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Company Registration Number: 07623470 (England and Wales)

David Radford Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

David Radford Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

David Radford Limited

Company Information

Directors

Mr DC Radford

Mrs S J Radford

Company secretary

Mrs S J Radford

Registered office

2nd Floor
Gerrards Cross Memorial Centre
8 East Common
Gerrards Cross
Buckinghamshire
SL9 7AD

Accountants

Russell Phillips Limited
Chartered Accountants
2nd Floor
Gerrards Cross Memorial Centre
8 East Common
Gerrards Cross
Buckinghamshire
SL9 7AD

 

David Radford Limited

(Registration number: 07623470)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,450

4,753

Current assets

 

Debtors

5

3,389

36,000

Investments

6

26,872

32,198

Cash at bank and in hand

 

1,574

5,540

 

31,835

73,738

Creditors: Amounts falling due within one year

7

(26,430)

(37,507)

Net current assets

 

5,405

36,231

Total assets less current liabilities

 

7,855

40,984

Creditors: Amounts falling due after more than one year

7

(5,250)

(12,250)

Provisions for liabilities

258

92

Net assets

 

2,863

28,826

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

2,763

28,726

Shareholders' funds

 

2,863

28,826

 

David Radford Limited

(Registration number: 07623470)
Balance Sheet as at 30 September 2024

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 November 2024 and signed on its behalf by:
 

.........................................
Mr DC Radford
Director

 

David Radford Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
2nd Floor
Gerrards Cross Memorial Centre
8 East Common
Gerrards Cross
Buckinghamshire
SL9 7AD

These financial statements were authorised for issue by the Board on 7 November 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 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 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

David Radford Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tax

The tax expense for the period comprises current and deferred 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.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Company Bicycle

25% Reducing Balance

Office Equipment

2-3 years stright line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

David Radford Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

David Radford Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Office Equipment
 £

Company Bicycle
 £

Total
£

Cost or valuation

At 1 October 2023

5,386

7,305

12,691

At 30 September 2024

5,386

7,305

12,691

Depreciation

At 1 October 2023

3,715

4,223

7,938

Charge for the year

1,532

771

2,303

At 30 September 2024

5,247

4,994

10,241

Carrying amount

At 30 September 2024

139

2,311

2,450

At 30 September 2023

1,671

3,082

4,753

5

Debtors

Current

2024
£

2023
£

Trade debtors

2,880

36,000

Other debtors

509

-

 

3,389

36,000

6

Current asset investments

2024
£

2023
£

Other investments

26,872

32,198

 

David Radford Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

7,000

7,000

Trade creditors

 

-

1,357

Taxation and social security

 

16,134

25,687

Accruals and deferred income

 

1,198

2,312

Other creditors

 

2,098

1,151

 

26,430

37,507

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

5,250

12,250

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

5,250

12,250

Current loans and borrowings

2024
£

2023
£

Bank borrowings

7,000

7,000

 

David Radford Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £540.00 (2023 - £220.00) per each Ordinary share

54,000

22,000

 

 

11

Related party transactions

The directors' overdrawn loan account was fully repaid within nine mnths of the prior year end.

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

24,690

19,620