R H Price Limited - Period Ending 2021-02-28
R H Price Limited - Period Ending 2021-02-28
Registration number:
R H Price Limited
for the Year Ended 28 February 2021
R H Price Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
R H Price Limited
Company Information
Director |
R H Price |
Registered office |
|
Accountants |
|
R H Price Limited
(Registration number: 10450535)
Balance Sheet as at 28 February 2021
Note |
2021 |
2020 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
360,002 |
1 |
|
Share premium reserve |
39,999 |
- |
|
Profit and loss account |
58,241 |
41,362 |
|
Shareholders' funds |
458,242 |
41,363 |
For the financial year ending 28 February 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
R H Price Limited
(Registration number: 10450535)
Balance Sheet as at 28 February 2021
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Director
R H Price Limited
Notes to the Financial Statements for the Year Ended 28 February 2021
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
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.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
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 sales/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 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.
R H Price Limited
Notes to the Financial Statements for the Year Ended 28 February 2021
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 balance sheet 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, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
Not depreciated |
Furniture, fittings and equipment |
25% Reducing balance |
Plant and machinery |
10% Reducing balance |
Motor vehicles |
25% Reducing balance |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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.
R H Price Limited
Notes to the Financial Statements for the Year Ended 28 February 2021
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
R H Price Limited
Notes to the Financial Statements for the Year Ended 28 February 2021
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
|
Cost or valuation |
|||||
At 1 March 2020 |
|
|
|
|
|
Additions |
- |
|
- |
|
|
Disposals |
- |
- |
- |
( |
( |
At 28 February 2021 |
|
|
|
|
|
Depreciation |
|||||
At 1 March 2020 |
- |
|
|
|
|
Charge for the year |
- |
|
|
|
|
Eliminated on disposal |
- |
- |
- |
( |
( |
At 28 February 2021 |
- |
|
|
|
|
Carrying amount |
|||||
At 28 February 2021 |
|
|
|
|
|
At 29 February 2020 |
|
|
|
|
|
R H Price Limited
Notes to the Financial Statements for the Year Ended 28 February 2021
At 28 February 2021 the net book value of tangible fixed assets included £56,158 for assets under hire purchase agreements. The depreciation charge for the year in respect of those assets totalled £2,442.
Debtors |
2021 |
2020 |
|
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
- |
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
|
Due after one year |
|||
Loans and borrowings |
|
|
R H Price Limited
Notes to the Financial Statements for the Year Ended 28 February 2021
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
|||
No. |
£ |
No. |
£ |
|
|
|
1 |
|
1 |
|
|
1 |
- |
- |
|
|
360,000 |
- |
- |
|
|
|
|
Loans and borrowings |
2021 |
2020 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
Hire purchase contracts |
|
- |
Other borrowings |
|
|
|
|
2021 |
2020 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Bank overdrafts |
- |
|
Hire purchase contracts |
|
- |
|
|
The following securities are held:
Fixed legal charge dated 8 March 2017 over the property known as 31.70 acres at Park Farm, Edstaston, Wem, SY4 5RG, forming part of title number SL54994 and the whole of title number SL122664.
Fixed and floating charge dated 8 March 2017 over all estates or interests in any freehold or leasehold property in England and Wales now or hereafter belonging to the borrower.
Related party transactions |
As at the 28 February 2021 the company owed the director a balance of £371,462 (2020 - £389,825) which has been included in creditors. The balance is unsecured and interest free.