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Registration number: 10450535

R H Price Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

R H Price Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

R H Price Limited

Company Information

Director

R H Price

Registered office

Park Farm
Edstaston
Wem
Shropshire
SY4 5RG

Accountants

CBSL Accountants Limited
Chartered Accountants
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 

R H Price Limited

(Registration number: 10450535)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

863,564

867,713

Current assets

 

Stocks

5

74,038

14,051

Debtors

6

9,017

221,895

Cash at bank and in hand

 

120,872

180

 

203,927

236,126

Creditors: Amounts falling due within one year

7

(234,862)

(271,288)

Net current liabilities

 

(30,935)

(35,162)

Total assets less current liabilities

 

832,629

832,551

Creditors: Amounts falling due after more than one year

7

(315,632)

(325,400)

Provisions for liabilities

(50,654)

(34,727)

Net assets

 

466,343

472,424

Capital and reserves

 

Called up share capital

8

360,002

360,002

Share premium reserve

39,999

39,999

Retained earnings

66,342

72,423

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:

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 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 director on 20 November 2024
 


R H Price
Director

 

R H Price Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Park Farm
Edstaston
Wem
Shropshire
SY4 5RG

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.

 

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 4).

 

R H Price Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

614,870

8,912

75,678

329,210

1,028,670

Additions

-

999

-

29,554

30,553

At 29 February 2024

614,870

9,911

75,678

358,764

1,059,223

Depreciation

At 1 March 2023

-

4,583

21,776

134,598

160,957

Charge for the year

-

1,093

13,476

20,133

34,702

At 29 February 2024

-

5,676

35,252

154,731

195,659

Carrying amount

At 29 February 2024

614,870

4,235

40,426

204,033

863,564

At 28 February 2023

614,870

4,329

53,902

194,612

867,713

 

R H Price Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

5

Stocks

2024
£

2023
£

Other inventories

74,038

14,051

6

Debtors

Current

2024
£

2023
£

Trade debtors

383

211,237

Prepayments

1,479

5,547

Other debtors

7,155

5,111

 

9,017

221,895

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

3,489

21,292

Trade creditors

 

181,320

226,362

Accruals and deferred income

 

34,218

2,797

Other creditors

 

15,835

20,837

 

234,862

271,288

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

315,632

325,400

 

R H Price Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

Ordinary B of £1 each

1

1

1

1

Preference of £1 each

360,000

360,000

360,000

360,000

360,002

360,002

360,002

360,002

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

632

400

Other borrowings

315,000

325,000

315,632

325,400

Current loans and borrowings

2024
£

2023
£

Bank borrowings

3,489

7,199

Bank overdrafts

-

14,093

3,489

21,292

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.

10

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.