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Registration number: 13797230

Richmondwood Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Richmondwood Ltd

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 9

 

Richmondwood Ltd

Company Information

Directors

Ms L H Glazer

Ms H S V Glazer

Mr J A Glazer

Registered office

Unit A7 The Arena
9 Nimrod Way
Ferndown
Wimborne
Dorset
BH21 7UH

Accountants

Elysium
Chartered Accountants
Unit A7 The Arena
9 Nimrod Way
Wimborne
Dorset
BH21 7UH

 

Richmondwood Ltd

(Registration number: 13797230)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

90,000

120,000

Tangible assets

6

150,943

128,833

 

240,943

248,833

Current assets

 

Debtors

7

211,335

48,427

Cash at bank and in hand

 

210,825

206,839

 

422,160

255,266

Creditors: Amounts falling due within one year

8

(361,826)

(322,023)

Net current assets/(liabilities)

 

60,334

(66,757)

Net assets

 

301,277

182,076

Capital and reserves

 

Called up share capital

100

100

Retained earnings

301,177

181,976

Shareholders' funds

 

301,277

182,076

For the financial year ending 30 April 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.

Approved and authorised by the Board on 6 January 2025 and signed on its behalf by:
 

.........................................
Ms H S V Glazer
Director

 

Richmondwood Ltd

Statement of Changes in Equity for the Year Ended 30 April 2024

Share capital
£

Retained earnings
£

Total
£

At 1 May 2023

100

181,976

182,076

Profit for the year

-

233,201

233,201

Dividends

-

(114,000)

(114,000)

At 30 April 2024

100

301,177

301,277

Share capital
£

Retained earnings
£

Total
£

Profit for the year

-

253,976

253,976

Dividends

-

(72,000)

(72,000)

New share capital subscribed

100

-

100

At 30 April 2023

100

181,976

182,076

 

Richmondwood Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
Unit A7 The Arena
9 Nimrod Way
Ferndown
Wimborne
Dorset
BH21 7UH

These financial statements were authorised for issue by the Board on 6 January 2025.

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.

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.

Tax

The tax expense for the period comprises current 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.

 

Richmondwood Ltd

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

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

Improvements to property

7% Straight line

Fixtures fittings and equipment

15% Writing down

Motor vehicles

25% Writing down

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% Straight line

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.

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.

 

Richmondwood Ltd

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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 directors) during the year, was 37 (2023 - 30).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

33,660

33,196

Amortisation expense

30,000

30,000

 

Richmondwood Ltd

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

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

150,000

150,000

At 30 April 2024

150,000

150,000

Amortisation

At 1 May 2023

30,000

30,000

Amortisation charge

30,000

30,000

At 30 April 2024

60,000

60,000

Carrying amount

At 30 April 2024

90,000

90,000

At 30 April 2023

120,000

120,000

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

34,129

27,901

100,000

162,030

Additions

61,863

552

-

62,415

Disposals

(6,905)

-

-

(6,905)

At 30 April 2024

89,087

28,453

100,000

217,540

Depreciation

At 1 May 2023

2,374

5,823

25,000

33,197

Charge for the year

9,275

5,634

18,750

33,659

Eliminated on disposal

(259)

-

-

(259)

At 30 April 2024

11,390

11,457

43,750

66,597

Carrying amount

At 30 April 2024

77,697

16,996

56,250

150,943

At 30 April 2023

31,755

22,078

75,000

128,833

 

Richmondwood Ltd

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

7

Debtors

Current

2024
£

2023
£

Trade debtors

27,145

43,588

Prepayments

10,701

4,839

Other debtors

173,489

-

 

211,335

48,427

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

19,994

18,931

Taxation and social security

89,156

50,838

Accruals and deferred income

8,632

9,098

Other creditors

244,044

243,156

361,826

322,023

9

Dividends

Interim dividends paid

 

2024
£

2023
£

Interim dividend of £2,375 (2023 - £1,500) per each Ordinary "B" share

57,000

36,000

Interim dividend of £2,375 (2023 - £1,500) per each Ordinary "C" share

57,000

36,000

 

114,000

72,000

 

Richmondwood Ltd

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

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

40,852

24,095

Contributions paid to money purchase schemes

70,000

74,000

110,852

98,095