Ravensbeck Limited - Accounts to registrar (filleted) - small 18.2

RAVENSBECK LIMITED

Financial Statements

for the Year Ended 31 December 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Director:

David Hulbert

Registered office:

69-85 Tabernacle Street

London

EC2A 4BD

Registered number:

02037240 (England and Wales)

Current assets

Debtors

5

697,422

627,591

Cash at bank

7,696

94,428

705,118

722,019

Creditors

Amounts falling due within one year

6

131,219

273,466

Net current assets

573,899

448,553

Total assets less current liabilities

573,899

448,553

Capital and reserves

Called up share capital

7

132,000

132,000

Capital redemption reserve

8

25,000

25,000

Other reserves

8

(361,943

)

(361,943

)

Retained earnings

8

778,842

653,496

Shareholders' funds

573,899

448,553

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 2 August 2019 and were signed by:

David Hulbert - Director

1.	Statutory information

Ravensbeck 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.

2.	Accounting policies

Compliance with accounting standards

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

Set out below is a summary of the principal accounting policies, all of which have been applied consistently

(except as otherwise stated).

Compliance with accounting standards

These financial statements for the year ended 31 December 2017 represent the first financial statements of the

Company following the early adoption of Section 1A ''Small Entities'' of Financial Reporting Standard 102

''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' (''FRS 102'').

Significant judgements and estimates

In applying the Company's accounting policies, the directors are required to make judgements, estimates and

assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimated

and assumptions are based on the best and most reliable evidence available at the time when the decisions are

made, and are based on historical experience and other factors that are considered to be applicable. Due to the

inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and

outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised, if the revision affects only that period,

or in the period of the revision and future periods, if the revision affects both current and future periods.

Critical judgements in applying the Company's accounting policies

The critical judgement that the director has made in the process of applying the Company's accounting policies

that have the most significant effect on the amounts recognised in the statutory financial statements are

discussed below:

(i) Assessing indicators and impairment

In assessing whether there have been any indicators or impairment assets, the directors have considered both

external and internal sources of information such as market conditions, counterparty credit ratings and

experience or recoverability. There have been no indicators or impairments identified during the current

financial year.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Turnover represents amounts receivable for services provided in the year and is stated net of VAT.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

33% on cost

Financial instruments

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at

transaction price, unless the arrangement constitutes a financing transaction, where the transaction is

measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables and bank loans that are classified as debt, are

initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the

debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year

or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at

transaction price and subsequently measured at amortised cost using the effective interest method.

Leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Going concern

These financial statements have been prepared on a going concern basis.

The current economic conditions present increased risks for all businesses. In response to such conditions, the

directors have carefully considered these risks including an assessment on uncertainty on future trading

projection for a period of at least 12 months from the date of signing the financial statements, and the extent

to which they might affect the preparation of the financial statements on a going concern basis.

Based on assessment, the directors consider that the Company maintains an appropriate level of liquidity,

sufficient to meet the demands of the business including any capital and servicing obligations and external

debt liabilities.

In addition, the Company's assets are assessed for recoverability on a regular basis, and the directors consider

that the Company is not exposed to losses on these assets which would affect their decision to adopt the going

concern basis.

The directors have a reasonable expectation that the Company has adequate resources to continue in

operational existence for the foreseeable future and that there are no material uncertainties that lead to

significant doubts upon the Company's ability to continue as a going concern. Thus the directors have

continued to adopt the going concern basis of accounting in preparing these financial statements.

3.	Employees and directors

The average number of employees during the year was 1 (2017 - 4 ) .

4.	Tangible fixed assets

Computer

equipment

£

Cost

At 1 January 2018

and 31 December 2018

10,347

Depreciation

At 1 January 2018

and 31 December 2018

10,347

Net book value

At 31 December 2018

-

At 31 December 2017

-

5.

Debtors: amounts falling due within one year

2018

2017

£

£

Trade debtors

215,155

151,726

Bad Debt Provision

(69,116

)

(69,116

)

Other Debtors

421,317

271,258

Directors' loan accounts

-

114,092

VAT

10,566

40,131

Called up share capital not paid

119,500

119,500

697,422

627,591

6.

Creditors: amounts falling due within one year

2018

2017

£

£

Bank loans and overdrafts

-

114

Trade creditors

48,354

112,271

Tax

57,348

33,675

Social security and other taxes

2,693

3,793

Directors' loan accounts

15,964

-

Accrued expenses

6,860

123,613

131,219

273,466

7.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

132,000

Ordinary shares

£1

132,000

132,000

8.

Reserves

Capital

Retained

redemption

Other

earnings

reserve

reserves

Totals

£

£

£

£

At 1 January 2018

653,496

25,000

(361,943

)

316,553

Profit for the year

238,846

238,846

Dividends

(113,500

)

(113,500

)

At 31 December 2018

778,842

25,000

(361,943

)

441,899