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Company No: 00650878 (England and Wales)

C P RICHARDS AND SON LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

C P RICHARDS AND SON LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

C P RICHARDS AND SON LIMITED

BALANCE SHEET

As at 31 March 2024
C P RICHARDS AND SON LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 0 7,212
Tangible assets 4 2,378,263 2,170,321
Investments 5 1,237 1,589
2,379,500 2,179,122
Current assets
Stocks 6 441,857 593,299
Debtors 7 604,159 544,589
Cash at bank and in hand 1,117,599 1,002,356
2,163,615 2,140,244
Creditors: amounts falling due within one year 8 ( 380,774) ( 479,419)
Net current assets 1,782,841 1,660,825
Total assets less current liabilities 4,162,341 3,839,947
Creditors: amounts falling due after more than one year 9 ( 68,236) ( 22,073)
Provision for liabilities 10 ( 219,953) ( 183,309)
Net assets 3,874,152 3,634,565
Capital and reserves
Called-up share capital 11 1,000 1,000
Revaluation reserve 0 256
Profit and loss account 3,873,152 3,633,309
Total shareholders' funds 3,874,152 3,634,565

For the financial 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 financial statements of C P Richards and Son Limited (registered number: 00650878) were approved and authorised for issue by the Board of Directors on 15 November 2024. They were signed on its behalf by:

C P Richards
Director
C P RICHARDS AND SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
C P RICHARDS AND SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

C P Richards and Son Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Splattenridden, Lelant Downs, Hayle, TR27 6LH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Entitlements 2 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 8 - 50 years straight line
Plant and machinery 3 - 25 years straight line
Vehicles 8 years straight line
Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 15 15

3. Intangible assets

Entitlements Total
£ £
Cost
At 01 April 2023 84,146 84,146
At 31 March 2024 84,146 84,146
Accumulated amortisation
At 01 April 2023 76,934 76,934
Charge for the financial year 7,212 7,212
At 31 March 2024 84,146 84,146
Net book value
At 31 March 2024 0 0
At 31 March 2023 7,212 7,212

4. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 April 2023 1,811,543 1,644,767 604,788 4,061,098
Additions 87,752 194,808 133,535 416,095
Disposals 0 ( 123,109) ( 24,000) ( 147,109)
At 31 March 2024 1,899,295 1,716,466 714,323 4,330,084
Accumulated depreciation
At 01 April 2023 307,755 1,222,438 360,584 1,890,777
Charge for the financial year 26,948 91,172 53,317 171,437
Disposals 0 ( 95,643) ( 14,750) ( 110,393)
At 31 March 2024 334,703 1,217,967 399,151 1,951,821
Net book value
At 31 March 2024 1,564,592 498,499 315,172 2,378,263
At 31 March 2023 1,503,788 422,329 244,204 2,170,321

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 1,589 1,589
Disposals ( 352) ( 352)
At 31 March 2024 1,237 1,237
Carrying value at 31 March 2024 1,237 1,237
Carrying value at 31 March 2023 1,589 1,589

6. Stocks

2024 2023
£ £
Stocks 441,857 593,299

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

7. Debtors

2024 2023
£ £
Trade debtors 437,186 272,130
Other debtors 166,973 272,459
604,159 544,589

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 156,123 253,751
Taxation and social security 93,755 90,280
Obligations under finance leases and hire purchase contracts 30,152 30,000
Other creditors 100,744 105,388
380,774 479,419

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 46,703 0
Other creditors 21,533 22,073
68,236 22,073

10. Provision for liabilities

2024 2023
£ £
Deferred tax 219,953 183,309

11. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

12. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Other 20,000 20,000

13. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
C P Richards 37,165 43,069
C J Richards (2,523) (4,811)
J L Richards 29,181 55,040

Advances

During the year, the company made advances to C P Richards for £30,096 and received repayments of £36,000 with £nil being written off or waived.

During the year, the company made advances to C J Richards for £2,288 with £nil being written off or waived.

During the year, the company made advances to J L Richards for £10,141 and received repayments of £36,000 with £nil being written off or waived.

The total liability incurred under advances is £82,047, the total amount repaid is £72,000, the total amounts written-off are £0 and the total amounts waived are £0.