20 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 212,364 159,273 10,618 169,891 42,473 53,091 xbrli:pure xbrli:shares iso4217:GBP 06419639 2023-04-01 2024-03-31 06419639 2024-03-31 06419639 2023-03-31 06419639 2022-04-01 2023-03-31 06419639 2023-03-31 06419639 2022-03-31 06419639 core:PlantMachinery 2023-04-01 2024-03-31 06419639 core:FurnitureFittings 2023-04-01 2024-03-31 06419639 bus:Director1 2023-04-01 2024-03-31 06419639 bus:Director2 2023-04-01 2024-03-31 06419639 core:NetGoodwill 2023-03-31 06419639 core:NetGoodwill 2024-03-31 06419639 core:LandBuildings 2023-03-31 06419639 core:PlantMachinery 2023-03-31 06419639 core:FurnitureFittings 2023-03-31 06419639 core:MotorVehicles 2023-03-31 06419639 core:LandBuildings 2024-03-31 06419639 core:PlantMachinery 2024-03-31 06419639 core:FurnitureFittings 2024-03-31 06419639 core:MotorVehicles 2024-03-31 06419639 core:LandBuildings 2023-04-01 2024-03-31 06419639 core:MotorVehicles 2023-04-01 2024-03-31 06419639 core:WithinOneYear 2024-03-31 06419639 core:WithinOneYear 2023-03-31 06419639 core:AfterOneYear 2024-03-31 06419639 core:AfterOneYear 2023-03-31 06419639 core:ShareCapital 2024-03-31 06419639 core:ShareCapital 2023-03-31 06419639 core:RetainedEarningsAccumulatedLosses 2024-03-31 06419639 core:RetainedEarningsAccumulatedLosses 2023-03-31 06419639 core:NetGoodwill 2023-04-01 2024-03-31 06419639 core:NetGoodwill 2023-03-31 06419639 core:LandBuildings 2023-03-31 06419639 core:PlantMachinery 2023-03-31 06419639 core:FurnitureFittings 2023-03-31 06419639 core:MotorVehicles 2023-03-31 06419639 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2024-03-31 06419639 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2024-03-31 06419639 core:LeasedAssetsHeldAsLessee 2024-03-31 06419639 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2023-03-31 06419639 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2023-03-31 06419639 core:LeasedAssetsHeldAsLessee 2023-03-31 06419639 bus:SmallEntities 2023-04-01 2024-03-31 06419639 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06419639 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06419639 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06419639 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 06419639
Richardson Transport Ltd
Filleted Unaudited Financial Statements
31 March 2024
Richardson Transport Ltd
Balance Sheet
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Intangible assets
5
42,473
53,091
Tangible assets
6
2,881,602
2,757,857
------------
------------
2,924,075
2,810,948
Current assets
Debtors
7
805,848
555,146
Cash at bank and in hand
64,254
113,741
---------
---------
870,102
668,887
Creditors: amounts falling due within one year
8
( 1,544,009)
( 1,208,579)
------------
------------
Net current liabilities
( 673,907)
( 539,692)
------------
------------
Total assets less current liabilities
2,250,168
2,271,256
Creditors: amounts falling due after more than one year
9
( 1,838,287)
( 1,822,964)
Provisions
Taxation including deferred tax
( 184,898)
( 179,405)
------------
------------
Net assets
226,983
268,887
------------
------------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
225,983
267,887
---------
---------
Shareholders funds
226,983
268,887
---------
---------
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 profit and loss account has not been delivered.
For the year ending 31 March 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 .
Richardson Transport Ltd
Balance Sheet (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 5 November 2024 , and are signed on behalf of the board by:
J G Richardson
L H Richardson
Director
Director
Company registration number: 06419639
Richardson Transport Ltd
Notes to the Financial Statements
Year ended 31 March 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 Rosedene, Mask Lane, Newton on Derwent, York, YO41 4EB.
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 and represents amounts receivable for services rendered, stated net of discounts and Value Added Tax.
Corporation tax
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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
-
15% reducing balance
Fixtures, fittings and equipment
-
15% reducing balance
Motor vehicles
-
14-25% 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2023: 19 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
212,364
---------
Amortisation
At 1 April 2023
159,273
Charge for the year
10,618
---------
At 31 March 2024
169,891
---------
Carrying amount
At 31 March 2024
42,473
---------
At 31 March 2023
53,091
---------
6. Tangible assets
Land & buildings
Plant & machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
788,058
114,300
2,370
3,043,749
3,948,477
Additions
23,301
611,566
634,867
Disposals
( 316,154)
( 316,154)
---------
---------
-------
------------
------------
At 31 March 2024
811,359
114,300
2,370
3,339,161
4,267,190
---------
---------
-------
------------
------------
Depreciation
At 1 April 2023
40,300
89
1,150,231
1,190,620
Charge for the year
11,100
342
367,062
378,504
Disposals
( 183,536)
( 183,536)
---------
---------
-------
------------
------------
At 31 March 2024
51,400
431
1,333,757
1,385,588
---------
---------
-------
------------
------------
Carrying amount
At 31 March 2024
811,359
62,900
1,939
2,005,404
2,881,602
---------
---------
-------
------------
------------
At 31 March 2023
788,058
74,000
2,281
1,893,518
2,757,857
---------
---------
-------
------------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant & machinery
Motor vehicles
Total
£
£
£
At 31 March 2024
40,870
1,799,686
1,840,556
--------
------------
------------
At 31 March 2023
48,082
1,664,839
1,712,921
--------
------------
------------
7. Debtors
2024
2023
£
£
Trade debtors
804,848
540,146
Other debtors
1,000
15,000
---------
---------
805,848
555,146
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
18,687
17,736
Trade creditors
400,021
264,332
Social security and other taxes
62,402
62,253
Invoice financing
441,998
322,488
Directors current accounts
93,641
111,725
Other creditors
527,260
430,045
------------
------------
1,544,009
1,208,579
------------
------------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
580,597
599,545
Other creditors
1,257,690
1,223,419
------------
------------
1,838,287
1,822,964
------------
------------