Company Registration No. 12283752 (England and Wales)
DOUGLAS RICHARDS AND SONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
DOUGLAS RICHARDS AND SONS LTD
COMPANY INFORMATION
Director
Mr N A Douglas
(Appointed 28 October 2019)
Company number
12283752
Registered office
314 Birmingham Road
Redditch
Worcestershire
B97 6RJ
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
Church Green West
Redditch
Worcestershire
B97 4EA
DOUGLAS RICHARDS AND SONS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
DOUGLAS RICHARDS AND SONS LTD
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DOUGLAS RICHARDS AND SONS LTD FOR THE PERIOD ENDED 31 MARCH 2021
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Douglas Richards and Sons Ltd for the period ended 31 March 2021 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Douglas Richards and Sons Ltd, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Douglas Richards and Sons Ltd
and state those matters that we have agreed to state to the Board of Directors of Douglas Richards and Sons Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Douglas Richards and Sons Ltd and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Douglas Richards and Sons Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of Douglas Richards and Sons Ltd. You consider that Douglas Richards and Sons Ltd is exempt from the statutory audit
requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Douglas Richards and Sons Ltd. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
23 July 2021
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
DOUGLAS RICHARDS AND SONS LTD
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 2 -
2021
Notes
£
£
Current assets
Debtors
4
4,960
Cash at bank and in hand
184
5,144
Creditors: amounts falling due within one year
5
(5,044)
Net current assets
100
Capital and reserves
Called up share capital
6
100
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 23 July 2021.
Mr N A Douglas
Director
Company Registration No. 12283752
DOUGLAS RICHARDS AND SONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
- 3 -
1
Accounting policies
Company information
Douglas Richards and Sons Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
314 Birmingham Road, Redditch, Worcestershire, B97 6RJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
IT equipment
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
DOUGLAS RICHARDS AND SONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 1
.
3
Tangible fixed assets
IT equipment
£
Cost
At 28 October 2019
Additions
1,959
Disposals
(1,959)
At 31 March 2021
Depreciation and impairment
At 28 October 2019
Depreciation charged in the period
693
Eliminated in respect of disposals
(693)
At 31 March 2021
Carrying amount
At 31 March 2021
DOUGLAS RICHARDS AND SONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
- 5 -
4
Debtors
2021
Amounts falling due within one year:
£
Other debtors
4,960
5
Creditors: amounts falling due within one year
2021
£
Taxation and social security
4,083
Other creditors
961
5,044
6
Called up share capital
2021
£
Ordinary share capital
Issued and fully paid
76 Ordinary A of £1 each
76
24 Ordinary B of £1 each
24
100
On incorporation, 1 Ordinary £1 share was allotted and fully paid for cash at par.
Subsequently, the company then issued a further 99 Ordinary £1 shares which were fully paid for cash at par. The company then passed a special resolution by reclassifying 100 Ordinary £1 shares into 76 Ordinary A £1 shares and 24 Ordinary B £1 shares.
The rights and privileges attached to these shares remain unaltered.
7
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Loan account
-
-
4,960
4,960
-
4,960
4,960
The director's loan account was repaid within nine months of the period end.
DOUGLAS RICHARDS AND SONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
- 6 -
8
Ultimate controlling party
The ultimate controlling party is Mr N A Douglas.
9
Comparatives
This is the company's first period of trade, therefore there are no comparatives.