Richfords Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04184196 (England and Wales)

Richfords Limited

Unaudited Financial Statements

for the Year Ended 30 September 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr S M Richford

Mr M J Cooper

Mr J Rowse

REGISTERED OFFICE:

Leigh House

Dudnance Lane

Pool

Redruth

Cornwall

TR15 3QY

REGISTERED NUMBER:

04184196 (England and Wales)

ACCOUNTANTS:

Atkins Ferrie Chartered Accountants

Lakeside Offices

The Old Cattle Market

Coronation Park

Helston

Cornwall

TR13 0SR

BANKERS:

Lloyds Bank

27 Fore Street

Redruth

Cornwall

TR15 2BJ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

664,563

795,048

664,563

795,048

CURRENT ASSETS

Stocks

46,053

48,992

Debtors

6

2,579,341

3,170,615

Cash at bank and in hand

616,271

251,371

3,241,665

3,470,978

CREDITORS

Amounts falling due within one year

7

849,558

1,369,262

NET CURRENT ASSETS

2,392,107

2,101,716

TOTAL ASSETS LESS CURRENT LIABILITIES

3,056,670

2,896,764

CREDITORS

Amounts falling due after more than one year

8

-

65,751

NET ASSETS

3,056,670

2,831,013

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

3,055,670

2,830,013

SHAREHOLDERS' FUNDS

3,056,670

2,831,013

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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 1 September 2023 and were signed on its behalf by:

Mr S M Richford - Director

1.	STATUTORY INFORMATION

Richfords 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of the business in 2002, has been 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 the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Containers

-

25% on reducing balance

Improvements to property

-

10% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Office & computer equipment

-

25% on reducing balance

Stocks

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

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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. At the balance sheet date £11,787 (2021: £9,852) is due to the scheme and is included in creditors.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 69 (2021 - 74 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2021

and 30 September 2022

145,000

AMORTISATION

At 1 October 2021

and 30 September 2022

145,000

NET BOOK VALUE

At 30 September 2022

-

At 30 September 2021

-

5.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Containers

property

machinery

£

£

£

COST

At 1 October 2021

23,215

88,363

1,524,473

Additions

12,300

-

19,870

Disposals

-

-

(10,500

)

At 30 September 2022

35,515

88,363

1,533,843

DEPRECIATION

At 1 October 2021

5,804

84,561

1,166,094

Charge for year

7,428

951

94,359

Eliminated on disposal

-

-

(9,713

)

At 30 September 2022

13,232

85,512

1,250,740

NET BOOK VALUE

At 30 September 2022

22,283

2,851

283,103

At 30 September 2021

17,411

3,802

358,379

Fixtures

Office &

and

Motor

computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 October 2021

91,651

810,564

245,188

2,783,454

Additions

650

70,410

4,797

108,027

Disposals

-

(60,727

)

-

(71,227

)

At 30 September 2022

92,301

820,247

249,985

2,820,254

DEPRECIATION

At 1 October 2021

86,933

434,329

210,685

1,988,406

Charge for year

1,337

107,608

9,824

221,507

Eliminated on disposal

-

(44,509

)

-

(54,222

)

At 30 September 2022

88,270

497,428

220,509

2,155,691

NET BOOK VALUE

At 30 September 2022

4,031

322,819

29,476

664,563

At 30 September 2021

4,718

376,235

34,503

795,048

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 October 2021

164,695

Disposals

(17,565

)

At 30 September 2022

147,130

DEPRECIATION

At 1 October 2021

54,348

Charge for year

25,117

Eliminated on disposal

(7,685

)

At 30 September 2022

71,780

NET BOOK VALUE

At 30 September 2022

75,350

At 30 September 2021

110,347

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

893,141

1,334,528

Amounts recoverable on contract

1,138,471

1,292,679

Other debtors

547,729

543,408

2,579,341

3,170,615

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

10,599

13,195

Hire purchase contracts

52,065

67,961

Trade creditors

580,179

863,382

Taxation and social security

174,656

316,041

Other creditors

32,059

108,683

849,558

1,369,262

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

-

11,142

Hire purchase contracts

-

54,609

-

65,751

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2022 and 30 September 2021:

2022

2021

£

£

Mr S M Richford

Balance outstanding at start of year

314,987

176,744

Amounts advanced

70,152

148,555

Amounts repaid

(312

)

(10,312

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

384,827

314,987

10.	RELATED PARTY DISCLOSURES