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Registration number: 05375964

R & J Supplies (Cornwall) Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 January 2024

 

R & J Supplies (Cornwall) Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

R & J Supplies (Cornwall) Limited

Company Information

Director

Mrs H Kettle

Company secretary

Mrs H Kettle

Registered office

Ground Floor, Unit 3 Southview House St Austell Enterprise Park
Carclaze Down
St Austell
Cornwall
PL25 4EJ

Accountants

Harland Accountants
Ground Floor, Unit 3 Southview House
St Austell Enterprise Park
Carclaze Down
St Austell
Cornwall
PL25 4EJ

 

R & J Supplies (Cornwall) Limited

(Registration number: 05375964)
Abridged Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

49,292

91,542

Tangible assets

5

3,490

4,559

 

52,782

96,101

Current assets

 

Stocks

6

61,005

56,443

Debtors

35,424

35,387

Cash at bank and in hand

 

3,825

20,848

 

100,254

112,678

Prepayments and accrued income

 

8,434

9,938

Creditors: Amounts falling due within one year

(323,032)

(342,027)

Net current liabilities

 

(214,344)

(219,411)

Total assets less current liabilities

 

(161,562)

(123,310)

Creditors: Amounts falling due after more than one year

(14,848)

(24,709)

Accruals and deferred income

 

(5,150)

(7,250)

Net liabilities

 

(181,560)

(155,269)

Capital and reserves

 

Called up share capital

7

102

102

Retained earnings

(181,662)

(155,371)

Shareholders' deficit

 

(181,560)

(155,269)

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

R & J Supplies (Cornwall) Limited

(Registration number: 05375964)
Abridged Balance Sheet as at 31 January 2024

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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 29 October 2024
 

.........................................

Mrs H Kettle

Company secretary and director

 

R & J Supplies (Cornwall) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 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:
Ground Floor, Unit 3 Southview House St Austell Enterprise Park
Carclaze Down
St Austell
Cornwall
PL25 4EJ

These financial statements were authorised for issue by the director on 29 October 2024.

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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in existence for the foreseeable future. The validity of this assumption depends upon the continued support of the company's bankers and its directors, who have confirmed that they will continue to support the company.

Revenue recognition

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

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

R & J Supplies (Cornwall) Limited

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

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.

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

Improvements to property

10% on cost

Fixtures and fittings

15% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

33% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 8 years from 1 February 2016

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.

 

R & J Supplies (Cornwall) Limited

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

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

R & J Supplies (Cornwall) Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2023 - 11).

 

R & J Supplies (Cornwall) Limited

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

4

Intangible assets

Total
£

Cost or valuation

At 1 February 2023

845,000

At 31 January 2024

845,000

Amortisation

At 1 February 2023

753,458

Amortisation charge

42,250

At 31 January 2024

795,708

Carrying amount

At 31 January 2024

49,292

At 31 January 2023

91,542

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

17,122

15,693

21,000

53,815

At 31 January 2024

17,122

15,693

21,000

53,815

Depreciation

At 1 February 2023

17,122

14,985

17,149

49,256

Charge for the year

-

106

963

1,069

At 31 January 2024

17,122

15,091

18,112

50,325

Carrying amount

At 31 January 2024

-

602

2,888

3,490

At 31 January 2023

-

708

3,851

4,559

 

R & J Supplies (Cornwall) Limited

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

6

Stocks

2024
£

2023
£

Other inventories

61,005

56,443

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

Ordinary B of £1 each

100

100

100

100

102

102

102

102