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Company registration number: NI043844
Richwell Trading Limited
Financial statements
31 October 2024
Richwell Trading Limited
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Richwell Trading Limited
Directors and other information
Directors Mr Richard Lusty
Mr Raymond Lusty
Secretary Raymond Lusty
Company number NI043844
Registered office 5 Valley View
Gleno
Larne
Co Antrim
BT40 3LJ
Auditor ASM (D) Ltd
79 Cunninghams Lane
Dungannon
Co Tyrone
BT71 6BX
Bankers Ulster Bank Limited
33 Main Street
Randalstown
Co Antrim
BT41 3AB
Solicitors DWF
42 Queen Street
Belfast
BT1 6HL
Richwell Trading Limited
Strategic report
Year ended 31 October 2024
Review of business and future developments
The profit and loss account for the year is set out on page 9.
In general, the results for the year were as expected and the year end financial position was satisfactory. The results include the trade of an additional outlet which was opened during the period. The directors expect this outlet will show improved trading in the current financial year.
Financial risk management objectives and policies
The company's operations expose it to a minimum level of financial risk that include the effects of changes in market price. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance cost. Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board.
Price risk
The company is exposed to some commodity price risk as a result of its operations. However, costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature. The company has no exposure to equity securities price risk as it holds no listed investments.
Environment
The company recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible.
Health and safety
The company is committed to achieving the highest practicable standard in health and safety management and strives to make all premises safe enviroments for employees and customers alike.
Dividends
Dividends of £500,315 were paid by the company during the year (2023: £91,756).
Directors
The directors of the company during the year are shown on page 1.
This report was approved by the board of directors on 25 July 2025 and signed on behalf of the board by:
Mr Richard Lusty
Director
Richwell Trading Limited
Directors report
Year ended 31 October 2024
The directors present their report and the financial statements of the company for the year ended 31 October 2024.
Directors
The directors who served the company during the year were as follows:
Mr Richard Lusty
Mr Raymond Lusty
Dividends
Particulars of recommended dividends are detailed in note 11 to the financial statements.
Directors responsibilities statement
The directors are responsible for preparing the strategic report, directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 25 July 2025 and signed on behalf of the board by:
Raymond Lusty
Secretary
Richwell Trading Limited
Independent auditor's report to the members of
Richwell Trading Limited
Year ended 31 October 2024
Opinion
We have audited the financial statements of Richwell Trading Limited (the 'company') for the year ended 31 October 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the company's affairs as at 31 October 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which they operate and considered the risk of acts by the company that were contrary to appliable law and regulations, including fraud. We considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in the following areas: mismanagement of payments, posting of unusual journals together with complex transactions, revenue recognition and subjectivity of valuations used for land and buildings. We designed audit procedures to respond to these risks, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Our audit procedures included: enquires of management about their own identification and assessment of risks of irregularities, specific tests of detail over payments, sample testing of journals posted during the year, verifying the underlying assumptions adopted for the property valuations, specific tests of detail over revenue recognition and a review of areas of judgement for indicators of management bias to address the risks. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Alistair Cooke (Senior Statutory Auditor)
For and on behalf of
ASM (D) Ltd
Chartered Accountants and Registered Auditors
79 Cunninghams Lane
Dungannon
Co Tyrone
BT71 6BX
25 July 2025
Richwell Trading Limited
Statement of comprehensive income
Year ended 31 October 2024
2024 2023
Note £ £
Turnover 4 13,235,740 12,103,958
Cost of sales ( 11,049,077) ( 10,036,033)
_______ _______
Gross profit 2,186,663 2,067,925
Distribution costs ( 190,933) ( 110,567)
Administrative expenses ( 1,656,429) ( 1,415,566)
_______ _______
Operating profit 5 339,301 541,792
Other interest receivable and similar income 8 21,135 6
Interest payable and similar expenses 9 - ( 1,351)
Profit before taxation 360,436 540,447
Tax on profit 10 ( 76,121) ( 109,389)
_______ _______
Profit for the financial year and total comprehensive income 284,315 431,058
_______ _______
All the activities of the company are from continuing operations.
Richwell Trading Limited
Statement of financial position
31 October 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 12 62,430 -
Tangible assets 13 766,356 463,268
_______ _______
828,786 463,268
Current assets
Stocks 14 701,239 457,112
Debtors 15 97,715 135,090
Cash at bank and in hand 985,659 1,216,895
_______ _______
1,784,613 1,809,097
Creditors: amounts falling due
within one year 16 ( 961,355) ( 781,758)
_______ _______
Net current assets 823,258 1,027,339
_______ _______
Total assets less current liabilities 1,652,044 1,490,607
Provisions for liabilities 17 ( 173,755) ( 97,690)
Accruals and deferred income 20 (426,546) (125,174)
_______ _______
Net assets 1,051,743 1,267,743
_______ _______
Capital and reserves
Called up share capital 21 90 90
Share premium account 22 49,990 49,990
Capital redemption reserve 22 10 10
Profit and loss account 22 1,001,653 1,217,653
_______ _______
Shareholders funds 1,051,743 1,267,743
_______ _______
These financial statements were approved by the board of directors and authorised for issue on 25 July 2025 , and are signed on behalf of the board by:
Mr Richard Lusty
Director
Company registration number: NI043844
Richwell Trading Limited
Statement of changes in equity
Year ended 31 October 2024
Called up share capital Share premium account Capital redemption reserve Profit and loss account Total
£ £ £ £ £
At 1 November 2022 90 49,990 10 878,351 928,441
Profit for the year 431,058 431,058
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 431,058 431,058
Dividends paid and payable ( 91,756) ( 91,756)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 91,756) ( 91,756)
_______ _______ _______ _______ _______
At 31 October 2023 and 1 November 2023 90 49,990 10 1,217,653 1,267,743
Profit for the year 284,315 284,315
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 284,315 284,315
Dividends paid and payable ( 500,315) ( 500,315)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 500,315) ( 500,315)
_______ _______ _______ _______ _______
At 31 October 2024 90 49,990 10 1,001,653 1,051,743
_______ _______ _______ _______ _______
Richwell Trading Limited
Notes to the financial statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 5 Valley View, Gleno, Larne, Co Antrim, BT40 3LJ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 5 % straight line
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 20 % straight line
Leasehold property costs are released over the life of the individual leases.
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Deferred grants
Deferred grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Deferred grants are recognised using the accrual model and the performance model. Under the accrual model, deferred grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit is stated after charging/(crediting):
2024 2023
£ £
Amortisation of intangible assets 2,153 -
Depreciation of tangible assets 147,787 87,654
(Gain)/loss on disposal of tangible assets - ( 3,457)
Fees payable for the audit of the financial statements 8,000 6,500
_______ _______
6. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024 2023
Administrative staff 5 4
Sales staff 64 52
_______ _______
69 56
_______ _______
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 860,223 669,893
Other pension costs 48,091 46,457
_______ _______
908,314 716,350
_______ _______
7. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
2024 2023
£ £
Remuneration 20,820 19,685
Company contributions to pension schemes in respect of qualifying services 40,000 40,000
_______ _______
60,820 59,685
_______ _______
8. Other interest receivable and similar income
2024 2023
£ £
Bank deposits 21,111 -
Other interest receivable and similar income 24 6
_______ _______
21,135 6
_______ _______
9. Interest payable and similar expenses
2024 2023
£ £
Other interest payable and similar expenses - 1,351
_______ _______
10. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense - 101,599
Adjustments in respect of previous periods 56 24
_______ _______
Deferred tax:
Origination and reversal of timing differences 76,065 7,766
_______ _______
Tax on profit 76,121 109,389
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25.00 % (2023: 25.00%).
2024 2023
£ £
Profit before taxation 360,436 540,447
_______ _______
Profit multiplied by rate of tax 90,109 135,112
Adjustments in respect of prior periods 56 24
Effect of capital allowances and depreciation 2,178 ( 1,363)
Effect of revenue exempt from tax ( 18,857) ( 13,095)
Unrelieved tax losses 2,635 -
Marginal relief - ( 11,289)
_______ _______
Tax on profit 76,121 109,389
_______ _______
11. Dividends
Equity dividends
2024 2023
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 500,315 91,756
_______ _______
12. Intangible assets
Goodwill Total
£ £
Cost
At 1 November 2023 - -
Additions 64,583 64,583
_______ _______
At 31 October 2024 64,583 64,583
_______ _______
Amortisation
At 1 November 2023 - -
Charge for the year 2,153 2,153
_______ _______
At 31 October 2024 2,153 2,153
_______ _______
Carrying amount
At 31 October 2024 62,430 62,430
_______ _______
At 31 October 2023 - -
_______ _______
13. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 November 2023 131,655 28,420 942,287 36,569 1,138,931
Additions 5,411 634 432,535 12,295 450,875
_______ _______ _______ _______ _______
At 31 October 2024 137,066 29,054 1,374,822 48,864 1,589,806
_______ _______ _______ _______ _______
Depreciation
At 1 November 2023 59,144 24,373 577,100 15,046 675,663
Charge for the year 6,583 644 136,255 4,305 147,787
_______ _______ _______ _______ _______
At 31 October 2024 65,727 25,017 713,355 19,351 823,450
_______ _______ _______ _______ _______
Carrying amount
At 31 October 2024 71,339 4,037 661,467 29,513 766,356
_______ _______ _______ _______ _______
At 31 October 2023 72,511 4,047 365,187 21,523 463,268
_______ _______ _______ _______ _______
14. Stocks
2024 2023
£ £
Finished goods and goods for resale 701,239 457,112
_______ _______
15. Debtors
2024 2023
£ £
Trade debtors 3 36,303
Amounts owed by undertakings in which the company has a participating interest 500 -
Prepayments and accrued income 53,894 33,343
Other debtors 43,318 65,444
_______ _______
97,715 135,090
_______ _______
16. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts - 2,143
Trade creditors 882,498 562,322
Accruals 48,312 62,299
Corporation tax ( 24) 101,599
Social security and other taxes 20,420 56,641
Other creditors 10,149 ( 3,246)
_______ _______
961,355 781,758
_______ _______
17. Provisions
Deferred tax (note 18) Total
£ £
At 1 November 2023 97,690 97,690
Additions 76,065 76,065
_______ _______
At 31 October 2024 173,755 173,755
_______ _______
18. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 17) 173,755 97,690
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 173,755 97,690
_______ _______
19. Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £ 48,091 (2023: £ 46,457 ).
20. Accruals and deferred income
Deferred grants
2024 2023
£ £
At start of year 125,174 141,708
Grants received or receivable 376,800 41,666
Released to the profit or loss (75,428) (58,200)
_______ _______
At end of year 426,546 125,174
_______ _______
The amounts recognised in the financial statements for accruals and deferred income are as follows:
2024 2023
£ £
Recognised in creditors:
Deferred grants due after more than one year 426,546 125,174
_______ _______
21. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary A shares of £ 1.00 each 90 90 90 90
_______ _______ _______ _______
The company has one class of ordinary shares which carry voting rights to participate in a distribution as respects dividend and capital.
22. Reserves
Profit and loss account : This reserve records cumulative profits or losses, net of dividends paid. This reserve is distributable in full.
23. Operating leases
The company as lessee
The annual future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Later than 5 years 175,129 148,500
_______ _______
24. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by /(owed to)
2024 2024
£ £
Key management personnel 55,635 ( 10,149)
_______ _______
Key management includes the Board of Directors who have responsibility of planning, directing and controlling the activities of the company. Advantage has been taken of the exemption under FRS102 not to disclose any transactions with entities that are part of the same group that have been included in consolidated group accounts.
25. Ultimate parent company
The directors regard Rahaol Trading Ltd, which is registered in Northern Ireland to be in the company's ultimate parent company. Rahaol Trading Ltd has a 55% interest in the ordinary share capital of Richwell Trading Limited at 31 October 2024.