2023-08-012024-07-312024-07-31falseSC510732RICHMOND EK 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RICHMOND EK LTD

Registered Number
SC510732
(Scotland)

Unaudited Financial Statements for the Year ended
31 July 2024

RICHMOND EK LTD
Company Information
for the year from 1 August 2023 to 31 July 2024

Director

SUNG, Wai Ming Vivian

Registered Address

2 The Boardwalk
East Kilbride
Glasgow
G75 0YW

Registered Number

SC510732 (Scotland)
RICHMOND EK LTD
Balance Sheet as at
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets318,50022,000
Tangible assets419,01816,592
37,51838,592
Current assets
Stocks54,7506,100
Debtors615,5919,165
Cash at bank and on hand518,001726,100
538,342741,365
Creditors amounts falling due within one year7(64,012)(169,172)
Net current assets (liabilities)474,330572,193
Total assets less current liabilities511,848610,785
Provisions for liabilities8(3,613)(4,148)
Net assets508,235606,637
Capital and reserves
Called up share capital44
Profit and loss account508,231606,633
Shareholders' funds508,235606,637
The financial statements were approved and authorised for issue by the Director on 6 May 2025, and are signed on its behalf by:
SUNG, Wai Ming Vivian
Director
Registered Company No. SC510732
RICHMOND EK LTD
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
The turnover shown in the profit and loss account represents the value of sales during the year, exclusive of value added tax. A sales is recognised at the point where a meal is served or handed over to the customer.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Goodwill
Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be 14 years from 2015. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Fixtures and fittings5
Finance leases and hire purchase contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20242023
Average number of employees during the year1111
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 August 2322,00022,000
At 31 July 2422,00022,000
Amortisation and impairment
Charge for year3,5003,500
At 31 July 243,5003,500
Net book value
At 31 July 2418,50018,500
At 31 July 2322,00022,000
4.Tangible fixed assets

Fixtures & fittings

Total

££
Cost or valuation
At 01 August 2326,54326,543
Additions8,6238,623
Disposals(1,597)(1,597)
At 31 July 2433,56933,569
Depreciation and impairment
At 01 August 239,9519,951
Charge for year5,6175,617
On disposals(1,017)(1,017)
At 31 July 2414,55114,551
Net book value
At 31 July 2419,01819,018
At 31 July 2316,59216,592
5.Stocks

2024

2023

££
Other stocks4,7506,100
Total4,7506,100
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables12,2778,759
Other debtors2,702-
Prepayments and accrued income612406
Total15,5919,165
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables15,33318,466
Taxation and social security39,208137,628
Accrued liabilities and deferred income9,47113,078
Total64,012169,172
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)3,6134,148
Total3,6134,148
9.Operating lease commitments
At 31 Jul 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £187 (2023: £936)