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REGISTERED NUMBER: 05520742 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

RICHARDSONS YACHT SERVICES LIMITED

RICHARDSONS YACHT SERVICES LIMITED (REGISTERED NUMBER: 05520742)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RICHARDSONS YACHT SERVICES LIMITED

COMPANY INFORMATION
for the Year Ended 31 October 2024







DIRECTORS: T P Richardson
Mrs C Richardson





SECRETARY: Mrs C Richardson





REGISTERED OFFICE: 36a Station Road
New Milton
Hampshire
BH25 6JX





REGISTERED NUMBER: 05520742 (England and Wales)





ACCOUNTANTS: David Shores & Co Ltd
36a Station Road
New Milton
Hampshire
BH25 6JX

RICHARDSONS YACHT SERVICES LIMITED (REGISTERED NUMBER: 05520742)

BALANCE SHEET
31 October 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,000 12,000
Tangible assets 5 71,518 74,384
75,518 86,384

CURRENT ASSETS
Stocks 317,649 281,583
Debtors 6 120,912 129,252
Cash at bank and in hand 152,381 143,482
590,942 554,317
CREDITORS
Amounts falling due within one year 7 153,006 151,862
NET CURRENT ASSETS 437,936 402,455
TOTAL ASSETS LESS CURRENT
LIABILITIES

513,454

488,839

PROVISIONS FOR LIABILITIES 10,709 10,709
NET ASSETS 502,745 478,130

CAPITAL AND RESERVES
Called up share capital 525 525
Capital redemption reserve 375 375
Retained earnings 501,845 477,230
SHAREHOLDERS' FUNDS 502,745 478,130

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

RICHARDSONS YACHT SERVICES LIMITED (REGISTERED NUMBER: 05520742)

BALANCE SHEET - continued
31 October 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 February 2025 and were signed on its behalf by:





T P Richardson - Director


RICHARDSONS YACHT SERVICES LIMITED (REGISTERED NUMBER: 05520742)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

Richardsons Yacht Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - not provided
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities and include trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets are measured at cost and amortized cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognized in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortized cost, being the transaction price less any amounts settled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


RICHARDSONS YACHT SERVICES LIMITED (REGISTERED NUMBER: 05520742)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employment benefits
The costs of short-term employee benefits are recognized as a liability and an expense, unless those costs are required to be recognized as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognized in the period in which the employee's services are received.

Termination benefits are recognized immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognized when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

Intangible assets
Goodwill, being the amount paid in connection with the acquisitions of businesses are being amortised evenly over its estimated useful life.

The businesses were acquired in 2005 and 2022 and have useful lives of 20 and 2 years respectively

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 20 ) .

RICHARDSONS YACHT SERVICES LIMITED (REGISTERED NUMBER: 05520742)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2023
and 31 October 2024 124,000
AMORTISATION
At 1 November 2023 112,000
Amortisation for year 8,000
At 31 October 2024 120,000
NET BOOK VALUE
At 31 October 2024 4,000
At 31 October 2023 12,000

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 November 2023 31,263 94,113 2,574
Additions - 6,605 -
Disposals - (3,750 ) -
At 31 October 2024 31,263 96,968 2,574
DEPRECIATION
At 1 November 2023 - 54,984 2,106
Charge for year - 6,297 70
At 31 October 2024 - 61,281 2,176
NET BOOK VALUE
At 31 October 2024 31,263 35,687 398
At 31 October 2023 31,263 39,129 468

RICHARDSONS YACHT SERVICES LIMITED (REGISTERED NUMBER: 05520742)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2023 9,295 14,580 151,825
Additions - 4,156 10,761
Disposals - - (3,750 )
At 31 October 2024 9,295 18,736 158,836
DEPRECIATION
At 1 November 2023 7,388 12,963 77,441
Charge for year 477 3,033 9,877
At 31 October 2024 7,865 15,996 87,318
NET BOOK VALUE
At 31 October 2024 1,430 2,740 71,518
At 31 October 2023 1,907 1,617 74,384

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 102,677 114,599
Other debtors 18,235 14,653
120,912 129,252

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 34,558 44,736
Taxation and social security 80,312 67,979
Other creditors 38,136 39,147
153,006 151,862

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 35,000 35,000
Between one and five years 140,000 140,000
In more than five years 75,833 110,833
250,833 285,833

9. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr and Mrs T Richardson.