Silverfin false false 31/03/2024 01/04/2023 31/03/2024 E C Richards 08/03/2021 G A Richards 08/03/2021 H G A Richards 08/03/2021 J W G Richards 08/03/2021 20 March 2025 The primary activity of the Company during the financial year was that of wholesale of agricultural machinery, equipment and supplies. 13249579 2024-03-31 13249579 bus:Director1 2024-03-31 13249579 bus:Director2 2024-03-31 13249579 bus:Director3 2024-03-31 13249579 bus:Director4 2024-03-31 13249579 2023-03-31 13249579 core:CurrentFinancialInstruments 2024-03-31 13249579 core:CurrentFinancialInstruments 2023-03-31 13249579 core:ShareCapital 2024-03-31 13249579 core:ShareCapital 2023-03-31 13249579 core:RetainedEarningsAccumulatedLosses 2024-03-31 13249579 core:RetainedEarningsAccumulatedLosses 2023-03-31 13249579 core:PlantMachinery 2023-03-31 13249579 core:Vehicles 2023-03-31 13249579 core:ComputerEquipment 2023-03-31 13249579 core:PlantMachinery 2024-03-31 13249579 core:Vehicles 2024-03-31 13249579 core:ComputerEquipment 2024-03-31 13249579 2022-03-31 13249579 bus:OrdinaryShareClass1 2024-03-31 13249579 2023-04-01 2024-03-31 13249579 bus:FilletedAccounts 2023-04-01 2024-03-31 13249579 bus:SmallEntities 2023-04-01 2024-03-31 13249579 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13249579 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13249579 bus:Director1 2023-04-01 2024-03-31 13249579 bus:Director2 2023-04-01 2024-03-31 13249579 bus:Director3 2023-04-01 2024-03-31 13249579 bus:Director4 2023-04-01 2024-03-31 13249579 core:PlantMachinery 2023-04-01 2024-03-31 13249579 core:Vehicles 2023-04-01 2024-03-31 13249579 core:ComputerEquipment 2023-04-01 2024-03-31 13249579 2022-04-01 2023-03-31 13249579 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 13249579 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13249579 (England and Wales)

RICHARDS BROS MACHINERY LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

RICHARDS BROS MACHINERY LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

RICHARDS BROS MACHINERY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
RICHARDS BROS MACHINERY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 81,065 135,974
81,065 135,974
Current assets
Stocks 4 985,320 621,501
Debtors 5 497,147 252,240
Cash at bank and in hand 6 677,908 991,632
2,160,375 1,865,373
Creditors: amounts falling due within one year 7 ( 1,284,974) ( 1,350,661)
Net current assets 875,401 514,712
Total assets less current liabilities 956,466 650,686
Provision for liabilities 8 ( 19,115) 0
Net assets 937,351 650,686
Capital and reserves
Called-up share capital 9 4 4
Profit and loss account 937,347 650,682
Total shareholders' funds 937,351 650,686

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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: 13249579) were approved and authorised for issue by the Board of Directors on 20 March 2025. They were signed on its behalf by:

G A Richards
Director
RICHARDS BROS MACHINERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
RICHARDS BROS MACHINERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Plant and machinery Vehicles Computer equipment Total
£ £ £ £
Cost
At 01 April 2023 99,833 90,905 0 190,738
Additions 5,461 39,500 1,837 46,798
Disposals ( 35,500) ( 83,130) 0 ( 118,630)
At 31 March 2024 69,794 47,275 1,837 118,906
Accumulated depreciation
At 01 April 2023 21,829 32,935 0 54,764
Charge for the financial year 7,987 10,968 0 18,955
Disposals ( 6,345) ( 29,533) 0 ( 35,878)
At 31 March 2024 23,471 14,370 0 37,841
Net book value
At 31 March 2024 46,323 32,905 1,837 81,065
At 31 March 2023 78,004 57,970 0 135,974

4. Stocks

2024 2023
£ £
Stocks 985,320 621,501

5. Debtors

2024 2023
£ £
Trade debtors 395,500 252,240
VAT recoverable 101,647 0
497,147 252,240

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 677,908 991,632

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 97,415 260,136
Amounts owed to associates 998,904 1,000,002
Amounts owed to directors 65,996 15,996
Accruals 12,204 2,200
Taxation and social security 110,455 72,327
1,284,974 1,350,661

8. Deferred tax

2024 2023
£ £
At the beginning of financial year 0 0
Charged to the Statement of Income and Retained Earnings ( 19,115) 0
At the end of financial year ( 19,115) 0

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
4 Ordinary shares of £ 1.00 each 4 4

10. Related party transactions

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).