Registration number:
R H Price Limited
for the Year Ended 29 February 2024
R H Price Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
R H Price Limited
Company Information
Director |
R H Price |
Registered office |
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Accountants |
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R H Price Limited
(Registration number: 10450535)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
360,002 |
360,002 |
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Share premium reserve |
39,999 |
39,999 |
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Retained earnings |
66,342 |
72,423 |
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Shareholders' funds |
466,343 |
472,424 |
For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
R H Price Limited
(Registration number: 10450535)
Balance Sheet as at 29 February 2024
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 director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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R H Price Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
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.
R H Price Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Tax
The tax expense for the period comprises 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.
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 |
Land and buildings |
Not depreciated |
Furniture, fittings and equipment |
25% Reducing balance |
Plant and machinery |
10% Reducing balance |
Motor vehicles |
25% Reducing balance |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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.
R H Price Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
R H Price Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 March 2023 |
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Additions |
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- |
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At 29 February 2024 |
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Depreciation |
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At 1 March 2023 |
- |
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Charge for the year |
- |
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At 29 February 2024 |
- |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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R H Price Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Stocks |
2024 |
2023 |
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Other inventories |
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Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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R H Price Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
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1 |
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1 |
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360,000 |
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360,000 |
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Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Other borrowings |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Bank overdrafts |
- |
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The following securities are held:
Fixed legal charge dated 8 March 2017 over the property known as 31.70 acres at Park Farm, Edstaston, Wem, SY4 5RG, forming part of title number SL54994 and the whole of title number SL122664.
Fixed and floating charge dated 8 March 2017 over all estates or interests in any freehold or leasehold property in England and Wales now or hereafter belonging to the borrower.
Related party transactions |
As at the 29 February 2024 the company owed the director a balance of £330,835 (2023 - £345,836) which has been included in creditors. The balance is unsecured and interest free.