Company No:
Contents
| Director | J.M.G McArdle |
| Secretary | S.K.A McArdle |
| Registered office | 64 Sprowston Mews |
| E7 9AE | |
| United Kingdom |
| Company number | 01724671 (England and Wales) |
| Chartered accountants | Kreston Reeves LLP |
| 2nd Floor | |
| 168 Shoreditch High Street | |
| London | |
| E1 6RA | |
| United Kingdom |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 21,655 | 30,866 | |||
| Current assets | ||||
| Stocks |
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| Debtors | 4 |
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| Cash at bank and in hand |
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| 1,568,468 | 1,507,730 | |||
| Creditors: amounts falling due within one year | 59, 10 | (
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| Net current assets | 720,045 | 722,695 | ||
| Total assets less current liabilities | 741,700 | 753,561 | ||
| Creditors: amounts falling due after more than one year | 6 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 7 |
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| Profit and loss account | 11 |
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| Total shareholders' funds |
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Director's responsibilities:
The financial statements of Richardson Supply Company Limited (registered number:
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J.M.G McArdle
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Richardson Supply Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 64 Sprowston Mews, E7 9AE, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
| Leasehold improvements |
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| Vehicles |
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| Office equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.
The Company only enters into basic financial instument 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, loans to related parties and investments in ordinary shares.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Leasehold improve- ments |
Vehicles | Office equipment | Total | ||||
| £ | £ | £ | £ | ||||
| Cost | |||||||
| At 01 November 2023 |
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| At 31 October 2024 |
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| Accumulated depreciation | |||||||
| At 01 November 2023 |
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| Charge for the financial year |
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| At 31 October 2024 |
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| Net book value | |||||||
| At 31 October 2024 |
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| At 31 October 2023 |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Prepayments |
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| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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| Trade creditors |
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| Accruals |
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| Taxation and social security |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| 200 | 200 |
A directors loan account was in operation during the year. The amount owed at the year end was £218,732 (2023: 298,508). This is included in note 6, 'Creditors falling due within one year'.
During the year dividends of £7,450 (2023: £8,958) were paid to J M G McArdle, the sole director. Dividends of £14,950 (2023: £17,942) were paid to S K A McArdle, a major shareholder and wife of the sole director J M G McArdle.
The company purchased goods to the value of £25,505 (2023: £59,174) in the year from Richardson International Procurement Services Inc., a company incorporated in the USA that is under the control of Mr J M G McArdle, the sole director of Richardson Supply Company Limited.
At the balance sheet date the company owed £25,706 (2023: £24,900) to Richardson International Procurement Services Inc. This is included in note 6, 'Creditors: amounts falling due within one year.
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans - due within one year | 10,334 | 10,000 | |
| Bank loans - within 1-2 years | 6,977 | 16,667 | |
| 17,311 | 26,667 |
During 2020 the company took out a Coronavirus Bounce Back Loan (BBLS) for £50,000 at a fixed interest rate of 2.5% per annum. This loan is designed to help UK business during the COVID-19 outbreak.
| 2024 | 2023 | ||
| £ | £ | ||
| Not later than 1 year | 19,000 | 19,000 | |
| Later than 1 year and not later than 5 years | 25,333 | 44,333 | |
| 44,333 | 63,333 |
At 31 October 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the periods.
Profit and loss account
The Profit and loss account comprises all current and prior period retained profits and losses.
Share capital
This represents the nominal value of shares that have been issued by the company.
The company is under the control of its sole director, J.M.G McArdle, who owns 100% of the voting, ordinary share capital.