Year Ended
Registration number:
Richard C. Bircher (Holdings) Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Richard C. Bircher (Holdings) Limited
Balance Sheet
30 April 2024
Note |
2024 |
2023 |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
- |
( |
|
Provisions for liabilities |
- |
( |
|
Deferred income |
1,038,883 |
682,212 |
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Net assets |
|
|
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Capital and reserves |
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Called up share capital |
1,000,000 |
1,000,000 |
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Capital contribution reserve |
- |
26,162 |
|
Profit and loss account |
8,862,864 |
8,665,716 |
|
Shareholders' funds |
9,862,864 |
9,691,878 |
Richard C. Bircher (Holdings) Limited
Balance Sheet
30 April 2024
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:
• |
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• |
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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Company Registration Number: 01265679
Richard C. Bircher (Holdings) Limited
Notes to the Unaudited Financial Statements
Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Quarkhill
Crowcombe
Taunton
Somerset
TA4 4BJ
These financial statements were authorised for issue by the
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 were prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Richard C. Bircher (Holdings) Limited
Notes to the Unaudited Financial Statements
Year Ended 30 April 2024
Key sources of estimation uncertainty
The directors have considered the judgements and estimation uncertainties included in these financial statements and the accounting policies applied and concluded that these do not have a significant effect on the amounts recognised in the financial statements or lead to a risk of causing a material misstatement of the carrying amounts of assets and liabilities within the next financial year. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects that period only, or in the period of revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Investment property
The fair value of investment property is derived from the current market prices for comparable real estate using observable market prices, adjusted if necessary of any difference in nature, location or condition of the specific asset. The carrying amount is £542,033 (2023 -£542,033).
Financial instruments
Redeemable preference shares with a below market rate of interest are measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. In calculating the discount, the directors use an equivalent interest rate as charged by third parties on borrowings the company could source externally, and consider this to be a market rate of interest for the company. The carrying amount is £4,200,000 (2023 -£4,173,838).
Motor Vehicles, Plant and Machinery
These assets are carried at cost, less accumulated depreciation and any subsequent accumulated impairment loss. This requires an estimation of the residual values attainable when the assets reach the end of their useful economic lives. The directors calculate and regularly review residual values on the portfolio in order to ensure that the depreciation of the assets is reliably estimated. The carrying amount is £8,493,241 (2023 -£8,861,753).
Other debtor loan receivables
These debtors are recognised net of provisions for doubtful debts, which requires an estimation of the amounts recoverable. The carrying amount is £Nil (2023 -£55,568).
Revenue recognition
Turnover compromises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
Gross earnings under operating leases are recognised on a straight line basis over the period of the leases and are classified as turnover.
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 corporation 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.
Richard C. Bircher (Holdings) Limited
Notes to the Unaudited Financial Statements
Year Ended 30 April 2024
Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by FRS102 Section 1A. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and laws enacted at the balance sheet date.
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 provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life. A full 12 months of depreciation is charged in the year of addition. Details as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
over the life of the lease to estimated residual value |
Fixtures, fittings and equipment |
15% straight line |
Motor vehicles |
over the life of the lease to estimated residual value |
Computer equipment |
25% reducing balance |
Investment property
No depreciation is provided in respect of investment properties. Investment properties for which fair value can be measured reliably without cost or effort on an ongoing basis are measured at fair value annually with any change recognised in the profit and loss account.
This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
Leases
Assets held and leased to customers under operating leases are recorded at cost within fixed assets. They are written off over the life of the lease to estimated residual value. Income relating to the assets is matched against the costs over the life of the lease.
Richard C. Bircher (Holdings) Limited
Notes to the Unaudited Financial Statements
Year Ended 30 April 2024
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.
Redeemable preference shares are classified as financial liabilities.
Financial instruments
Classification
Basic financial assets comprise short term trade balances with third parties, and cash and bank balances. Basic financial liabilities comprise short term trade balances with third parties. Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Redeemable preference shares are initially measured at fair value, being the present value of future cash flows.
Recognition and measurement
The company holds the following financial instruments:
• Short term trade debtors and creditors;
• Short term intra group trading debtors and creditors;
• Short and long term redeemable preference shares.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Richard C. Bircher (Holdings) Limited
Notes to the Unaudited Financial Statements
Year Ended 30 April 2024
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 May 2023 |
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Additions |
- |
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- |
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Disposals |
- |
( |
( |
( |
At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
( |
At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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Assets held under operating leases
The net carrying amount of tangible assets includes the following amounts in respect of assets owned by the company and leased out under operating leases:
2024
|
2023
|
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Plant and machinery |
537,977 |
693,850 |
Motor vehicles |
7,955,264 |
8,167,903 |
8,493,241 |
8,861,753 |
Investment properties |
2024 |
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At 1 May |
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At 30 April |
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The investment property was valued on 30 April 2024 by the directors. The basis of this valuation was that in the director's opinion the value of the property had not changed since the property was purchased (June 2014).
Richard C. Bircher (Holdings) Limited
Notes to the Unaudited Financial Statements
Year Ended 30 April 2024
Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
- |
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Prepayments |
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Accrued income |
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Details of non-current trade and other debtors
£Nil (2023 -£Nil) of other debtors is classified as non current. Other debtors totalling £Nil (2023 - £55,566) relate to loans provided to an unconnected counterparty. Security for this debt is in the form of legal charges over finance agreements on motor vehicles.
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
- |
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Richard C. Bircher (Holdings) Limited
Notes to the Unaudited Financial Statements
Year Ended 30 April 2024
Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Redeemable preference shares |
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2024 |
2023 |
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Loans and borrowings due after one year |
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Redeemable preference shares |
- |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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|
|
1,000,000 |
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1,000,000 |
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|
500,000 |
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500,000 |
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|
500,000 |
|
500,000 |
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|
500,000 |
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500,000 |
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500,000 |
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500,000 |
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500,000 |
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500,000 |
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500,000 |
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500,000 |
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500,000 |
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500,000 |
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700,000 |
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700,000 |
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All Preference shares are redeemable at the option of the holder. They are redeemable at £1 per share and carry no voting rights. Winding up value for redeemable preference shares is £1.
Obligations under leases and hire purchase contracts |
Operating leases - lessor
The total of future minimum lease payments receivable is as follows:
2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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Later than five years |
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Richard C. Bircher (Holdings) Limited
Notes to the Unaudited Financial Statements
Year Ended 30 April 2024
Financial instruments |
Categorisation of financial instruments
2024 |
2023 |
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Financial assets measured at fair value through profit or loss |
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Financial liabilities measured at fair value through profit or loss that are not held as part of a trading portfolio and are not derivatives |
- |
(676,329) |