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Filleted

Registration number: 12312311

Richards Distributions Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2024

 

Richards Distributions Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Richards Distributions Ltd

Company Information

Director

Mr G A Richards

Registered office

Buzzards View
Croesyceiliog
Carmarthen
Carmarthenshire
SA32 8DP

 

Richards Distributions Ltd

(Registration number: 12312311)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

11,485

13,718

Current assets

 

Stocks

6

55,089

42,176

Debtors

7

410,937

305,567

Cash at bank and in hand

 

50,988

109,785

 

517,014

457,528

Creditors: Amounts falling due within one year

8

(440,224)

(374,064)

Net current assets

 

76,790

83,464

Total assets less current liabilities

 

88,275

97,182

Creditors: Amounts falling due after more than one year

8

(4,666)

(13,075)

Provisions for liabilities

(2,871)

(3,430)

Net assets

 

80,738

80,677

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

80,736

80,675

Total equity

 

80,738

80,677

For the financial year ending 30 November 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Richards Distributions Ltd

(Registration number: 12312311)
Balance Sheet as at 30 November 2024

Approved and authorised by the director on 29 May 2025
 

.........................................
Mr G A Richards
Director

   
     
 

Richards Distributions Ltd

Notes to the Financial Statements for the Year Ended 30 November 2024

1

General information

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

The address of its registered office is:
Buzzards View
Croesyceiliog
Carmarthen
Carmarthenshire
SA32 8DP

These financial statements were authorised for issue by the director on 29 May 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.

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 sales/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.

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.

 

Richards Distributions Ltd

Notes to the Financial Statements for the Year Ended 30 November 2024

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 machinery

20% Reducing Balance

Office equipment

25% Reducing Balance

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.

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.

 

Richards Distributions Ltd

Notes to the Financial Statements for the Year Ended 30 November 2024

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.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Richards Distributions Ltd

Notes to the Financial Statements for the Year Ended 30 November 2024

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 6).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

2,914

3,417

5

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 December 2023

32,678

-

32,678

Additions

-

681

681

At 30 November 2024

32,678

681

33,359

Depreciation

At 1 December 2023

18,960

-

18,960

Charge for the year

2,744

170

2,914

At 30 November 2024

21,704

170

21,874

Carrying amount

At 30 November 2024

10,974

511

11,485

At 30 November 2023

13,718

-

13,718

6

Stocks

2024
£

2023
£

Other inventories

55,089

42,176

 

Richards Distributions Ltd

Notes to the Financial Statements for the Year Ended 30 November 2024

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

285,026

181,851

Amounts owed by group undertakings and undertakings in which the company has a participating interest

11

62,426

52,683

Other debtors

 

63,485

71,033

 

410,937

305,567

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

149,476

135,554

Trade creditors

 

175,903

131,533

Taxation and social security

 

70,389

29,152

Corporation tax liability

 

40,874

64,366

Other creditors

 

3,582

13,459

 

440,224

374,064

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

4,666

13,075

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

A Ordinary of £1 each

1

1

1

1

 

2

2

2

2

 

Richards Distributions Ltd

Notes to the Financial Statements for the Year Ended 30 November 2024

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

4,666

12,667

HP and finance lease liabilities

-

408

4,666

13,075

2024
£

2023
£

Current loans and borrowings

Bank borrowings

8,000

8,000

HP and finance lease liabilities

409

2,566

Other borrowings

141,067

124,988

149,476

135,554

11

Related party transactions

2024

At 1 December 2023
£

Other payments made to company by director
£

At 30 November 2024
£

Mr G A Richards

Interest free loan repayable on demand

21,032

42,454

63,485

       
     

 

2023

At 1 December 2022
£

Other payments made to company by director
£

At 30 November 2023
£

Mr G A Richards

Interest free loan repayable on demand

(8,389)

29,421

21,032

       
     

 

Summary of transactions with other related parties

CFK Gym Limited
 At the balance sheet date £62,426 was owed from CFK Gym Limited (2023: £52,683)