Ribchester Smith & Law Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08657367 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

RIBCHESTER SMITH & LAW LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Law BA MA FCA FCPA (HK)

J L Y Law BSc (Hons)

D M Armstrong FCA CTA

J D Holloway FCA DChA

R W Ribchester FCA MA(Dunelm)

REGISTERED OFFICE:

Sutherland House

5-7 The Friars

Newcastle upon Tyne

NE1 5XE

REGISTERED NUMBER:

08657367 (England and Wales)

FIXED ASSETS

Intangible assets

4

105,994

126,846

Tangible assets

5

1

1,293

105,995

128,139

CURRENT ASSETS

Stocks

200

200

Debtors

6

55,992

56,512

Cash at bank and in hand

430,617

511,535

486,809

568,247

CREDITORS

Amounts falling due within one year

7

344,689

397,072

NET CURRENT ASSETS

142,120

171,175

TOTAL ASSETS LESS CURRENT LIABILITIES

248,115

299,314

PROVISIONS FOR LIABILITIES

-

308

NET ASSETS

248,115

299,006

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

248,015

298,906

SHAREHOLDERS' FUNDS

248,115

299,006

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2024 and were signed on its behalf by:

J L Y Law BSc (Hons) - Director

1.	STATUTORY INFORMATION

Ribchester Smith & Law 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

Turnover derives from the principal activity of the company, and represents revenue earned, net of value added tax, on client contracts performed during the accounting period. Revenue is recognised at fair value of work performed up to the balance sheet date, once the right to revenue exists, the amounts receivable can be measured reliably and it is probable that the revenue will be received.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of fifteen years.

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.

Fixtures and fittings

-

10% on cost

Computer equipment

-

33% on cost

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 Income Statement, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2023

and 31 March 2024

312,770

AMORTISATION

At 1 April 2023

185,924

Charge for year

20,852

At 31 March 2024

206,776

NET BOOK VALUE

At 31 March 2024

105,994

At 31 March 2023

126,846

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2023

and 31 March 2024

1

8,024

8,025

DEPRECIATION

At 1 April 2023

-

6,732

6,732

Charge for year

-

1,292

1,292

At 31 March 2024

-

8,024

8,024

NET BOOK VALUE

At 31 March 2024

1

-

1

At 31 March 2023

1

1,292

1,293

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

25,426

13,241

Amounts recoverable on

contracts

24,898

37,223

Other debtors

5,668

6,048

55,992

56,512

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Taxation and social security

112,591

105,977

Other creditors

232,098

291,095

344,689

397,072

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

49

Ordinary A

£1.00

49

49

31

Ordinary B

£1.00

31

31

20

Ordinary C

£1.00

20

20

100

100

9.	RELATED PARTY DISCLOSURES

Two of the directors have provided unsecured short term loans to the company. These have been provided on an interest free basis with no fixed repayment term. The balance due by the company at the balance sheet date was £11,265 (2023: £23,865).