RKO Developments Limited Company accounts

RKO Developments Limited Company accounts

RKO DEVELOPMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI608277
RKO Developments Limited
Unaudited Financial Statements
For the year ended
31 July 2018
RKO Developments Limited
Financial Statements
Year ended 31 July 2018
Contents
Pages
Officers and professional advisers
1
Director's report
2
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
3
Statement of income and retained earnings
4
Statement of financial position
5
Notes to the financial statements
6 to 8
RKO Developments Limited
Officers and Professional Advisers
Director
Ms C E Leak
Registered office
Bridge House 3
Bridge Street Kilkeel
Newry
County Down
Northern Ireland
BT34 4AD
Accountants
Mackenzie Field
Chartered Accountants
Hyde House
The Hyde
Edgware Road
London
NW9 6LA
RKO Developments Limited
Director's Report
Year ended 31 July 2018
The director presents her report and the unaudited financial statements of the company for the year ended 31 July 2018 .
Director
The director who served the company during the year was as follows:
Ms C E Leak
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 29 April 2019 and signed on behalf of the board by:
Ms C E Leak
Director
Registered office:
Bridge House 3
Bridge Street Kilkeel
Newry
County Down
Northern Ireland
BT34 4AD
RKO Developments Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of RKO Developments Limited
Year ended 31 July 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 RKO Developments Limited for the year ended 31 July 2018, which comprise the statement of income and retained earnings, statement of financial position 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of RKO Developments Limited. Our work has been undertaken solely to prepare for your approval the financial statements of RKO Developments Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than RKO Developments Limited and its director for our work or for this report.
It is your duty to ensure that RKO Developments 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 loss of RKO Developments Limited. You consider that RKO Developments 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 RKO Developments 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.
Mackenzie Field Chartered Accountants
Hyde House The Hyde Edgware Road London NW9 6LA
29 April 2019
RKO Developments Limited
Statement of Income and Retained Earnings
Year ended 31 July 2018
2018
2017
Note
£
£
Turnover
27,220
–
--------
----
Gross profit
27,220
–
Administrative expenses
186,616
96,574
Other operating income
102,733
72,936
---------
--------
Operating loss
( 56,663)
( 23,638)
---------
--------
Loss before taxation
4
( 56,663)
( 23,638)
Tax on loss
–
–
--------
--------
Loss for the financial year and total comprehensive income
( 56,663)
( 23,638)
--------
--------
Retained losses at the start of the year
( 99,183)
( 75,545)
---------
--------
Retained losses at the end of the year
( 155,846)
( 99,183)
---------
--------
All the activities of the company are from continuing operations.
RKO Developments Limited
Statement of Financial Position
31 July 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
5
3,655
7,896
Current assets
Debtors
6
44,196
39,730
Cash at bank and in hand
8,621
80
--------
--------
52,817
39,810
Creditors: amounts falling due within one year
7
212,316
146,887
---------
---------
Net current liabilities
159,499
107,077
---------
---------
Total assets less current liabilities
( 155,844)
( 99,181)
---------
--------
Net liabilities
( 155,844)
( 99,181)
---------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 155,846)
( 99,183)
---------
--------
Shareholder deficit
( 155,844)
( 99,181)
---------
--------
These financial statements have been prepared 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'.
For the year ending 31 July 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 member has 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 April 2019 , and are signed on behalf of the board by:
Ms C E Leak
Director
Company registration number: NI608277
RKO Developments Limited
Notes to the Financial Statements
Year ended 31 July 2018
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Bridge House 3, Bridge Street Kilkeel, Newry, County Down, Northern Ireland, BT34 4AD.
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
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 and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Rent is recognised on a receivable basis, net of Value Added Tax.
Income tax
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. 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.
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:
Fixtures and fittings
-
20% 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, 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.
4. Profit before taxation
Profit before taxation is stated after charging:
2018
2017
£
£
Depreciation of tangible assets
10,846
9,526
--------
-------
5. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 August 2017
47,628
47,628
Additions
6,605
6,605
--------
--------
At 31 July 2018
54,233
54,233
--------
--------
Depreciation
At 1 August 2017
39,732
39,732
Charge for the year
10,846
10,846
--------
--------
At 31 July 2018
50,578
50,578
--------
--------
Carrying amount
At 31 July 2018
3,655
3,655
--------
--------
At 31 July 2017
7,896
7,896
--------
--------
6. Debtors
2018
2017
£
£
Trade debtors
37,800
39,400
Other debtors
6,396
330
--------
--------
44,196
39,730
--------
--------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Other creditors
212,316
146,887
---------
---------