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Registered number: 05369302
Richards Associates Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Richards Associates Limited
North Lodge
Hawkesyard
Rugeley
Staffordshire
WS15 1PS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05369302
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 26,324 24,871
Tangible Assets 5 106,760 143,190
133,084 168,061
CURRENT ASSETS
Debtors 6 345,713 134,497
Cash at bank and in hand 392,258 610,347
737,971 744,844
Creditors: Amounts Falling Due Within One Year 7 (125,515 ) (208,449 )
NET CURRENT ASSETS (LIABILITIES) 612,456 536,395
TOTAL ASSETS LESS CURRENT LIABILITIES 745,540 704,456
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (7,762 ) (6,502 )
NET ASSETS 737,778 697,954
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 737,777 697,953
SHAREHOLDERS' FUNDS 737,778 697,954
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Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs A Richards
Director
31 March 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
Richards Associates Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05369302 . The registered office is North Lodge Hawkesyard, Armitage Lane, Rugeley, Staffordshire, WS15 1PS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors continue to adopt the going concern basis of accounting in preparing financial statements.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are the purchase of a client list. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 10% straight line
Fixtures & Fittings 10% straight line
Computer Equipment 33.3% straight line
2.6. Stocks and Work in Progress
Work in progress is valued at lower of cost and net realisable value. Costs include a proportion of fixed
and variable overheads.
2.7. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, and loans to related parties.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 6)
7 6
4. Intangible Assets
Client list
£
Cost
As at 1 September 2023 51,328
Additions 14,648
As at 31 August 2024 65,976
Amortisation
As at 1 September 2023 26,457
Provided during the period 13,195
As at 31 August 2024 39,652
...CONTINUED
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Net Book Value
As at 31 August 2024 26,324
As at 1 September 2023 24,871
5. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 September 2023 207,343 26,132 45,937 279,412
Additions - 12,209 2,398 14,607
As at 31 August 2024 207,343 38,341 48,335 294,019
Depreciation
As at 1 September 2023 90,163 10,540 35,519 136,222
Provided during the period 41,469 3,005 6,563 51,037
As at 31 August 2024 131,632 13,545 42,082 187,259
Net Book Value
As at 31 August 2024 75,711 24,796 6,253 106,760
As at 1 September 2023 117,180 15,592 10,418 143,190
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 123,045 87,753
Other debtors 222,668 46,744
345,713 134,497
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 19,365 1,691
Other creditors 48,449 141,937
Taxation and social security 57,701 64,821
125,515 208,449
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8. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 7,762 6,502
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 September 2023 6,502 6,502
Additions 1,260 1,260
Balance at 31 August 2024 7,762 7,762
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
11. Ultimate Controlling Party
The company's ultimate controlling party is Anna Richards by virtue of her ownership of 100% of the issued share capital in the company.
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