Ratcliffe & Brown Wines and Spirits Limited 31/12/2018 iXBRL

Ratcliffe & Brown Wines and Spirits Limited 31/12/2018 iXBRL

RATCLIFFE & BROWN WINES AND SPIRITS LIMITED - Company Information

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Company registration number: 3898602
Ratcliffe & Brown Wines and Spirits Limited
Unaudited filleted financial statements
31 December 2018
Ratcliffe & Brown Wines and Spirits Limited
Contents
Statement of financial position
Notes to the financial statements
Ratcliffe & Brown Wines and Spirits Limited
Statement of financial position
31 December 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 108,469 137,139
_______ _______
108,469 137,139
Current assets
Stocks 679,694 696,362
Debtors 6 2,407,073 2,188,990
Cash at bank and in hand 28,418 19,588
_______ _______
3,115,185 2,904,940
Creditors: amounts falling due
within one year 7 ( 2,789,454) ( 2,559,561)
_______ _______
Net current assets 325,731 345,379
_______ _______
Total assets less current liabilities 434,200 482,518
Creditors: amounts falling due
after more than one year 8 ( 36,350) ( 59,306)
Provisions for liabilities ( 20,610) ( 26,057)
_______ _______
Net assets 377,240 397,155
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 377,140 397,055
_______ _______
Shareholders funds 377,240 397,155
_______ _______
For the year ending 31 December 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 May 2019 , and are signed on behalf of the board by:
Mr A P Brown
Director
Company registration number: 3898602
Ratcliffe & Brown Wines and Spirits Limited
Notes to the financial statements
Year ended 31 December 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 Brooklands House, 58 Marlborough Road, Lancing, West Sussex, BN15 8AF.
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 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.
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 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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:
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 20 % straight line
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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.
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. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2018 231,417 109,328 340,745
Additions 5,758 - 5,758
Disposals ( 19,322) - ( 19,322)
_______ _______ _______
At 31 December 2018 217,853 109,328 327,181
_______ _______ _______
Depreciation
At 1 January 2018 192,673 10,933 203,606
Charge for the year 10,735 21,866 32,601
Disposals ( 17,495) - ( 17,495)
_______ _______ _______
At 31 December 2018 185,913 32,799 218,712
_______ _______ _______
Carrying amount
At 31 December 2018 31,940 76,529 108,469
_______ _______ _______
At 31 December 2017 38,744 98,395 137,139
_______ _______ _______
6. Debtors
2018 2017
£ £
Trade debtors 1,294,421 1,105,083
Amounts owed by group undertakings 1,083,825 1,063,224
Other debtors 28,827 20,683
_______ _______
2,407,073 2,188,990
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts 143,266 185,192
Trade creditors 1,094,037 1,491,438
Corporation tax 48,570 23,837
Social security and other taxes 55,235 54,634
Other creditors 1,448,346 804,460
_______ _______
2,789,454 2,559,561
_______ _______
An all monies debenture has been granted to the company's bankers in respect of amounts owed to the bank.
Amounts owed under hire purchase contracts amounting to £22,956 (2017 - £22,957) are secured on the assets to which the contracts relate.
8. Creditors: amounts falling due after more than one year
2018 2017
£ £
Other creditors 36,350 59,306
_______ _______
Amounts owed under hire purchase contracts amounting to £36,350 (2017 - £59,306) are secured on the assets to which the contracts relate.
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 15,875 -
Later than 1 year and not later than 5 years 27,812 -
_______ _______
43,687 -
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2018
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr A P Brown ( 510) ( 2,099) 1,682 ( 927)
_______ _______ _______ _______
2017
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr A P Brown ( 100) ( 410) - ( 510)
_______ _______ _______ _______
11. Related party transactions
All dividends are paid to APB Holdings London Limited, the company's parent undertaking.
12. Controlling party
The company is under the control of Mr A P Brown .