Russell Ham Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 9

Russell Ham Limited

(Registration number: 04615596)
Statement of Financial Position as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	1	1
Tangible assets	5	74,555	85,444
		74,556	85,445
Current assets
Stocks	6	256,734	262,775
Debtors	7	33,911	43,145
Cash at bank and in hand		14,664	36,894
		305,309	342,814
Creditors: Amounts falling due within one year	8	(221,251)	(224,937)
Net current assets		84,058	117,877
Total assets less current liabilities		158,614	203,322
Creditors: Amounts falling due after more than one year	8	(27,617)	(43,117)
Provisions for liabilities		(13,103)	(15,019)
Net assets		117,894	145,186
Capital and reserves
Called up share capital		100	100
Profit and loss account		117,794	145,086
Shareholders' funds		117,894	145,186

Russell Ham Limited

(Registration number: 04615596)
Statement of Financial Position as at 31 December 2024 (continued)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 27 June 2025 and signed on its behalf by:
 

N E Higginson Director

Russell Ham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

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

The address of its registered office is:
Russell Ham Service Care
Britannia Garage
4 Wolseley Road
Plymouth
Devon
PL2 3BH

Principal activity

The principal activity of the company is is that of car sales, servicing and repairs.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Russell Ham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

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.

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.

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 statement of financial position 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 over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Improvements to property	10% Straight Line
Computer equipment	25% Reducing Balance
Fixtures, fittings & equipment	20% Reducing Balance
Motor Vehicles	25% Reducing Balance

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.

Russell Ham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

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 statement of comprehensive income 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.

Russell Ham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Leases

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 statement of financial position as a finance lease obligation.

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

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 9).

Russell Ham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2024	50,000	50,000
At 31 December 2024	50,000	50,000
Amortisation
At 1 January 2024	49,999	49,999
At 31 December 2024	49,999	49,999
Carrying amount
At 31 December 2024	1	1
At 31 December 2023	1	1

5	Tangible assets

	Improvements to property £	Fixtures and fittings £	Computer equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	24,982	115,908	11,731	68,355	220,976
Additions	-	9,987	-	-	9,987
At 31 December 2024	24,982	125,895	11,731	68,355	230,963
Depreciation
At 1 January 2024	14,668	89,396	8,754	22,714	135,532
Charge for the year	1,422	7,300	744	11,410	20,876
At 31 December 2024	16,090	96,696	9,498	34,124	156,408
Carrying amount
At 31 December 2024	8,892	29,199	2,233	34,231	74,555
At 31 December 2023	10,314	26,512	2,977	45,641	85,444

6

Stocks

	2024 £	2023 £
Finished goods and goods for resale	256,734	262,775

Russell Ham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

7

Debtors

	2024 £	2023 £
Trade debtors	16,247	34,871
Other debtors	2,200	-
Prepayments	15,464	8,274
	33,911	43,145

8

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	10	96,160	75,303
Trade creditors		53,962	61,505
Taxation and social security		17,031	14,399
Accruals and deferred income		13,728	13,222
Other creditors		40,370	60,508
		221,251	224,937

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £86,160 (2023 - £65,303).

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	10	27,617	43,117

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £22,617 (2023 - £28,116).

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Russell Ham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

10	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	5,000	15,000
Hire purchase contracts	22,617	28,117
	27,617	43,117

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	10,000	10,000
Bank overdrafts	80,661	59,804
Hire purchase contracts	5,499	5,499
	96,160	75,303

11	Related party transactions

Transactions with directors

2024	At 1 January 2024 £	Advances to director £	Repayments by director £	At 31 December 2024 £
Director	(60,508)	45,137	(25,000)	(40,371)

2023	At 1 January 2023 £	Advances to director £	Repayments by director £	At 31 December 2023 £
Director	(66,773)	31,265	(25,000)	(60,508)