of management as to actual and potential litigation and claims.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial
Page 8

 
M & L RICHARDSON & SONS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M & L RICHARDSON & SONS LIMITED (CONTINUED)


Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.



Lauren Graham (Senior Statutory Auditor)
for and on behalf of
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors

6 October 2024
Page 9

 
M & L RICHARDSON & SONS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
44,531,941
41,971,924

Cost of sales
  
(40,096,078)
(38,314,658)

Gross profit
  
4,435,863
3,657,266

Administrative expenses
  
(1,883,113)
(1,648,141)

Other operating income
 5 
-
900

Operating profit
 6 
2,552,750
2,010,025

Interest payable and similar expenses
 10 
(263,449)
(132,476)

Profit before tax
  
2,289,301
1,877,549

Tax on profit
 11 
(623,021)
(448,164)

Profit for the financial year
  
1,666,280
1,429,385

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 34 form part of these financial statements.

Page 10

 
M & L RICHARDSON & SONS LIMITED
REGISTERED NUMBER: 04681129

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
708,557
852,542

Tangible fixed assets
 13 
7,904,211
7,807,977

Investments
 14 
100
100

  
8,612,868
8,660,619

Current assets
  

Stocks
 15 
870,341
655,572

Debtors: amounts falling due within one year
 16 
1,231,552
1,843,639

Cash at bank and in hand
 17 
3,782,855
1,945,076

  
5,884,748
4,444,287

Creditors: amounts falling due within one year
 18 
(3,670,556)
(3,665,830)

Net current assets
  
 
 
2,214,192
 
 
778,457

Total assets less current liabilities
  
10,827,060
9,439,076

Creditors: amounts falling due after more than one year
 19 
(3,430,044)
(3,655,467)

Provisions for liabilities
  

Deferred tax
 21 
(302,587)
(355,460)

  
 
 
(302,587)
 
 
(355,460)

Net assets
  
7,094,429
5,428,149


Capital and reserves
  

Called up share capital 
 22 
30
30

Profit and loss account
 23 
7,094,399
5,428,119

  
7,094,429
5,428,149


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


M E Richardson
K S Richardson
Director
Director


Date: 4 October 2024

The notes on pages 16 to 34 form part of these financial statements.

Page 11

 
M & L RICHARDSON & SONS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2023
30
5,428,119
5,428,149


Comprehensive income for the year

Profit for the year
-
1,666,280
1,666,280
Total comprehensive income for the year
-
1,666,280
1,666,280


Total transactions with owners
-
-
-


At 30 April 2024
30
7,094,399
7,094,429


The notes on pages 16 to 34 form part of these financial statements.

Page 12

 
M & L RICHARDSON & SONS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2022
30
3,998,734
3,998,764


Comprehensive income for the year

Profit for the year
-
1,429,385
1,429,385
Total comprehensive income for the year
-
1,429,385
1,429,385


Total transactions with owners
-
-
-


At 30 April 2023
30
5,428,119
5,428,149


The notes on pages 16 to 34 form part of these financial statements.

Page 13

 
M & L RICHARDSON & SONS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,666,280
1,429,385

Adjustments for:

Amortisation of intangible assets
143,985
118,985

Depreciation of tangible assets
361,117
264,074

Loss on disposal of tangible assets
(723)
1,036

Interest paid
263,449
132,476

Taxation charge
605,445
448,164

(Increase)/decrease in stocks
(214,769)
240,757

Decrease/(increase) in debtors
612,087
(169,481)

(Decrease) in creditors
(82,508)
(43,815)

Corporation tax (paid)
(644,199)
(233,516)

Net cash generated from operating activities

2,710,164
2,188,065


Cash flows from investing activities

Purchase of intangible fixed assets
-
(299,999)

Purchase of tangible fixed assets
(460,628)
(2,345,620)

Sale of tangible fixed assets
4,000
9,500

HP interest paid
(12,662)
(6,975)

Net cash from investing activities

(469,290)
(2,643,094)

Cash flows from financing activities

New secured loans
-
967,296

Repayment of loans
(142,045)
-

Repayment of/new finance leases
(10,263)
59,106

Interest paid
(250,787)
(125,501)

Net cash used in financing activities
(403,095)
900,901

Net increase in cash and cash equivalents
1,837,779
445,872

Cash and cash equivalents at beginning of year
1,945,076
1,499,204

Cash and cash equivalents at the end of year
3,782,855
1,945,076


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,782,855
1,945,076

3,782,855
1,945,076


The notes on pages 16 to 34 form part of these financial statements.

Page 14

 
M & L RICHARDSON & SONS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024





At 1 May 2023
Cash flows
New finance leases
At 30 April 2024
£

£

£

£

Cash at bank and in hand

1,945,076

1,837,779

-

3,782,855

Debt due after 1 year

(3,437,969)

140,537

-

(3,297,432)

Debt due within 1 year

(1,453,958)

159,768

-

(1,294,190)

Hire purchase liabilities

(145,796)

54,753

(44,490)

(135,533)


(3,092,647)
2,192,837
(44,490)
(944,300)

The notes on pages 16 to 34 form part of these financial statements.

Page 15

 
M & L RICHARDSON & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

M & L Richardson & Sons Ltd is a private company limited by shares incorporated in England & Wales. The company registration number is 04681129. The registered office and principal place of business is Low Row Service Station, Low Row, Brampton, Cumbria CA8 2JE.
The financial statements are presented in Pounds Sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

 
2.2

Going concern

The directors have considered the post year end performance together with forecasts over the next 12 months, and expect the business to be profitable and be able to meet its liabilities as they fall due. Based on this information the directors conclude that the going concern basis of preparation for the accounts is appropriate for the company.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Fuel and shop sales are recognised at the point at which the goods are transferred. 

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 16

 
M & L RICHARDSON & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.


All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 17

 
M & L RICHARDSON & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods below.

Depreciation is provided on the following basis:

Freehold property
-
50 years straight line
Long-term leasehold property
-
Over the term of the lease or 50 years if shorter
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Page 18

 
M & L RICHARDSON & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the company's Statement of Financial Position 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Page 19

 
M & L RICHARDSON & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Page 20

 
M & L RICHARDSON & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of these financial statements require management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. 
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:
Estimates
Establishing useful economic lives for depreciation purposes of tangible fixed assets
Long-lived assets, consisting primarily of tangible fixed assets, comprise a significant portion of the total fixed assets. The annual depreciation charge depends primarily on the estimated useful economic lives of each type of asset and estimates of residual values. The directors regularly review these assets' useful economic lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset useful lives can have a significant impact on depreciation charges for the period. Details of the depreciation policies based on estimated useful economic lives are included in accounting policies note 2.9.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the company.

All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Insurance claims receivable
-
900

-
900


Page 21

 
M & L RICHARDSON & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
33,200
33,200


7.


Auditors' remuneration

During the year, the company obtained the following services from the company's auditors:


2024
2023
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
18,950
16,500


8.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
1,853,829
1,604,952

Social security costs
123,087
100,076

Cost of defined contribution scheme
180,161
118,220

2,157,077
1,823,248


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
113
110


9.


Directors' remuneration

2024
2023
£
£

Company contributions to defined contribution pension schemes
152,000
96,000

152,000
96,000


During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.

Page 22

 
M & L RICHARDSON & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
250,787
125,501

Finance leases and hire purchase contracts
12,662
6,975

263,449
132,476


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
658,319
310,402

Adjustments in respect of previous periods
17,575
2,269


675,894
312,671


Total current tax
675,894
312,671

Deferred tax


Origination and reversal of timing differences
(52,873)
135,493

Total deferred tax
(52,873)
135,493


Taxation on profit on ordinary activities
623,021
448,164
Page 23

 
M & L RICHARDSON & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,289,301
1,877,549


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
572,325
356,734

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
961
18,124

Capital allowances for year in excess of depreciation
62,732
72,309

Adjustments to tax charge in respect of prior periods
(17,687)
(2,269)

Other timing differences leading to an increase (decrease) in taxation
4,690
3,266

Total tax charge for the year
623,021
448,164


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

 
M & L RICHARDSON & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Intangible assets




Goodwill

£



Cost


At 1 May 2023
1,684,849



At 30 April 2024

1,684,849



Amortisation


At 1 May 2023
832,307


Charge for the year on owned assets
143,985



At 30 April 2024

976,292



Net book value



At 30 April 2024
708,557



At 30 April 2023
852,542





Page 25

 
M & L RICHARDSON & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Tangible fixed assets





Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings

£
£
£
£
£



Cost or valuation


At 1 May 2023
6,760,491
284,755
1,704,279
204,780
136,226


Additions
5,042
-
120,350
47,450
-


Disposals
-
-
(742)
(3,500)
-



At 30 April 2024

6,765,533
284,755
1,823,887
248,730
136,226



Depreciation


At 1 May 2023
504,631
133,938
568,630
50,220
28,381


Charge for the year on owned assets
106,944
13,744
185,744
7,940
3,788


Charge for the year on financed assets
-
-
4,542
38,415
-


Disposals
-
-
(220)
(746)
-



At 30 April 2024

611,575
147,682
758,696
95,829
32,169



Net book value



At 30 April 2024
6,153,958
137,073
1,065,191
152,901
104,057



At 30 April 2023
6,255,860
150,817
1,135,649
154,560
107,845
Page 26

 
M & L RICHARDSON & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           13.Tangible fixed assets (continued)


Other fixed assets
Total

£
£



Cost or valuation


At 1 May 2023
3,818
9,094,349


Additions
287,786
460,628


Disposals
-
(4,242)



At 30 April 2024

291,604
9,550,735



Depreciation


At 1 May 2023
573
1,286,373


Charge for the year on owned assets
-
318,160


Charge for the year on financed assets
-
42,957


Disposals
-
(966)



At 30 April 2024

573
1,646,524



Net book value



At 30 April 2024
291,031
7,904,211



At 30 April 2023
3,245
7,807,976

The net book value of assets held under finance leases is £155,307 (2023 - £163,794).
The value of land included in freehold property and not depreciated is £1,500,000 (2023 - £1,500,000).

Page 27

 
M & L RICHARDSON & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
100



At 30 April 2024
100





Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Registered office

Class of shares

Holding

Seaton Service Station Limited 
(Incorporated in England and Wales)
Low Row Service Station, Low Row, Brampton, Cumbria, CA8 2JE
Ordinary
100%


15.


Stocks

2024
2023
£
£

Finished goods and goods for resale
870,341
655,572

870,341
655,572



16.


Debtors

2024
2023
£
£


Trade debtors
322,049
432,783

Other debtors
846,755
1,338,068

Prepayments and accrued income
62,748
72,788

1,231,552
1,843,639


Page 28

 
M & L RICHARDSON & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,782,855
1,945,076

3,782,855
1,945,076



18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
149,046
150,554

Trade creditors
1,557,631
1,440,832

Amounts owed to group undertakings
100
100

Corporation tax
326,790
312,671

Other taxation and social security
176,607
210,515

Obligations under finance lease and hire purchase contracts
56,937
45,435

Other creditors
1,165,289
1,316,088

Accruals and deferred income
238,156
189,635

3,670,556
3,665,830


Page 29

 
M & L RICHARDSON & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
3,297,433
3,437,970

Net obligations under finance leases and hire purchase contracts
78,596
100,361

Accruals and deferred income
54,015
117,136

3,430,044
3,655,467


The following liabilities were secured:

2024
2023
£
£



Bank loan
3,446,478
3,588,524

Obligations under finance lease and hire purchase contracts
135,533
145,796

3,582,011
3,734,320

Interest on the bank loan is accruing at a rate of 2% plus the Bank of England Bank Rate.

Details of security provided:

The company has offered fixed and floating charges on its properties. A cross-guarantee and debenture is in place between Seaton Service Station Limited, Richardson Retailing Limited, and Solway Heaters Limited. A limited guarantee has been given by the directors. 
Hire purchase liabilities are secured against the assets to which they relate. 

Page 30

 
M & L RICHARDSON & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
149,046
150,554


149,046
150,554

Amounts falling due 1-2 years

Bank loans
160,205
160,205


160,205
160,205

Amounts falling due 2-5 years

Bank loans
3,137,227
3,277,765


3,137,227
3,277,765


3,446,478
3,588,524



21.


Deferred taxation




2024


£






At beginning of year
(355,460)


Charged to profit or loss
52,873



At end of year
(302,587)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(302,587)
(355,460)

(302,587)
(355,460)

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M & L RICHARDSON & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



6 (2023 - 6) Ordinary A shares of £1 each
6
6
6 (2023 - 6) Ordinary B shares of £1 each
6
6
6 (2023 - 6) Ordinary C shares of £1 each
6
6
6 (2023 - 6) Ordinary D shares of £1 each
6
6
3 (2023 - 3) Ordinary E shares of £1 each
3
3
3 (2023 - 3) Ordinary F shares of £1 each
3
3

30

30

All classes of shares rank pari-passu with their rights varied so that a dividend may be declared on each class of shares independently of any dividend declared on any other class of shares.



23.


Reserves

Profit and loss account

This reserve represents cumulative profits and losses.


24.


Capital commitments


At 30 April 2024 the company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
-
12,267

-
12,267


25.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £180,161 (2023 - £118,220). Contributions totalling £5,768 (2023 - £5,110) were payable to the fund at the reporting date.

Page 32

 
M & L RICHARDSON & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

26.


Commitments under operating leases

At 30 April 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
36,446
38,786

Later than 1 year and not later than 5 years
139,430
33,787

175,876
72,573

Page 33

 
M & L RICHARDSON & SONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

27.


Related party transactions

The nature of the relationship with the below related parties is that all companies are under common control.
The following table details the totals of all transactions with related parties in the year and balances outstanding at the year end.

2024
2023
£
£

Richardson Retailing Limited


Trade debtor
2,230
3,070

Trade creditor
-
-

Other debtor
760,361
1,001,513


Solway Heaters Limited


Trade debtor
7,942
7,434

Trade creditor
6,918
7,624

Other debtor
77,755
271,783

The following transactions with related parties were undertaken in the year:

2024
2023
£
£

Richardson Retailing Limited


Sales
32,231
43,336


Solway Heaters Limited


Sales
90,039
112,093

Purchases
42,365
42,092

Management charge
32,270
35,568

All related party transactions are at arms length with the exception of £35,093 of  sales to Solway Heaters which are at cost price.
Loans owed to 4 directors as at the 30 April 2024 totalled £1,190,534 (2023 -  £1,010,168, 4 directors) and are included in other creditors. Loans are interest free, unsecured . The directors are the only employees considered to be key management personnel.
There has also been sales of £22,748 to directors during the year and purchases of £1,085.
As at the year end, £1,831 within the aged debtors report relates to directors.


Page 34