Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
81,065 | 135,974 | |||
Current assets | ||||
Stocks | 4 |
|
|
|
Debtors | 5 |
|
|
|
Cash at bank and in hand | 6 |
|
|
|
2,160,375 | 1,865,373 | |||
Creditors: amounts falling due within one year | 7 | (
|
(
|
|
Net current assets | 875,401 | 514,712 | ||
Total assets less current liabilities | 956,466 | 650,686 | ||
Provision for liabilities | 8 | (
|
|
|
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 9 |
|
|
|
Profit and loss account |
|
|
||
Total shareholders' funds |
|
|
Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Richards Bros Machinery Limited (registered number:
G A Richards
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Richards Bros Machinery Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Gunabarn Cottage Trendeal Farm, Summercourt, Newquay, TR8 5BL, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Plant and machinery |
|
Vehicles |
|
Computer equipment |
|
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
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.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Plant and machinery | Vehicles | Computer equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 April 2023 |
|
|
|
|
|||
Additions |
|
|
|
|
|||
Disposals | (
|
(
|
|
(
|
|||
At 31 March 2024 |
|
|
|
|
|||
Accumulated depreciation | |||||||
At 01 April 2023 |
|
|
|
|
|||
Charge for the financial year |
|
|
|
|
|||
Disposals | (
|
(
|
|
(
|
|||
At 31 March 2024 |
|
|
|
|
|||
Net book value | |||||||
At 31 March 2024 |
|
|
|
|
|||
At 31 March 2023 |
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Stocks |
|
|
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
|
|
|
VAT recoverable |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Cash at bank and in hand |
|
|
2024 | 2023 | ||
£ | £ | ||
Trade creditors |
|
|
|
Amounts owed to associates |
|
|
|
Amounts owed to directors |
|
|
|
Accruals |
|
|
|
Taxation and social security |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
At the beginning of financial year |
|
|
|
Charged to the Statement of Income and Retained Earnings | (
|
|
|
At the end of financial year | (
|
|
2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
Other related party transactions
Richards Bros Limited has a loan from Trendeal Energy Limited the Company is solely owned by one of the directors. The loan is interest free and the balance due at 31 March 2024 was £250,001 (2023 - £250,001).
Richards Bros Limited has a private loan from George Richards Farm a partnership of which the Directors are also partners. The loan is interest free and the balance due at 31 March 2024 was £748,903 (2023 - £750,001).