Readygrid Limited 31/10/2018 iXBRL

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Statement of consent to prepare abridged financial statements

All of the members of Readygrid Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 October 2018 in accordance with Section 444(2A) of the Companies Act 2006.

Company registration number: 02755140

Readygrid Limited

Unaudited filleted abridged financial statements

31 October 2018

Readygrid Limited

Contents

Directors and other information

Accountants report

Abridged statement of financial position

Statement of changes in equity

Notes to the financial statements

Readygrid Limited

Directors and other information


	Directors	Mr A E Brindley
		Mr N J Doubleday
		Miss K A Simpson - Appointed 6 June 2018


	Company number	02755140


	Registered office	White House
		Wollaton Street
		Nottingham NG1 5GF


	Business address	9 Archer Road
		Stapleford
		Nottingham NG9 7EP


	Accountants	Higson & Co
		Chartered Accountants
		White House
		Wollaton Street
		Nottingham NG1 5GF




	Bankers	Barclays Bank PLC
		2 High Street
		Nottingham NG1 2EN

Readygrid Limited

Chartered accountants report to the board of directors on the preparation of the

unaudited statutory financial statements of Readygrid Limited

Year ended 31 October 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Readygrid Limited for the year ended 31 October 2018 which comprise the abridged statement of financial position, statement of changes in equity and 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, 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 Readygrid Limited, as a body, in accordance with the terms of our engagement letter dated 28 June 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Readygrid Limited and state those matters that we have agreed to state to the board of directors of Readygrid Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Readygrid Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Readygrid Limited 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 Readygrid Limited. You consider that Readygrid Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Readygrid Limited. 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.

Higson & Co

Chartered Accountants

White House

Wollaton Street

Nottingham NG1 5GF

15 July 2019

Readygrid Limited

Abridged statement of financial position

31 October 2018

		2018		2017
	Note	£	£	£	£

Fixed assets
Intangible assets	5	2,668		4,001
Tangible assets	6	135,530		135,430
		_______		_______
			138,198		139,431

Current assets
Stocks		2,825		3,129
Debtors		583,252		95,506
Cash at bank and in hand		15,794		397,878
		_______		_______
		601,871		496,513
Creditors: amounts falling due
within one year		( 171,797)		( 152,650)
		_______		_______
Net current assets			430,074		343,863
			_______		_______
Total assets less current liabilities			568,272		483,294


Provisions for liabilities			( 19,766)		( 20,172)

			_______		_______
Net assets			548,506		463,122
			_______		_______

Capital and reserves
Called up share capital	7		99		99
Revaluation reserve			93,021		93,021
Profit and loss account			455,386		370,002
			_______		_______
Shareholders funds			548,506		463,122
			_______		_______

For the year ending 31 October 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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 abridged statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 15 July 2019 , and are signed on behalf of the board by:

Mr N J Doubleday

Director

Company registration number: 02755140

Readygrid Limited

Statement of changes in equity

Year ended 31 October 2018

	Called up share capital	Revaluation reserve	Profit and loss account	Total
	£	£	£	£


At 1 November 2016	99	38,143	250,199	288,441

Profit for the year			123,126	123,126
Other comprehensive income for the year:
Revaluation of tangible assets		56,555		56,555
Reclassification from revaluation reserve to profit and loss account		( 1,677)	1,677	-
	_______	_______	_______	_______
Total comprehensive income for the year	-	54,878	124,803	179,681

Dividends paid and payable			( 5,000)	( 5,000)
	_______	_______	_______	_______
Total investments by and distributions to owners	-	-	( 5,000)	( 5,000)

	_______	_______	_______	_______
At 31 October 2017 and 1 November 2017	99	93,021	370,002	463,122

Profit for the year			92,884	92,884
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	92,884	92,884

Dividends paid and payable			( 7,500)	( 7,500)
	_______	_______	_______	_______
Total investments by and distributions to owners	-	-	( 7,500)	( 7,500)

	_______	_______	_______	_______
At 31 October 2018	99	93,021	455,386	548,506
	_______	_______	_______	_______

Readygrid Limited

Notes to the financial statements

Year ended 31 October 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 White House, Wollaton Street, Nottingham NG1 5GF. The company's trading address is 9 Archer Road, Stapleford, Nottingham NG9 7EP.

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 Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Group accounts

The company and its parent company Royale Graphics Holdings Limited have taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its parent company comprise a small group. These financial statements therefore present information about the company as an individual undertaking and not about the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue 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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset of five years.

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Estimated useful lives of tangible assets are based on management's judgement and historical experience with similar assets. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

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:


Fittings fixtures and equipment	-	15 %	reducing balance

Depreciation on the freehold property is provided at 2% on the property valuation and building improvements and 10% on any fittings included therein.

The depreciation on the increase in value on the freehold property is provided against the property revaluation reserve.

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and net realisable value.

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 in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2017: 4 ).

5. Intangible assets

Cost

At 1 November 2017 and 31 October 2018 6,667

_______ |

Amortisation

At 1 November 2017 2,666

Charge for the year 1,333

_______ |

At 31 October 2018 3,999

_______ |

Carrying amount

At 31 October 2018 2,668

_______ |

At 31 October 2017 4,001

_______ |

6. Tangible assets


		£
	Cost/revaluation
	At 1 November 2017	159,607
	Additions	1,958
		_______
	At 31 October 2018	161,565
		_______
	Depreciation
	At 1 November 2017	24,177
	Charge for the year	1,858
		_______
	At 31 October 2018	26,035
		_______
	Carrying amount
	At 31 October 2018	135,530
		_______
	At 31 October 2017	135,430
		_______

Tangible assets held at valuation

The Freehold Property situated at 9 Archer Road, Stapleford, Nottingham NG9 7EP was valued by Harrison Murray Estate Agents at an open market value of £125,000 on 3 October 2017 when it's cost amounted to £31,500. The Directors consider that the current value of the property is £125,000 and therefore no depreciation has been provided this year.

7. Called up share capital

Issued, called up and fully paid

	2018		2017
	No	£	No	£
Ordinary shares of £ 1.00 each	99	99	99	99
	_______	_______	_______	_______

8. Related party transactions

The company was an associated company of Printcater Limited, registered in England number 2779888 until 31 January 2018 when Mr A E Brindley sold his shareholding to Royale Graphics Holdings Limited.At 31 October 2018 Readygrid Limited was owed £466,783 by its parent company Royale Graphics Holdings Limited in connection with loan advances made. Readygrid Limited paid a dividend of £7,500 to Royale Graphics Holdings Limited in this year.