REGISTERED NUMBER: 06747063 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

AC AND DA RICHARDS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A C Richards

Mrs D A Richards

REGISTERED OFFICE:

The Firs

Penzance Road

Helston

Cornwall

TR13 8HN

REGISTERED NUMBER:

06747063 (England and Wales)

ACCOUNTANTS:

Kitchen & Brown

Chartered Accountants

Alpha House

40 Coinagehall Street

Helston

Cornwall

TR13 8EQ

FIXED ASSETS

Intangible assets

4

27,500

30,000

Tangible assets

5

198,832

192,380

226,332

222,380

CURRENT ASSETS

Stocks

2,050

650

Debtors

6

127,834

66,563

Cash at bank and in hand

330,643

304,624

460,527

371,837

CREDITORS

Amounts falling due within one year

7

77,448

77,278

NET CURRENT ASSETS

383,079

294,559

TOTAL ASSETS LESS CURRENT LIABILITIES

609,411

516,939

PROVISIONS FOR LIABILITIES

4,900

12,900

NET ASSETS

604,511

504,039

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

604,411

503,939

SHAREHOLDERS' FUNDS

604,511

504,039

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 21 May 2018 and were signed on its behalf by:

Mr A C Richards - Director

1.	STATUTORY INFORMATION

AC and DA Richards 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of services.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of an unincorporated business on 1 January

2009, is being amortised evenly over 20 years. In the opinion of the directors, this represents a prudent estimate

of the period over which the company will derive direct economic benefit from acquiring the business.

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.

Tools and equipment

-

20% on reducing balance

The Firs - home furnishings

-

20% on reducing balance

Motor vehicles

-

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 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.

Pension costs and other post-retirement benefits

The company operates two defined contribution pension schemes. Contributions payable to the company's

pension schemes are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2016 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2017

and 31 December 2017

50,000

AMORTISATION

At 1 January 2017

20,000

Charge for year

2,500

At 31 December 2017

22,500

NET BOOK VALUE

At 31 December 2017

27,500

At 31 December 2016

30,000

5.	TANGIBLE FIXED ASSETS

The Firs

Tools and

- home

Motor

equipment

furnishings

vehicles

Totals

£

£

£

£

COST

At 1 January 2017

31,320

5,121

323,487

359,928

Additions

2,584

2,650

86,854

92,088

Disposals

-

-

(48,886

)

(48,886

)

At 31 December 2017

33,904

7,771

361,455

403,130

DEPRECIATION

At 1 January 2017

19,342

3,384

144,822

167,548

Charge for year

2,912

877

61,223

65,012

Eliminated on disposal

-

-

(28,262

)

(28,262

)

At 31 December 2017

22,254

4,261

177,783

204,298

NET BOOK VALUE

At 31 December 2017

11,650

3,510

183,672

198,832

At 31 December 2016

11,978

1,737

178,665

192,380

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

104,701

66,563

Other debtors

23,133

-

127,834

66,563

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade creditors

26,938

14,575

Taxation and social security

47,937

43,112

Other creditors

2,573

19,591

77,448

77,278

8.	OTHER FINANCIAL COMMITMENTS

At 31 December 2017, the company had total commitments under non-cancellable operating leases over the

remaining life of those leases of £18,427 (2016 : £nil).

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2017 and

31 December 2016:

31.12.17

31.12.16

£

£

Mr A C Richards and Mrs D A Richards

Balance outstanding at start of year

-

-

Amounts advanced

12,639

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

12,639

-

Interest has been charged at the official rate on overdrawn balances in excess of the beneficial loan thresholds,

giving rise to a charge of £nil (2016: £nil). Amounts advanced are presented on an aggregated basis.

10.	RELATED PARTY DISCLOSURES

Included in other creditors is the directors' current account balance as follows:-

2017

2016

£

£

Mr and Mrs A C Richards

-

18,314

Balances owed from the company to the directors are interest free and no repayment terms were agreed.

Dividends amounting to £52,000 were issued to the directors during the year (2016: £48,000).

Remuneration including benefits were provided to the directors during the year amounting to £24,820 (2016:

£23,848).