Registered number
07684615
Richard Learoyd Ltd
Unaudited Filleted Accounts
30 June 2024
Smithfield Accountants LLP
Chartered Accountants
Suite 1, Unit 2, Stansted Courtyard
Parsonage Road, Takeley, Essex, CM22 6PU
Richard Learoyd Ltd
Registered number: 07684615
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 6 484,601 -
Tangible assets 7 232,154 228,692
Investments 8 254,560 254,560
971,315 483,252
Current assets
Debtors 9 326,112 444,272
Cash at bank and in hand 867,448 1,209,530
1,193,560 1,653,802
Creditors: amounts falling due within one year 10 (56,147) (73,664)
Net current assets 1,137,413 1,580,138
Total assets less current liabilities 2,108,728 2,063,390
Creditors: amounts falling due after more than one year 11 (142,800) -
Provisions for liabilities 12 (49,818) (45,145)
Net assets 1,916,110 2,018,245
Capital and reserves
Called up share capital 13 100 100
Profit and loss account 14 1,916,010 2,018,145
Shareholders' funds 1,916,110 2,018,245
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The Profit and Loss Account and Directors' Report have not been delivered to the Registrar of Companies.
R Learoyd
Director
Approved by the board on 4 November 2024
Richard Learoyd Ltd
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation. Amortisation is provided at rates calculated to write off the cost over the length of the lease, which is currently standing at 11 years.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 10% straight line
Plant, machinery, fixtures and fittings 15% written down value
Motor vehicles 20% written down value
Investment property
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Operating profit 2024 2023
£ £
This is stated after charging:
Depreciation of owned fixed assets 52,674 49,980
Amortisation of intangible fixed assets 29,764 -
Accountancy 4,545 4,365
Directors' pension contributions 119,400 192,800
Directors' remuneration 80,753 82,992
Bank charges and interest 874 945
3 Taxation 2024 2023
£ £
Balance sheet
Corporation tax payable on 01.04.2025 39,170 73,664
Profit and loss account
Prior year (over)/under provisions (140) -
UK corporation tax charge/(refund) @ 25% 39,170 73,664
Transfer/(released) to deferred taxation 4,673 5,462
43,703 79,126
4 Wages and NI 2024 2023
£ £
Gross wages 92,500 80,000
Employers NI 871 2,992
93,371 82,992
Average number of persons employed by the company 3 2
5 Directors' emoluments 2024 2023
£ £
Gross wages 80,000 80,000
Employers NI 753 2,992
Pension contributions 119,400 192,800
200,153 275,792
Highest paid director:
Gross wages 40,000 40,000
Employers NI 377 1,496
Pension contributions 59,700 96,400
100,077 137,896
6 Intangible fixed assets Commercial lease Leasehold property right of use asset Total
Goodwill: £ £
Cost
At 1 July 2023 - - -
Additions 357,165 168,000 525,165
Disposals - - -
At 30 June 2024 357,165 168,000 525,165
Amortisation
At 1 July 2023 - - -
Provided during the year 29,764 10,800 40,564
On disposals - - -
At 30 June 2024 29,764 10,800 40,564
Net book value
At 30 June 2024 327,401 157,200 484,601
At 30 June 2023 - - -
The lease can be renewed for a further 15 years in 2034 at no cost.
7 Tangible fixed assets
Land and buildings Plant, machinery, fixtures and fittings Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 150,736 433,438 61,490 645,664
Additions - 56,136 - 56,136
Surplus on revaluation - - - -
Disposals - - - -
At 30 June 2024 150,736 489,574 61,490 701,800
Depreciation
At 1 July 2023 103,460 291,376 22,136 416,972
Charge for the year 15,073 29,730 7,871 52,674
Surplus on revaluation - - - -
On disposals - - - -
At 30 June 2024 118,533 321,106 30,007 469,646
Net book value
At 30 June 2024 32,203 168,468 31,483 232,154
At 30 June 2023 47,276 142,062 39,354 228,692
Freehold land and buildings: 2024 2023
£ £
Historical cost 150,736 150,736
Cumulative depreciation based on historical cost (118,533) (103,460)
32,203 47,276
8 Investments
Investments in
Investment Other 2024 2023
property investments Total Total
£ £ £ £
Cost
At 1 July 2023 148,000 106,560 254,560 222,000
Additions - - - 10,510
Adjustment on revaluation - - - 22,050
At 30 June 2024 148,000 106,560 254,560 254,560
The investment property was revalued by the directors during the year to 30th June 2023 to reflect the year end market value.
Freehold land and buildings: 2024 2023
£ £
Historical cost 125,950 125,950
9 Debtors 2024 2023
£ £
Lease deposit - 35,000
Loan to Holt Farm Lettings Ltd (see note 15) 322,512 400,513
Other debtors 3,600 8,759
326,112 444,272
Amounts due after more than one year included above
Loan to Holt Farm Lettings Ltd (see note 15) 322,512 400,513
The Holt Farm Lettings Ltd loan is interest free and there is no fixed repayment date. The effects of discounting are immaterial to the accounts.
10 Creditors: amounts falling due within one year 2024 2023
£ £
Short term liability right of use asset 14,400 -
VAT 777 -
Corporation tax 39,170 73,664
Other creditors 1,800 -
56,147 73,664
11 Creditors: amounts falling due after one year 2024 2023
£ £
Long term liability right of use asset 142,800 -
142,800 -
12 Provision for liabilities 2024 2023
£ £
Deferred tax:
Accelerated capital allowances
Deferred tax brought forward 45,145 39,683
Charge/(credit) to profit and loss account 4,673 5,462
Deferred tax carried forward 49,818 45,145
13 Share capital Nominal 2024 2024 2023
value Number £ £
Authorised
Ordinary shares £1 each 100 100 100
Allotted, called up and fully paid:
Ordinary shares £1 each 100 100 100
14 Profit and loss account 2024 2023
£ £
At 1 July 2023 2,018,145 1,902,949
Profit for the year 82,365 257,196
Dividends (184,500) (142,000)
At 30 June 2024 1,916,010 2,018,145
15 Related party transactions
Holt Farm Lettings Ltd
Company under common control
The company has loaned funds to the related party. The loan is interest free and there is no fixed repayment date.
16 Controlling party
The company is jointly controlled by its directors. No single party has control.
17 Presentation currency
The accounts are presented in British Pounds Sterling.
18 Other information
Richard Learoyd Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Suite 1, Unit 2, Stansted Courtyard
Parsonage Road, Takeley, Essex, CM22 6PU
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