Company registration number 01161862 (England and Wales)
RICHARD STAMP AGENCIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
One Bell Lane
Lewes
East Sussex
BN7 1JU
RICHARD STAMP AGENCIES LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
RICHARD STAMP AGENCIES LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr R H Stamp
Mrs V J Stamp
Miss L V Stamp
Secretary
Mrs V J Stamp
Company number
01161862
Registered office
71-73 High Street
Milton-under-Wychwood
Chipping Norton
Oxfordshire
OX7 6LD
Accountants
TC Group
One Bell Lane
Lewes
East Sussex
BN7 1JU
RICHARD STAMP AGENCIES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
416
Tangible assets
4
71,286
80,466
71,286
80,882
Current assets
Stocks
224,538
198,796
Debtors
5
162,388
214,705
Cash at bank and in hand
42,934
48,179
429,860
461,680
Creditors: amounts falling due within one year
6
(249,899)
(328,057)
Net current assets
179,961
133,623
Total assets less current liabilities
251,247
214,505
Creditors: amounts falling due after more than one year
7
(3,338)
(13,391)
Provisions for liabilities
3,502
(2,965)
Net assets
251,411
198,149
Capital and reserves
Called up share capital
8
1,001
1,001
Share premium account
99,999
99,999
Profit and loss reserves
150,411
97,149
Total equity
251,411
198,149
RICHARD STAMP AGENCIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 January 2025 and are signed on its behalf by:
Mr R H Stamp
Director
Company Registration No. 01161862
RICHARD STAMP AGENCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information
Richard Stamp Agencies Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71-73 High Street, Milton-under-Wychwood, Chipping Norton, Oxfordshire, OX7 6LD and the place of business address is London House, High Street, Milton under Wychwood, Chipping Norton, Oxon, OX7 6LD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received for commissions and the sale of furniture provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
33.33% straight line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
RICHARD STAMP AGENCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings - Leasehold
see below
Fixtures, fittings and equipment
15% and 25% reducing balance
Motor vehicles
25% reducing balance
No depreciation is provided on the office alterations as it is the company's policy to maintain these so as to extend their useful lives indefinitely. The director R H Stamp, who owns the freehold property occupied by the company, has undertaken to reimburse the company for the cost of the alterations when its occupation ceases.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
RICHARD STAMP AGENCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
RICHARD STAMP AGENCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 7 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
RICHARD STAMP AGENCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
3
Intangible fixed assets
Other
£
Cost
At 1 May 2023 and 30 April 2024
1,250
Amortisation and impairment
At 1 May 2023
834
Amortisation charged for the year
416
At 30 April 2024
1,250
Carrying amount
At 30 April 2024
At 30 April 2023
416
4
Tangible fixed assets
Land and buildings - Leasehold
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
40,094
49,284
96,407
185,785
Additions
1,495
1,495
Disposals
(1,000)
(14,500)
(15,500)
At 30 April 2024
40,094
49,779
81,907
171,780
Depreciation and impairment
At 1 May 2023
42,866
62,453
105,319
Depreciation charged in the year
1,954
8,412
10,366
Eliminated in respect of disposals
(1,000)
(14,191)
(15,191)
At 30 April 2024
43,820
56,674
100,494
Carrying amount
At 30 April 2024
40,094
5,959
25,233
71,286
At 30 April 2023
40,094
6,418
33,954
80,466
RICHARD STAMP AGENCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
143,566
196,884
Other debtors
4,675
4,675
Prepayments and accrued income
14,147
13,146
162,388
214,705
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
2,454
2,394
Obligations under finance leases
7,599
6,498
Trade creditors
151,446
175,729
Taxation and social security
49,513
60,164
Other creditors
38,887
83,272
249,899
328,057
Net obligations under finance lease and hire purchase contracts are secured on the assets acquired.
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
2,729
5,183
Obligations under finance leases
609
8,208
3,338
13,391
Net obligations under finance lease and hire purchase contracts are secured on the assets acquired.
RICHARD STAMP AGENCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
"A" Ordinary shares of £1 each
701
701
701
701
"B" Ordinary shares of £1 each
200
200
200
200
"C" Ordinary shares of £1 each
50
50
50
50
"D" Ordinary shares of £1 each
50
50
50
50
1,001
1,001
1,001
1,001
9
Related party transactions
Remuneration of key management personnel
2024
2023
£
£
Aggregate compensation
40,736
39,911
Transactions with related parties
During the year the company entered into the following transactions with related parties:
R H Stamp and Mrs V J Stamp have personally guaranteed the company's bank borrowings.
The amounts owed to the directors are included in the accounts as follows:
£20,360 included in Creditors: amounts falling due within one year.
2024-04-302023-05-01false28 January 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr R H StampMiss L V StampMiss Leonora V StampMrs V J Stampfalsefalse011618622023-05-012024-04-3001161862bus:Director12023-05-012024-04-3001161862bus:CompanySecretaryDirector12023-05-012024-04-3001161862bus:Director22023-05-012024-04-3001161862bus:CompanySecretary12023-05-012024-04-3001161862bus:Director32023-05-012024-04-3001161862bus:RegisteredOffice2023-05-012024-04-30011618622024-04-30011618622022-05-012023-04-3001161862core:DiscontinuedOperations2022-05-012023-04-30011618622023-04-3001161862core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-04-3001161862core:FurnitureFittings2024-04-3001161862core:MotorVehicles2024-04-3001161862core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-04-3001161862core:FurnitureFittings2023-04-3001161862core:MotorVehicles2023-04-3001161862core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3001161862core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3001161862core:CurrentFinancialInstruments2024-04-3001161862core:CurrentFinancialInstruments2023-04-3001161862core:Non-currentFinancialInstruments2024-04-3001161862core:Non-currentFinancialInstruments2023-04-3001161862core:ShareCapital2024-04-3001161862core:ShareCapital2023-04-3001161862core:SharePremium2024-04-3001161862core:SharePremium2023-04-3001161862core:RetainedEarningsAccumulatedLosses2024-04-3001161862core:RetainedEarningsAccumulatedLosses2023-04-3001161862core:ShareCapitalOrdinaryShares2024-04-3001161862core:ShareCapitalOrdinaryShares2023-04-3001161862core:IntangibleAssetsOtherThanGoodwill2023-05-012024-04-3001161862core:ComputerSoftware2023-05-012024-04-3001161862core:LandBuildingscore:LongLeaseholdAssets2023-05-012024-04-3001161862core:FurnitureFittings2023-05-012024-04-3001161862core:MotorVehicles2023-05-012024-04-3001161862core:IntangibleAssetsOtherThanGoodwill2023-04-3001161862core:IntangibleAssetsOtherThanGoodwill2024-04-3001161862core:IntangibleAssetsOtherThanGoodwill2023-04-3001161862core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-04-3001161862core:FurnitureFittings2023-04-3001161862core:MotorVehicles2023-04-30011618622023-04-3001161862core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-05-012024-04-3001161862bus:PrivateLimitedCompanyLtd2023-05-012024-04-3001161862bus:SmallCompaniesRegimeForAccounts2023-05-012024-04-3001161862bus:FRS1022023-05-012024-04-3001161862bus:AuditExemptWithAccountantsReport2023-05-012024-04-3001161862bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP