Richard Steel & Partners Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 04912892 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Richard Steel & Partners Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M R Hixon

Mrs A Hixon

Mr R F J Steel

Mr I H Steel

REGISTERED OFFICE:

Alderman House

12 - 14 City Road

Winchester

Hampshire

SO23 8SD

REGISTERED NUMBER:

04912892 (England and Wales)

ACCOUNTANTS:

Talbot Accounting Solutions LLP

Bartley Cottage

Ringwood Road

Bartley

Southampton

Hampshire

SO40 7LD

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,885,014

2,085,655

1,885,014

2,085,655

CURRENT ASSETS

Stocks

38,304

38,236

Debtors

6

2,084,866

2,148,051

Cash at bank and in hand

194,680

233,860

2,317,850

2,420,147

CREDITORS

Amounts falling due within one year

7

676,560

508,211

NET CURRENT ASSETS

1,641,290

1,911,936

TOTAL ASSETS LESS CURRENT LIABILITIES

3,526,304

3,997,591

CREDITORS

Amounts falling due after more than one year

8

(1,479,767

)

(1,752,198

)

PROVISIONS FOR LIABILITIES

(206,272

)

(246,497

)

NET ASSETS

1,840,265

1,998,896

CAPITAL AND RESERVES

Called up share capital

80

80

Retained earnings

1,840,185

1,998,816

1,840,265

1,998,896

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 3 August 2023 and were signed on its behalf by:

Mr I H Steel - Director

1.	STATUTORY INFORMATION

Richard Steel & Partners 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

The turnover in the profit and loss account represents the value of all services sold during the year, less returns received, at selling price, for the provision of funeral director services.

Other income is recognised at fair value for rental income in the normal course of business.

Goodwill

Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Statement of Financial Position and amortised over its estimated useful economic life. This length of time is presumed to be the maximum useful life of purchased goodwill because it is difficult to make projections beyond this period. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and when necessary if circumstances emerge that indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds over the estimated useful economic life of that asset as follows:

Goodwill Fully amortised

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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 payment 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.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2022 - 39 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

503,406

AMORTISATION

At 1 April 2022

and 31 March 2023

503,406

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2022

2,327,989

1,171,408

3,499,397

Additions

50,663

29,574

80,237

At 31 March 2023

2,378,652

1,200,982

3,579,634

DEPRECIATION

At 1 April 2022

918,239

495,503

1,413,742

Charge for year

142,126

138,752

280,878

At 31 March 2023

1,060,365

634,255

1,694,620

NET BOOK VALUE

At 31 March 2023

1,318,287

566,727

1,885,014

At 31 March 2022

1,409,750

675,905

2,085,655

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

248,846

320,864

Amounts owed by group undertakings

1,774,297

1,683,401

Other debtors

61,723

143,786

2,084,866

2,148,051

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

190,727

188,697

Hire purchase contracts

96,433

59,685

Trade creditors

97,556

157,682

Taxation and social security

223,888

31,455

Other creditors

67,956

70,692

676,560

508,211

The bank loan is secured by fixed charged over the assets of the company and its parent company, Steel Hixon Limited.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans

1,457,698

1,631,429

Hire purchase contracts

22,069

120,769

1,479,767

1,752,198

The bank loans are secured by fixed charges over the assets of the company and its parent company Steel Hixon Limited.