Richards Heritage Collection Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 9

Richards Heritage Collection Limited

Balance Sheet

31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	2,830,000	2,830,000
Current assets
Debtors	5	1,975,662	570,002
Cash at bank and in hand		-	247
		1,975,662	570,249
Creditors: Amounts falling due within one year	6	(382,569)	(197,389)
Net current assets		1,593,093	372,860
Total assets less current liabilities		4,423,093	3,202,860
Creditors: Amounts falling due after more than one year	6	(1,237,076)	-
Net assets		3,186,017	3,202,860
Capital and reserves
Called up share capital	8	102	102
Share premium reserve		3,199,900	3,199,900
Profit and loss account		(13,985)	2,858
Shareholders' funds		3,186,017	3,202,860

Richards Heritage Collection Limited

Balance Sheet

31 March 2025

For the financial year ending 31 March 2025 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 21 October 2025 and signed on its behalf by:
 

......................................... D P Richards Director

Company Registration Number: 15062968

Richards Heritage Collection Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2025

1	General information

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

The address of its registered office is:
Prodrive Headquarters
Chalker Way
Banbury
Oxfordshire
OX16 4XD
United Kingdom

These financial statements were authorised for issue by the Board on 21 October 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.

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

Monetary amounts in these financial statements are rounded to the nearest pound.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Going concern

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

Revenue recognition

Turnover relates to the provision of vehicle hire, and is shown net of value added tax and discounts.

Turnover is recognised on an accruals basis, and where amounts are invoiced in advance the balance not relating to the period is deferred and recognised as deferred income in creditors due in less than one year.

Richards Heritage Collection Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2025

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 corporation 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.

Tangible assets

Tangible assets, which relate to antique cars are stated on the balance sheet at cost. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

The motor vehicles have not been subject to revaluation on the basis that the cost to do so would not be commensurate with the benefit to users of the financial statements. Depreciation has also not been recognised as the assets are assessed to have indefinite lives and the nature and use of the assets are not resulting in a loss of value.

Impairment of non financial assets

At each balance sheet date the directors review the carrying amount of the company's tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where the asset does not generate cash flows that are independent from other assets the company estimates the recoverable amount of the cash generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.If the recoverable amount of an asset or cash generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash generating unit is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately.

Richards Heritage Collection Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2025

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 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.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

Richards Heritage Collection Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2025

Critical judgement and estimation uncertainty

In applying the company’s accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following are regarded by the Directors as key areas of estimation:

Carrying value of fixed assets (note 4)
Management have carefully considered the carrying value of the vintage car collection, and in their opinion no impairment on this carrying value is required.

The carrying value of tangible fixed assets at the balance sheet date is £2,830,000 (2024 - £2,830,000).

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

4	Tangible assets

	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2024	2,830,000	2,830,000
At 31 March 2025	2,830,000	2,830,000
Carrying amount
At 31 March 2025	2,830,000	2,830,000
At 31 March 2024	2,830,000	2,830,000

Richards Heritage Collection Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2025

5

Debtors

	Note	2025 £	2024 £
Amounts owed by related parties	9	1,975,659	569,999
Prepayments		3	3
		1,975,662	570,002

6

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	7	179,374	-
Amounts due to group undertakings	9	613	613
Social security and other taxes		44,032	-
Other creditors		3,551	-
Accruals		4,999	96,776
Deferred income		150,000	100,000
		382,569	197,389
Due after one year
Loans and borrowings	7	1,237,076	-

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	7	1,237,076	-

Richards Heritage Collection Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2025

7	Loans and borrowings

Current loans and borrowings

	2025 £	2024 £
Bank overdrafts	9	-
Hire purchase contracts	179,365	-
	179,374	-