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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS
All of the members of Richard Homes Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 03753739
RICHARD HOMES LIMITED
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 April 2024
RICHARD HOMES LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF RICHARD HOMES LIMITED
YEAR ENDED 30 APRIL 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Richard Homes Limited for the year ended 30 April 2024, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
LANGARD LIFFORD HALL LIMITED Accountants and Registered Auditors
Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN
12 November 2024
RICHARD HOMES LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
3,806,007
3,764,986
Current assets
Stocks
1,421,746
1,421,746
Debtors
38,988
42,823
Cash at bank and in hand
40,910
151,740
--------------
--------------
1,501,644
1,616,309
Creditors: amounts falling due within one year
498,985
552,337
--------------
--------------
Net current assets
1,002,659
1,063,972
--------------
--------------
Total assets less current liabilities
4,808,666
4,828,958
Creditors: amounts falling due after more than one year
6
1,228,680
1,370,363
--------------
--------------
Net assets
3,579,986
3,458,595
--------------
--------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
3,579,984
3,458,593
--------------
--------------
Shareholder funds
3,579,986
3,458,595
--------------
--------------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 30 April 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 member has not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
RICHARD HOMES LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
30 April 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 12 November 2024 , and are signed on behalf of the board by:
R L Flynn
Director
Company registration number: 03753739
RICHARD HOMES LIMITED
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 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 Thatchings, High Street, Belbroughton, Stourbridge, DY9 9SU.
2. Statement of compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents the realisable value of work undertaken during the year, exclusive of value added tax.
Income tax
Provision is made for deferred taxation using the liability method to take into account of timing differences between the incidence of income and expenditure for taxation purposes, except to the extent that the director considers that a liability to taxation is unlikely to crystallise.
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.
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
-
25% reducing balance
Fixtures and Fittings
-
10% reducing balance
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
£
Cost
At 1 May 2023
3,830,486
Additions
62,427
Disposals
( 30,246)
--------------
At 30 April 2024
3,862,667
--------------
Depreciation
At 1 May 2023
65,500
Charge for the year
17,369
Disposals
( 26,209)
--------------
At 30 April 2024
56,660
--------------
Carrying amount
At 30 April 2024
3,806,007
--------------
At 30 April 2023
3,764,986
--------------
6. Creditors: amounts falling due after more than one year
Included within creditors: amounts falling due after more than one year is an amount of £679,032 (2023: £811,968) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
7. Contingencies
There is an unscheduled mortgage debenture dated 16 December 2013 incorporating a fixed and floating charge over all current and future assets of the company. On 5 January 2021 there was a floating charge registered against the company's properties, in favour of Lloyds Bank PLC. On 12 November 2021 there was a floating charge registered against Spencer House, a property purchased and owned by the company during the year, in favour of Lloyds Bank PLC.
8. Director's advances, credits and guarantees
Amounts owed to the director at the balance sheet date are included in creditors and totalled £260,836 (2023: £260,412).
9. Related party transactions
The company was under the control of R L Flynn throughout the current and previous year by virtue of his directorship and shareholding.