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COMPANY REGISTRATION NUMBER: 04491326
Richmel Limited
Unaudited Financial Statements
31 July 2024
Richmel Limited
Financial Statements
Year ended 31 July 2024
Contents
Page
Directors' report
1
Statement of comprehensive income
2
Statement of financial position
3
Statement of changes in equity
5
Notes to the financial statements
6
The following pages do not form part of the financial statements
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
11
Richmel Limited
Directors' Report
Year ended 31 July 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 July 2024 .
Directors
The directors who served the company during the year were as follows:
RM Harvey
M Smith
M Harvey
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 28 April 2025 and signed on behalf of the board by:
Melanie Smith
Company Secretary
Registered office:
6, The Linen Yard
South Street
Crewkerne
Somerset
TA18 8AB
Richmel Limited
Statement of Comprehensive Income
Year ended 31 July 2024
2024
2023
Note
£
£
Administrative expenses
62,421
46,772
Other operating income
37,541
39,270
--------
--------
Operating loss
( 24,880)
( 7,502)
Other interest receivable and similar income
37,645
25,663
--------
--------
Profit before taxation
12,765
18,161
Tax on profit
18,084
3,451
--------
--------
(Loss)/profit for the financial year
( 5,319)
14,710
--------
--------
Revaluation of tangible assets
35,000
--------
--------
Total comprehensive income for the year
29,681
14,710
--------
--------
All the activities of the company are from continuing operations.
Richmel Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
612,635
581,960
Current assets
Debtors
6
538,940
554,821
Cash at bank and in hand
90,358
83,624
---------
---------
629,298
638,445
Creditors: amounts falling due within one year
7
24,639
32,778
---------
---------
Net current assets
604,659
605,667
------------
------------
Total assets less current liabilities
1,217,294
1,187,627
Provisions
Taxation including deferred tax
45,064
30,078
------------
------------
Net assets
1,172,230
1,157,549
------------
------------
Capital and reserves
Called up share capital
8
1,250
1,250
Revaluation reserve
128,266
93,266
Other reserves
225,955
225,955
Profit and loss account
816,759
837,078
------------
------------
Shareholders funds
1,172,230
1,157,549
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Richmel Limited
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 28 April 2025 , and are signed on behalf of the board by:
RM Harvey
Director
Company registration number: 04491326
Richmel Limited
Statement of Changes in Equity
Year ended 31 July 2024
Called up share capital
Revaluation reserve
Other reserves
Profit and loss account
Total
Note
£
£
£
£
£
At 1 August 2022
1,250
93,266
225,955
829,868
1,150,339
Profit for the year
14,710
14,710
-------
--------
---------
---------
------------
Total comprehensive income for the year
14,710
14,710
Dividends paid and payable
( 7,500)
( 7,500)
-------
--------
---------
---------
------------
Total investments by and distributions to owners
( 7,500)
( 7,500)
At 31 July 2023
1,250
93,266
225,955
837,078
1,157,549
Loss for the year
( 5,319)
( 5,319)
Other comprehensive income for the year:
Revaluation of tangible assets
5
35,000
35,000
-------
--------
---------
---------
------------
Total comprehensive income for the year
35,000
( 5,319)
29,681
Dividends paid and payable
( 15,000)
( 15,000)
----
----
----
--------
--------
Total investments by and distributions to owners
( 15,000)
( 15,000)
-------
---------
---------
---------
------------
At 31 July 2024
1,250
128,266
225,955
816,759
1,172,230
-------
---------
---------
---------
------------
Richmel Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6, The Linen Yard, South Street, Crewkerne, Somerset, TA18 8AB.
2. Statement of compliance
These financial statements have been prepared in accordance with FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Solar Power Equipment
-
4% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 2 ).
5. Tangible assets
Land and buildings
Equipment
Total
£
£
£
Cost or valuation
At 1 August 2023
525,727
108,133
633,860
Revaluations
35,000
35,000
---------
---------
---------
At 31 July 2024
560,727
108,133
668,860
---------
---------
---------
Depreciation
At 1 August 2023
51,900
51,900
Charge for the year
4,325
4,325
---------
---------
---------
At 31 July 2024
56,225
56,225
---------
---------
---------
Carrying amount
At 31 July 2024
560,727
51,908
612,635
---------
---------
---------
At 31 July 2023
525,727
56,233
581,960
---------
---------
---------
Tangible assets held at valuation
The Freehold Land and Buildings at a cost of £410,584 (2023: £410,584) were revalued at 31st July 2024 by the Directors on the basis of their net realisable value giving appropriate weight to the tenancy arrangements.
6. Debtors
2024
2023
£
£
Trade debtors
8,276
24,312
Other debtors
530,664
530,509
---------
---------
538,940
554,821
---------
---------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Other debtors
530,000
530,000
---------
---------
Interest is charged on the loan (other debtors due after more than one year) under the terms as set out in the loan agreement and this interest is recognised in the statement of financial position on a receivable basis.
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,849
1,457
Corporation tax
3,098
4,114
Social security and other taxes
1,519
3,237
Other creditors
18,173
23,970
--------
--------
24,639
32,778
--------
--------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
A Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
B Ordinary shares of £ 1 each
250
250
250
250
-------
-------
-------
-------
1,250
1,250
1,250
1,250
-------
-------
-------
-------
Richmel Limited
Management Information
Year ended 31 July 2024
The following pages do not form part of the financial statements.
Richmel Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Richmel Limited
Year ended 31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Richmel Limited for the year ended 31 July 2024, which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Richmel Limited, as a body, in accordance with the terms of our engagement letter dated 1 October 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Richmel Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Richmel Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Richmel Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Richmel Limited. You consider that Richmel Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Richmel Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
CHALMERS & CO (SW) LIMITED Chartered accountants
Trading as Chalmers & Co. 6 The Linen Yard South Street Crewkerne Somerset TA18 8AB
28 April 2025