2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 64,982 64,982 xbrli:pure xbrli:shares iso4217:GBP 08018723 2023-05-01 2024-04-30 08018723 2024-04-30 08018723 2023-04-30 08018723 2022-05-01 2023-04-30 08018723 2023-04-30 08018723 2022-04-30 08018723 core:NetGoodwill 2023-05-01 2024-04-30 08018723 core:PlantMachinery 2023-05-01 2024-04-30 08018723 core:MotorVehicles 2023-05-01 2024-04-30 08018723 bus:Director1 2023-05-01 2024-04-30 08018723 core:NetGoodwill 2024-04-30 08018723 core:PlantMachinery 2023-04-30 08018723 core:MotorVehicles 2023-04-30 08018723 core:PlantMachinery 2024-04-30 08018723 core:MotorVehicles 2024-04-30 08018723 core:WithinOneYear 2024-04-30 08018723 core:WithinOneYear 2023-04-30 08018723 core:AfterOneYear 2024-04-30 08018723 core:AfterOneYear 2023-04-30 08018723 core:ShareCapital 2024-04-30 08018723 core:ShareCapital 2023-04-30 08018723 core:RetainedEarningsAccumulatedLosses 2024-04-30 08018723 core:RetainedEarningsAccumulatedLosses 2023-04-30 08018723 core:PlantMachinery 2023-04-30 08018723 core:MotorVehicles 2023-04-30 08018723 bus:Director1 2023-04-30 08018723 bus:Director1 2024-04-30 08018723 bus:Director1 2022-04-30 08018723 bus:Director1 2023-04-30 08018723 bus:Director1 2022-05-01 2023-04-30 08018723 bus:SmallEntities 2023-05-01 2024-04-30 08018723 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 08018723 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 08018723 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 08018723 bus:FullAccounts 2023-05-01 2024-04-30
COMPANY REGISTRATION NUMBER: 08018723
LEYLAND RICHARDSON ANTIQUES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 April 2024
LEYLAND RICHARDSON ANTIQUES LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
12,832
17,691
Current assets
Stocks
110,000
103,700
Debtors
7
561
481
Cash at bank and in hand
1,338
1,347
----------
----------
111,899
105,528
Creditors: amounts falling due within one year
8
109,160
100,721
----------
----------
Net current assets
2,739
4,807
---------
---------
Total assets less current liabilities
15,571
22,498
Creditors: amounts falling due after more than one year
9
30,338
40,701
Provisions
Taxation including deferred tax
2,438
3,361
---------
---------
Net liabilities
( 17,205)
( 21,564)
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 17,207)
( 21,566)
---------
---------
Shareholders deficit
( 17,205)
( 21,564)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
LEYLAND RICHARDSON ANTIQUES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 19 November 2024 , and are signed on behalf of the board by:
L Richardson
Director
Company registration number: 08018723
LEYLAND RICHARDSON ANTIQUES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the director. The director considers that the uncertainty caused in the antiques industry as a result of Coronavirus and subsequent recovery from the restrictions put in place by the government, should not materially affect the company's ability to continue as a going concern. The company tookadvantage of the furlough scheme and bounce back loan in previous years, as appropriate, and started to repay the bounce back loan last year. This assumption has been continued as the economy is hit by the cost of living crisis, and world economic impact of the war in Ukraine.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & equipment
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
64,982
---------
Amortisation
At 1 May 2023 and 30 April 2024
64,982
---------
Carrying amount
At 30 April 2024
---------
At 30 April 2023
---------
6. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 May 2023
10,379
25,650
3,613
39,642
Additions
598
598
---------
---------
-------
---------
At 30 April 2024
10,379
25,650
4,211
40,240
---------
---------
-------
---------
Depreciation
At 1 May 2023
8,035
11,222
2,694
21,951
Charge for the year
586
3,607
1,264
5,457
---------
---------
-------
---------
At 30 April 2024
8,621
14,829
3,958
27,408
---------
---------
-------
---------
Carrying amount
At 30 April 2024
1,758
10,821
253
12,832
---------
---------
-------
---------
At 30 April 2023
2,344
14,428
919
17,691
---------
---------
-------
---------
7. Debtors
2024
2023
£
£
Other debtors
561
481
----
----
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
20,011
15,545
Corporation tax
21,816
16,783
Social security and other taxes
10,059
13,228
Other creditors
57,274
55,165
----------
----------
109,160
100,721
----------
----------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
26,235
31,383
Other creditors
4,103
9,318
---------
---------
30,338
40,701
---------
---------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
L Richardson
( 55)
( 327)
( 382)
----
----
----
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
L Richardson
( 15)
( 40)
( 55)
----
----
----
11. Related party transactions
The company was under the control of the director Mr L Richardson throughout the period.