RICHARDSONS THE SWEET PEOPLE LTD


Directors	RICHARDSON, Gail
	RICHARDSON, Peter Glen


Company Secretary	RICHARDSON, Gail


Registered Address	10/11 Northfield Road
	Ilfracombe
	EX34 8AL


Registered Number	04906104 (England and Wales)

Notes to the Financial Statements
for the year ended 31 October 2025

1.	Accounting policies

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

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Revenue from sale of goods
	Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

Revenue from sale of goods

Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

	Employee benefits
	Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Current taxation
	Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

Current taxation

Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income.

Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.

	Amortisation
	Amortisation of the goodwill is as follows: Goodwill on acquisition 10% straight line basis.. Goodwill on paper rounds 20% straight line basis.

	Goodwill
	Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:


		Reducing balance (%)
	Plant and machinery	15
	Fixtures and fittings	10
	Vehicles	25

	Stocks and work in progress
	Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

Stocks and work in progress

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.

Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	9		11

3.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 01 November 24	92,500	92,500
At 31 October 25	92,500	92,500
Amortisation and impairment
At 01 November 24	92,500	92,500
At 31 October 25	92,500	92,500
Net book value
At 31 October 25	-	-
At 31 October 24	-	-

4.	Tangible fixed assets

	Plant & machinery	Vehicles	Fixtures & fittings	Total
	£	£	£	£
Cost or valuation
At 01 November 24	2,881	11,908	8,867	23,656
At 31 October 25	2,881	11,908	8,867	23,656
Depreciation and impairment
At 01 November 24	2,505	7,929	8,038	18,472
Charge for year	1,175	-	-	1,175
At 31 October 25	3,680	7,929	8,038	19,647
Net book value
At 31 October 25	(799)	3,979	829	4,009
At 31 October 24	376	3,979	829	5,184

5.	Stocks

	2025	2024
	£	£
Other stocks	47,141	60,890
Total	47,141	60,890

6.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	40,412	43,845
Bank borrowings and overdrafts	9,757	10,008
Taxation and social security	5,812	10,957
Other creditors	33,236	36,572
Accrued liabilities and deferred income	5,988	4,781
Total	95,205	106,163

7.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	319	10,076
Total	319	10,076

8.	Provisions for liabilities

9.	Related party transactions
	The company rents it’s shop premises from the directors at an annual rent of £8,320 paid on a monthly basis (2024 £8,320) all of which was paid in the year with nil owing at the year end (2024 nil). In the opinion of the directors this is a commercial rent. The directors continue to support the company by way of their director’s loan accounts as follows: Mr P Richardson Mrs G Richardson £ £ As at -1 Nov 2024 - Owed to directors 14,911 14,911 Drawn in the year 76,130 76,129 Introduced in the year 74,394 74,394 As at 31 October 2025 - Owed to directors 13,175 13,176

Related party transactions

The company rents it’s shop premises from the directors at an annual rent of £8,320 paid on a monthly basis (2024 £8,320) all of which was paid in the year with nil owing at the year end (2024 nil). In the opinion of the directors this is a commercial rent.


The directors continue to support the company by way of their director’s loan accounts as follows:
                                                                                    Mr P Richardson    Mrs G Richardson   
                                                                                                 £                               £
As at -1 Nov 2024 - Owed to directors                              14,911                      14,911
Drawn in the year                                                               76,130                      76,129
Introduced in the year                                                        74,394                      74,394      
As at 31 October 2025 - Owed to directors                      13,175                      13,176

10.	Controlling party
	The directors Mr P & Mrs G Richardson have control over the company by way of their combined 100% shareholding.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	4		4,009		5,184
			4,009		5,184
Current assets
Stocks	5	47,141		60,890
Debtors		16,594		15,056
Cash at bank and on hand		13,192		40,471
		76,927		116,417
Creditors amounts falling due within one year	6	(95,205)		(106,163)
Net current assets (liabilities)			(18,278)		10,254
Total assets less current liabilities			(14,269)		15,438
Creditors amounts falling due after one year	7		(319)		(10,076)
Net assets			(14,588)		5,362
Capital and reserves
Called up share capital			2		2
Profit and loss account			(14,590)		5,360
Shareholders' funds			(14,588)		5,362