A. C. Richards Limited Filleted accounts for Companies House (small and micro)

A.C. RICHARDS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02754823

A. C. RICHARDS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 October 2017

A. C. RICHARDS LIMITED

STATEMENT OF FINANCIAL POSITION

31 October 2017

	2017		2016
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		139,519		154,005

CURRENT ASSETS

Stocks		135,322	114,844
Debtors	6	49,390	40,599
Cash at bank and in hand		63,459	59,997
		---------	---------
		248,171	215,440

CREDITORS: amounts falling due within one year	7	160,260		137,305
		---------		---------
NET CURRENT ASSETS			87,911		78,135
			---------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			227,430		232,140

PROVISIONS

Taxation including deferred tax	12,136	15,829
	---------	---------
NET ASSETS	215,294	216,311
	---------	---------

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	215,194	216,211
	---------	---------
SHAREHOLDERS FUNDS	215,294	216,311
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

A. C. RICHARDS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 October 2017

These financial statements were approved by the board of directors and authorised for issue on 29 March 2018 , and are signed on behalf of the board by:

A. Richards
Director

Company registration number: 02754823

A. C. RICHARDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 2017

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Waterloo Road, Clitheroe, BB7 1LR.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

The turnover shown in the profit and loss account represents the invoice value of goods supplied and services provided during the year, exclusive of Value Added Tax.

(d) Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

(e) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(f) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold Property	-	2% per annum straight line
Fixtures, Fittings & Equipment	-	10% per annum reducing balance
Motor Vehicles	-	15%/25% per annum reducing balance
Equipment	-	`15%/25% per annum reducing balance`

(g) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

(h) Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

(i) Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

(j) Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 7 (2016: 7 ).

5. TANGIBLE ASSETS

	Freehold Property	Fixtures, Fittings & Equipment	Motor Vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 November 2016	137,738	43,074	155,108	5,000	340,920
Additions	–	3,755	–	–	3,755
	---------	--------	---------	-------	---------
At 31 October 2017	137,738	46,829	155,108	5,000	344,675
	---------	--------	---------	-------	---------
Depreciation
At 1 November 2016	62,876	32,594	89,934	1,511	186,915
Charge for the year	2,592	2,810	12,268	571	18,241
	---------	--------	---------	-------	---------
At 31 October 2017	65,468	35,404	102,202	2,082	205,156
	---------	--------	---------	-------	---------
Carrying amount
At 31 October 2017	72,270	11,425	52,906	2,918	139,519
	---------	--------	---------	-------	---------
At 31 October 2016	74,862	10,480	65,174	3,489	154,005
	---------	--------	---------	-------	---------

6. DEBTORS

	2017	2016
	£	£
Trade debtors	48,899	39,363
Prepayments and accrued income	491	1,236
	--------	--------
	49,390	40,599
	--------	--------

7. CREDITORS: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	27,929	11,598
Accruals and deferred income	3,514	2,785
Corporation tax	10,230	11,578
Social security and other taxes	12,651	11,108
Director loan accounts	105,936	100,236
	---------	---------
	160,260	137,305
	---------	---------

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

There are no transactions with directors that require disclosure under FRS 102.

9. RELATED PARTY TRANSACTIONS

The company was under the control of Mr A. Richards throughout the current and previous year. Mr A. Richards is the managing director and majority shareholder. During the year the company paid dividends to the director, Mr A. Richards amounting to £31,900.

10. TRANSITION TO FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2015.

No transitional adjustments were required in equity or profit or loss for the year.