Robex Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 01828573

Robex Limited

Filleted Unaudited Financial Statements

31 August 2018

Robex Limited

Balance Sheet

31 August 2018

	2018	2017
Note	£	£

Fixed assets

Tangible assets	4	367,825	371,953

Current assets

Debtors	5	162,238	6,803
Cash at bank and in hand		37,765	38,105
		----------	--------
		200,003	44,908

Creditors: amounts falling due within one year	6	237,941	189,384
		----------	----------
Net current liabilities		37,938	144,476
		----------	----------
Total assets less current liabilities		329,887	227,477

Creditors: amounts falling due after more than one year	7	–	43,130
		----------	----------
Net assets		329,887	184,347
		----------	----------

Capital and reserves

Called up share capital	2	2
Profit and loss account	329,885	184,345
	----------	----------
Shareholders funds	329,887	184,347
	----------	----------

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 profit and loss account has not been delivered.

For the year ending 31st August 2018 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 .

Robex Limited

Balance Sheet (continued)

31 August 2018

These financial statements were approved by the board of directors and authorised for issue on 29 January 2019 , and are signed on behalf of the board by:

Mr P J Robinson
Director

Company registration number: 01828573

Robex Limited

Notes to the Financial Statements

year ended 31st August 2018

1. General information

The Company is a private company limited by shares, registered in England and Wales. The address of the registered office is Pendragon House, 65 London Road, St Albans, Hertfordshire, AL1 1LJ. The Company's principal activity continued to be that of distribution of industrial coatings.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'. The principal accounting policies are summarised below. They have all been applied consistently throughout the year and to the preceding year.

3. Accounting policies

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of turnover can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

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.

Tangible assets

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

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 land and buildings	-	2% straight line
Office equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price.

4. Tangible assets

	Freehold land and buildings	Equipment	Total
	£	£	£
Cost
At 1st September 2017 and 31st August 2018	409,557	799	410,356
	----------	----	----------
Depreciation
At 1st September 2017	38,000	403	38,403
Charge for the year	4,000	128	4,128
	----------	----	----------
At 31st August 2018	42,000	531	42,531
	----------	----	----------
Carrying amount
At 31st August 2018	367,557	268	367,825
	----------	----	----------
At 31st August 2017	371,557	396	371,953
	----------	----	----------

5. Debtors

	2018	2017
	£	£
Trade debtors	12,208	6,803
Other debtors	150,030	–
	----------	-------
	162,238	6,803
	----------	-------

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	–	20,000
Trade creditors	161,910	83,937
Accruals and deferred income	3,750	3,750
Social security and other taxes	42,984	15,513
Director loan accounts	29,297	66,184
	----------	----------
	237,941	189,384
	----------	----------

7. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	–	43,130
	----	--------

In all cases the bank loan is secured by way of first legal charge over the freehold land and buildings owned by the Company.