Richard Smedley Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

Registered number: 4735706

		31 December 2024		31 December 2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		126,221		168,295
Tangible Assets	5		253		458
Investments	6		27,786		27,786

			154,260		196,539
CURRENT ASSETS
Stocks	7	95,217		74,358
Debtors	8	1,584,618		1,031,483
Investments	9	136,179		129,912
Cash at bank and in hand		345,741		248,432

		2,161,755		1,484,185
Creditors: Amounts Falling Due Within One Year	10	(1,523,711 )		(924,267 )

NET CURRENT ASSETS (LIABILITIES)			638,044		559,918

TOTAL ASSETS LESS CURRENT LIABILITIES			792,304		756,457

Creditors: Amounts Falling Due After More Than One Year	11		(238,007 )		(303,896 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(63 )		(153 )

NET ASSETS			554,234		452,408

CAPITAL AND RESERVES
Called up share capital	13		51,101		51,101
Profit and Loss Account			503,133		401,307

SHAREHOLDERS' FUNDS			554,234		452,408

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Richard Smedley Limited

Balance Sheet (continued)

As At 31 December 2024

For the 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.

The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Richard Smedley

Director

30th December 2025

The notes on pages 3 to 6 form part of these financial statements.

1. General Information

Richard Smedley Limited is a private company, limited by shares, incorporated in England & Wales, registered number 4735706 . The registered office is 2nd Floor Woodside House , 261 Low Lane , Horsforth, Leeds, LS18 5NY.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Turnover

Turnover is measured as the fair value of the consideration received or receivable for services provided, excluding discounts and value added tax.

Turnover from services rendered is recognised in the period in which the services are provided in accordance with the amount of work carried out when all of the following conditions are satisfied:

* the amount of turnover can be reliably measured

* it is probable that the company will receive the consideration due under the contract

* the stage of completion of the work completed at the end of the reporting period can be measured; and

* the costs incurred and costs to complete the contract can be reliably measured.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings	50% straight line
Computer Equipment	50% straight line

2.5. Stocks and Work in Progress

Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.6. Taxation

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 1 (2023: 19)

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Richard Smedley Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 January 2024	686,849

As at 31 December 2024	686,849

Amortisation
As at 1 January 2024	518,554
Provided during the period	42,074

As at 31 December 2024	560,628

Net Book Value
As at 31 December 2024	126,221

As at 1 January 2024	168,295

5. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 January 2024	72,768	41,103	113,871
Additions	-	507	507

As at 31 December 2024	72,768	41,610	114,378

Depreciation
As at 1 January 2024	72,656	40,757	113,413
Provided during the period	112	600	712

As at 31 December 2024	72,768	41,357	114,125

Net Book Value
As at 31 December 2024	-	253	253

As at 1 January 2024	112	346	458

6. Investments

	Other
	£
Cost or Valuation
As at 1 January 2024	27,786

As at 31 December 2024	27,786

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	27,786

As at 1 January 2024	27,786

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Richard Smedley Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Stocks

	31 December 2024	31 December 2023
	£	£
Work in progress	95,217	74,358

8. Debtors

	31 December 2024	31 December 2023
	£	£
Due within one year
Trade debtors	499,694	465,333
Prepayments and accrued income	3,816	8,056
Other debtors	4,000	-
S2 Accountancy Loan account	569,746	-
Director's loan account	2,186	45,586

	1,079,442	518,975
Due after more than one year
Other debtors	505,176	512,508

	1,584,618	1,031,483

9. Current Asset Investments

	31 December 2024	31 December 2023
	£	£
Shares in subsidiaries	151	151
Unlisted investments	136,028	129,761

	136,179	129,912

10. Creditors: Amounts Falling Due Within One Year

	31 December 2024	31 December 2023
	£	£
Trade creditors	92,435	145,677
Bank loans and overdrafts	110,686	139,970
Corporation tax	231,464	169,877
Other taxes and social security	44,717	121,615
VAT	132,010	106,842
Other creditors	35,665	30,277
S2 Advisory Loan Account	9,000	-
Accruals and deferred income	867,734	210,009

	1,523,711	924,267

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Richard Smedley Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

11. Creditors: Amounts Falling Due After More Than One Year

	31 December 2024	31 December 2023
	£	£
Bank loans	129,539	185,428
Other creditors	84,468	94,468
Accruals and deferred income	24,000	24,000

	238,007	303,896

12. Secured Creditors

Of the creditors the following amounts are secured by fixed and floating charges over the assets of the company:

	31 December 2024		31 December 2023
	£		£
Bank loans and overdrafts	204,607		265,621

13. Share Capital

	31 December 2024	31 December 2023
	£	£
Allotted, Called up and fully paid	51,101	51,101

14. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 January 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 December 2024
	£	£	£	£	£
Mr Richard Smedley	45,586	8,044	51,444	-	2,186

The above loan is unsecured and repayable on demand.

15. Related Party Transactions

During the year the company made a loan to Flaxton Capital LLP, of which Mr Smedley is a partner. The amount outstanding at the year end was £136,027 (2023 £129,784).

During the year a loan was also made to PRAL Limited, a company in which Mr Smedley has a shareholding, the amount outstanding at the year end was £485,886 (2023 £485,886).

During the year the company provided services to Cornerstone (Accountancy) Leeds Ltd, a company in which Richard Smedley Ltd is a shareholder. During the year Richard Smedley invoiced £19,327.80 (2023 £43,806)to Cornerstone, of which £NIL (2023 £10,626.00) was still outstanding at 31st December 2024. Richard Smedley Ltd also made available a loan to Cornerstone, the balance outstanding at 31st December 2024 was £NIL (2023 £3,332).

During the year the company employed the services of its trading subsidiary S2 Accountancy Ltd. S2 Accountancy Ltd provided services to Richard Smedley Ltd in the ordinary course of business. Transactions were conducted on arm’s length terms.

During the year the company made a loan to S2 Advisory Ltd, of which Richard Smedley is a director and shareholder. The balance outstanding at 31st December 2024 was £9,000.

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