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Registration number: 06698148

M Richards Limited

Unaudited Financial Statements

for the Year Ended 30 September 2024

 

M Richards Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 14

 

M Richards Limited

Company Information

Director

Mr M J Richards

Registered office

LPM House
Wedmore Road
Cheddar
BS27 3EB

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
North Somerset
BS23 1NF

 

M Richards Limited

(Registration number: 06698148)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

26,344

24,669

Investments

5

100

100

 

26,444

24,769

Current assets

 

Stocks

6

1,290,048

1,127,416

Debtors

7

489,661

330,514

Cash at bank and in hand

 

139,070

113,354

 

1,918,779

1,571,284

Creditors: Amounts falling due within one year

8

(670,226)

(256,417)

Net current assets

 

1,248,553

1,314,867

Total assets less current liabilities

 

1,274,997

1,339,636

Creditors: Amounts falling due after more than one year

8

(37,546)

(87,567)

Provisions for liabilities

(6,586)

(4,687)

Net assets

 

1,230,865

1,247,382

Capital and reserves

 

Called up share capital

11

9

9

Retained earnings

1,230,856

1,247,373

Shareholders' funds

 

1,230,865

1,247,382

 

M Richards Limited

(Registration number: 06698148)
Balance Sheet as at 30 September 2024

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 April 2025
 

.........................................
Mr M J Richards
Director

   
     
 

M Richards Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
LPM House
Wedmore Road
Cheddar
BS27 3EB

These financial statements were authorised for issue by the director on 17 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is Pound Sterling (£).

Group accounts not prepared

The company is exempt from preparing group accounts as a parent of a small group.

Going concern

The financial statements have been prepared on a going concern basis.

 

M Richards Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

M Richards Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

33% & 20% straight line

Fixtures & fittings

20% straight line

Motor vehicles

25% reducing balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

M Richards Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

M Richards Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

M Richards Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

2

Accounting policies (continued)

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2023 - 9).

 

M Richards Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Fixtures and fittings
£

Plant and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

17,706

14,897

19,640

52,243

Additions

439

1,343

16,990

18,772

Disposals

-

-

(19,640)

(19,640)

At 30 September 2024

18,145

16,240

16,990

51,375

Depreciation

At 1 October 2023

7,130

7,019

13,426

27,575

Charge for the year

3,629

3,005

4,248

10,882

Eliminated on disposal

-

-

(13,426)

(13,426)

At 30 September 2024

10,759

10,024

4,248

25,031

Carrying amount

At 30 September 2024

7,386

6,216

12,742

26,344

At 30 September 2023

8,933

9,522

6,214

24,669

5

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

 

M Richards Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Investments (continued)

Subsidiaries

£

Cost or valuation

At 1 October 2023

100

Provision

Carrying amount

At 30 September 2024

100

At 30 September 2023

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Beefeater Europe Limited

Pt Suite 4, LPM House
Wedmore Road
Cheddar
BS27 3EB

England

Ordinary

100%

100%

Subsidiary undertakings

Beefeater Europe Limited

The principal activity of Beefeater Europe Limited is that of a dormant company.

 

M Richards Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Stocks

2024
£

2023
£

Other inventories

1,290,048

1,127,416

7

Debtors

Current

2024
£

2023
£

Trade debtors

330,539

288,110

Prepayments

154,959

38,065

Other debtors

4,163

4,339

 

489,661

330,514

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

50,000

50,000

Trade creditors

 

500,268

123,638

Taxation and social security

 

63,472

52,379

Accruals and deferred income

 

45,306

4,261

Other creditors

 

11,180

26,139

 

670,226

256,417

 

M Richards Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

8

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

37,546

87,567

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

50,000

50,000

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

37,546

87,567

Bank borrowings

Coronavirus Business Interruption Loan is denominated in GBP with a nominal interest rate of 2.99%, and the final instalment is due on 30 June 2026. The carrying amount at year end is £87,546 (2023 - £137,567).

No security is required in respect of the £87,546 Coronavirus Business Interruption Loan.

Barclays Bank PLC holds a fixed and floating charge over all property and undertakings of the company, relating to all monies and liabilities due now or in the future.

 

M Richards Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

51,786

7,352

Later than one year and not later than five years

164,013

-

215,799

7,352

11

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

9

9

9

9

         

12

Ultimate controlling party

The ultimate controlling party is the director, M J Richards.