REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
RICHARD & ASSOCIATES LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
RICHARD & ASSOCIATES LIMITED |
RICHARD & ASSOCIATES LIMITED (REGISTERED NUMBER: 07960725) |
Contents of the Financial Statements |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 8 |
RICHARD & ASSOCIATES LIMITED |
Company Information |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Unit B2, Birdineye Farm |
Birdineye Hill |
Uckfield |
East Sussex |
TN22 5HA |
RICHARD & ASSOCIATES LIMITED (REGISTERED NUMBER: 07960725) |
Balance Sheet |
31 MARCH 2024 |
31/3/24 | 31/3/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
RICHARD & ASSOCIATES LIMITED (REGISTERED NUMBER: 07960725) |
Balance Sheet - continued |
31 MARCH 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
RICHARD & ASSOCIATES LIMITED (REGISTERED NUMBER: 07960725) |
Notes to the Financial Statements |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Richard & Associates Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Rental income is recognised on an accruals basis over the period which the property is let. |
Tangible fixed assets |
Plant and machinery etc | - |
Land & buildings are carried at the revalued amount and are shown at their current value at the balance sheet date. The valuation is provided by the director at the end of each year. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
The basis of valuation is Open Market Value based on comparable evidence from similar properties in the vicinity of each subject property. The comparable evidence is a combination of rental, sales and investment yields in line with RICS guidelines. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
RICHARD & ASSOCIATES LIMITED (REGISTERED NUMBER: 07960725) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Additions |
Revaluations | 315,723 |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
No depreciation is provided in respect of the investment properties. |
RICHARD & ASSOCIATES LIMITED (REGISTERED NUMBER: 07960725) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2024 | 4,327,500 |
If investment properties had not been revalued they would have been included at the following historical cost: |
31/3/24 | 31/3/23 |
£ | £ |
Cost | 3,680,133 | 3,503,106 |
The investment properties were valued on an open market basis on 31 March 2024 by Oliver Chapman MRICS. . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Taxation and social security |
Other creditors |
8. | PROVISIONS FOR LIABILITIES |
31/3/24 | 31/3/23 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Other timing differences | 213,056 | 134,875 |
215,062 | 138,867 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Property revaluation | 78,181 |
Unwinding capital allowances | (1,986 | ) |
Balance at 31 March 2024 |
RICHARD & ASSOCIATES LIMITED (REGISTERED NUMBER: 07960725) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2024 |
10. | OTHER FINANCIAL COMMITMENTS |
At the year end, the company had made commitments to property repairs totalling approximately £62,000. The majority of this amount has been paid subsequent to the year end and the remainder will be paid in due course. |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the year, the company had provided loans to the director, Mr K Richard. At the start of the year, the loans totalled £57,646 and these were repaid during the year, along with interest totalling £770 which was charged at the official rate. |
Following the above repayments, a total of £92,342 was lent by Mr Richard to the company with a total of £22,447 being subsequently repaid to him, leaving a balance of £69,895. This loan is interest free and repayable on demand and it is expected that this will be repaid within 1 year. |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is Kalmax Limited.. |
The ultimate controlling party is |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Richard & Associates Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Richard & Associates Limited for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Richard & Associates Limited, as a body, in accordance with the terms of our engagement letter dated 19 October 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Richard & Associates Limited and state those matters that we have agreed to state to the Board of Directors of Richard & Associates Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Richard & Associates Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Richard & Associates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Richard & Associates Limited. You consider that Richard & Associates Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Richard & Associates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Unit B2, Birdineye Farm |
Birdineye Hill |
Uckfield |
East Sussex |
TN22 5HA |