Austin Richards Homes Ltd 10823140 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is building services Digita Accounts Production Advanced 6.30.9574.0 true true 10823140 2023-06-01 2024-05-31 10823140 2024-05-31 10823140 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-05-31 10823140 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-05-31 10823140 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-05-31 10823140 core:CurrentFinancialInstruments 2024-05-31 10823140 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 10823140 core:Non-currentFinancialInstruments 2024-05-31 10823140 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 10823140 core:FurnitureFittingsToolsEquipment 2024-05-31 10823140 core:MotorVehicles 2024-05-31 10823140 core:OtherPropertyPlantEquipment 2024-05-31 10823140 bus:SmallEntities 2023-06-01 2024-05-31 10823140 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 10823140 bus:FilletedAccounts 2023-06-01 2024-05-31 10823140 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 10823140 bus:RegisteredOffice 2023-06-01 2024-05-31 10823140 bus:Director1 2023-06-01 2024-05-31 10823140 bus:Director2 2023-06-01 2024-05-31 10823140 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-06-01 2024-05-31 10823140 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10823140 core:ComputerEquipment 2023-06-01 2024-05-31 10823140 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 10823140 core:MotorVehicles 2023-06-01 2024-05-31 10823140 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 10823140 core:PlantMachinery 2023-06-01 2024-05-31 10823140 countries:EnglandWales 2023-06-01 2024-05-31 10823140 2023-05-31 10823140 core:FurnitureFittingsToolsEquipment 2023-05-31 10823140 core:MotorVehicles 2023-05-31 10823140 core:OtherPropertyPlantEquipment 2023-05-31 10823140 2022-06-01 2023-05-31 10823140 2023-05-31 10823140 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-05-31 10823140 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-05-31 10823140 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-05-31 10823140 core:CurrentFinancialInstruments 2023-05-31 10823140 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 10823140 core:Non-currentFinancialInstruments 2023-05-31 10823140 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 10823140 core:FurnitureFittingsToolsEquipment 2023-05-31 10823140 core:MotorVehicles 2023-05-31 10823140 core:OtherPropertyPlantEquipment 2023-05-31 10823140 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10823140

Austin Richards Homes Ltd

REPORT OF THE DIRECTORS and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Austin Richards Homes Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Austin Richards Homes Ltd

Company Information

Directors

Mr W Richards

Mrs J Gooch Richards

Registered office

Banc Yr Eithin
Capel Hendre
Ammanford
Carmarthenshire
SA18 3SE
 

Accountants

Wynne & Co
Chartered Accountants
Forestry House
Brewery Road
Carmarthen
Carmarthenshire
SA31 1TF

 

Austin Richards Homes Ltd

(Registration number: 10823140)
Balance Sheet as at 31 May 2024

Note

31 May
2024
£

31 May
2023
£

Fixed assets

 

Tangible assets

4

72,711

91,206

Current assets

 

Stocks

5

332,682

692,308

Debtors

6

15,950

21,221

Cash at bank and in hand

 

177,120

16,064

 

525,752

729,593

Creditors: Amounts falling due within one year

7

(115,937)

(142,558)

Net current assets

 

409,815

587,035

Total assets less current liabilities

 

482,526

678,241

Creditors: Amounts falling due after more than one year

7

(265,059)

(651,315)

Net assets

 

217,467

26,926

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

217,367

26,826

Shareholders' funds

 

217,467

26,926

For the financial year ending 31 May 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.

 

Austin Richards Homes Ltd

(Registration number: 10823140)
Balance Sheet as at 31 May 2024

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 26 November 2024 and signed on its behalf by:
 

.........................................
Mr W Richards
Director

 

Austin Richards Homes Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 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:
Banc Yr Eithin
Capel Hendre
Ammanford
Carmarthenshire
SA18 3SE
United Kingdom

These financial statements were authorised for issue by the Board on 26 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.

 

Austin Richards Homes Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2024

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.

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

Computer equipment

33% on cost

Plant and machinery

15% reducing balance

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.

 

Austin Richards Homes Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 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.

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.

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

 

Austin Richards Homes Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2024

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.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Austin Richards Homes Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 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 directors) during the year, was 3 (2023 - 3).

 

Austin Richards Homes Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

974

41,116

86,920

129,010

Additions

983

-

1,883

2,866

At 31 May 2024

1,957

41,116

88,803

131,876

Depreciation

At 1 June 2023

974

18,062

18,768

37,804

Charge for the year

19

8,223

13,119

21,361

At 31 May 2024

993

26,285

31,887

59,165

Carrying amount

At 31 May 2024

964

14,831

56,916

72,711

At 31 May 2023

-

23,054

68,152

91,206

5

Stocks

31 May
2024
£

31 May
2023
£

Work in progress

327,532

682,158

Other inventories

5,150

10,150

332,682

692,308

6

Debtors

 

Austin Richards Homes Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2024

Current

31 May
2024
£

31 May
2023
£

Trade debtors

2,419

12,919

Prepayments

3,138

811

Other debtors

-

4,646

VAT

10,393

2,845

 

15,950

21,221

 

Austin Richards Homes Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

Note

31 May
2024
£

31 May
2023
£

Due within one year

 

Bank loans and overdrafts

9

15,167

18,566

Trade creditors

 

30,854

5,803

Taxation and social security

 

2,310

422

Accruals and deferred income

 

1,370

1,370

Other creditors

 

66,236

116,397

 

115,937

142,558

Creditors: amounts falling due after more than one year

Note

31 May
2024
£

31 May
2023
£

Due after one year

 

Loans and borrowings

9

265,059

651,315

8

Share capital

Allotted, called up and fully paid shares

31 May
2024

31 May
2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

 

Austin Richards Homes Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2024

31 May
2024
£

31 May
2023
£

Bank borrowings

-

370,585

Hire purchase contracts

25,059

40,730

Other borrowings

240,000

240,000

265,059

651,315

Current loans and borrowings

31 May
2024
£

31 May
2023
£

Hire purchase contracts

15,167

18,566

10

Dividends

Interim dividends paid

31 May
2024
£

31 May
2023
£

Interim dividend of £7,000.00 (2023 - £2,000.00) per each Ordinary

14,000

4,000

 

 

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

22,757

21,944