REGISTERED NUMBER: 10656949 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

RICHFIELD FLOORING LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Mr Chad V Bamsey

SECRETARY:

Mrs Pauline D Bamsey

REGISTERED OFFICE:

3 Jesse Terrace

Reading

Berkshire

RG1 7RS

REGISTERED NUMBER:

10656949 (England and Wales)

ACCOUNTANTS:

Malcolm J. Greer FCCA, ATT

Chartered Certified Accountant

3 Jesse Terrace

Reading

Berkshire

RG1 7RS

FIXED ASSETS

Tangible assets

4

24,456

28,479

CURRENT ASSETS

Stocks

15,000

15,000

Debtors

5

261,497

133,079

Cash in hand

797

736

277,294

148,815

CREDITORS

Amounts falling due within one year

6

347,799

217,721

NET CURRENT LIABILITIES

(70,505

)

(68,906

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(46,049

)

(40,427

)

CREDITORS

Amounts falling due after more than one year

7

89,720

30,567

NET LIABILITIES

(135,769

)

(70,994

)

CAPITAL AND RESERVES

Called up share capital

10

720

720

Retained earnings

(136,489

)

(71,714

)

SHAREHOLDERS' FUNDS

(135,769

)

(70,994

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

Mr Chad V Bamsey - Director

1.	STATUTORY INFORMATION

Richfield Flooring Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

33% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern

The Director confirms that due to the continued financial support provided by the company's shareholder director, bankers and third party lenders, he is satisfied that Richfield Flooring Limited has adequate resources to continue in business for the foreseeable future. For this reason, he continues to adopt a going concern basis in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2024 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2024

14,211

52,288

16,500

9,641

92,640

Additions

1,045

2,513

6,200

975

10,733

At 31 March 2025

15,256

54,801

22,700

10,616

103,373

DEPRECIATION

At 1 April 2024

9,384

41,399

5,306

8,072

64,161

Charge for year

2,949

6,987

3,745

1,075

14,756

At 31 March 2025

12,333

48,386

9,051

9,147

78,917

NET BOOK VALUE

At 31 March 2025

2,923

6,415

13,649

1,469

24,456

At 31 March 2024

4,827

10,889

11,194

1,569

28,479

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Other debtors

114

894

Net wages debtor

1,967

1,967

Employee loan

22,523

4,500

Third party loan

2,000

-

Directors' current accounts

170,458

78,183

Corporation tax

15,587

15,587

VAT

1,243

-

Deferred tax asset

42,961

31,748

Called up share capital not paid

200

200

Prepayments and accrued income

4,444

-

261,497

133,079

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

56,337

59,981

Other loans

83,504

60,717

Private loans

85,999

-

Trade creditors

93,566

38,469

Corporation tax

11,579

15,587

Social security and other taxes

7,666

16,564

VAT

-

10,009

Other creditors

3,592

3,592

Employee loan

-

8,000

Attachment of earnings

376

-

Accruals and deferred income

5,180

4,802

347,799

217,721

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans - 1-2 years

5,657

5,513

Bank loans - 2-5 years

17,841

17,404

Bank loans more 5 yr by instal

1,546

7,650

Other loans - 1-2 years

36,903

-

Other loans - 2-5 years

27,773

-

89,720

30,567

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,546

7,650

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

£

Reward Capital Limited

52,310

60,717

A legal charge was provided by the Company to Reward Capital Limited on the 20th December 2019 as security for a loan.

The legal charge takes the form of a fixed and floating charge over all the assets, property and undertakings of the Company.

9.	DEFERRED TAX

£

Balance at 1 April 2024

(31,748

)

Provided during year

(11,213

)

Balance at 31 March 2025

(42,961

)

10.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

720

Ordinary shares classes A - H

£1

720

720

The total share capital of the Company has been sub divided into eight separate classes of ordinary share labelled A to H inclusive.

The shares have the same rights and restrictions and rank pari passu in all respects save that as regards income, share classes A to H inclusive shall be entitled to payments of varying amounts of dividends at the discretion of the Directors as declared from time to time.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2025 and 31 March 2024:

31.3.25

31.3.24

£

£

Mrs Pauline D Bamsey

Balance outstanding at start of year

12,245

11,874

Amounts advanced

-

371

Amounts repaid

(12,245

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

12,245

Mr Chad V Bamsey

Balance outstanding at start of year

65,938

(52

)

Amounts advanced

172,520

65,990

Amounts repaid

(68,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

170,458

65,938

By way of additional guarantees for the loan monies advanced to the Company by Reward Capital Limited, Mrs. Pauline D. Bamsey provided personal guarantee dated 20th December 2019 to the lender which is supported by a legal charge in favour of the lender over a freehold property known as 26 South Street, Reading, Berkshire.

To provide further guarantees for the monies advanced to the Company by Reward Capital Limited, Mr. Chad V. Bamsey provided a personal guarantee and indemnity dated 20th December 2019 to the lender.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr Chad V Bamsey.