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COMPANY REGISTRATION NUMBER: 00411169
Rickwood Brothers Limited
Unaudited financial statements
31 May 2024
Rickwood Brothers Limited
Statement of financial position
31 May 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
380,972
380,851
Current assets
Debtors
6
7,523
8,391
Cash at bank and in hand
1,513
3,006
------
-------
9,036
11,397
Creditors: Amounts falling due within one year
7
( 40,549)
( 39,161)
-------
-------
Net current liabilities
( 31,513)
( 27,764)
---------
---------
Total assets less current liabilities
349,459
353,087
Provisions
Taxation including deferred tax
( 56,473)
( 56,934)
---------
---------
Net assets
292,986
296,153
---------
---------
Capital and reserves
Called up share capital
1,500
1,500
Revaluation reserve
311,139
311,139
Profit and loss account
( 19,653)
( 16,486)
---------
---------
Shareholders funds
292,986
296,153
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 24 October 2024 , and are signed on behalf of the board by:
W H A T Rickwood
Director
Company registration number: 00411169
Rickwood Brothers Limited
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Gables, Old Market Street, Thetford, Norfolk, IP24 2EN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% reducing balance
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of employees during the year was 2 (2023: 2 ).
5. Tangible assets
Freehold property
Plant and machinery
Total
£
£
£
Cost
At 1 June 2023
380,000
2,647
382,647
Additions
219
219
---------
------
---------
At 31 May 2024
380,000
2,866
382,866
---------
------
---------
Depreciation
At 1 June 2023
1,796
1,796
Charge for the year
98
98
---------
------
---------
At 31 May 2024
1,894
1,894
---------
------
---------
Carrying amount
At 31 May 2024
380,000
972
380,972
---------
------
---------
At 31 May 2023
380,000
851
380,851
---------
------
---------
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 May 2024
Aggregate cost
11,927
Aggregate depreciation
-------
Carrying value
11,927
-------
At 31 May 2023
Aggregate cost
11,927
Aggregate depreciation
-------
Carrying value
11,927
-------
6. Debtors
2024
2023
£
£
Other debtors
7,523
8,391
------
------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
330
Other creditors
40,549
38,831
-------
-------
40,549
39,161
-------
-------