Rural Vision Limited - Period Ending 2019-03-31

Rural Vision Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2019

Registration number: 04660574

Rural Vision Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 9

Rural Vision Limited

Company Information

Directors

AW Fortescue SN Fowler OSE Davies PJ Tory PHM Durnford DA Holmes

Company secretary

J Foster

Registered office

The Old Dairy Fonthill Bishop Salisbury Wiltshire SP3 5SH

Bankers

Lloyds Bank plc 38 Blue Boar Row Salisbury Wiltshire SP1 1DB

Accountants

Francis Clark LLP Hitchcock House Hilltop Park Devizes Road Salisbury Wiltshire SP3 4UF

Page 1

Rural Vision Limited

Balance Sheet

31 March 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	5	28,527	32,506
Current assets
Debtors	6	252,210	261,462
Cash at bank and in hand		129,355	143,015
		381,565	404,477
Creditors: Amounts falling due within one year	7	(305,848)	(265,745)
Net current assets		75,717	138,732
Net assets		104,244	171,238
Capital and reserves
Called up share capital		100	100
Profit and loss account		104,144	171,138
Total equity		104,244	171,238

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 2

Rural Vision Limited

Balance Sheet

31 March 2019

For the financial year ending 31 March 2019 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 3 July 2018 and signed on its behalf by:
 

......................................... AW Fortescue Director

......................................... SN Fowler Director

Company Registration Number: 04660574

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 3

Rural Vision Limited

Notes to the Financial Statements

Year Ended 31 March 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Old Dairy
Fonthill Bishop
Salisbury
Wiltshire
SP3 5SH

These financial statements were authorised for issue by the Board on 3 July 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 Section 1A, and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised bty reference to the stafe of completion.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 4

Rural Vision Limited

Notes to the Financial Statements

Year Ended 31 March 2019

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold Property	5% per annum straight line
Plant & Machinery	33% per annum straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	Straight line over 5 years

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 5

Rural Vision Limited

Notes to the Financial Statements

Year Ended 31 March 2019

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2018 - 17).

Page 6

Rural Vision Limited

Notes to the Financial Statements

Year Ended 31 March 2019

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2018	650,000	650,000
At 31 March 2019	650,000	650,000
Amortisation
At 1 April 2018	650,000	650,000
At 31 March 2019	650,000	650,000
Carrying amount
At 31 March 2019	-	-
At 31 March 2018	-	-

5	Tangible assets

	Land and buildings £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2018	11,167	65,997	77,164
Additions	-	5,120	5,120
At 31 March 2019	11,167	71,117	82,284
Depreciation
At 1 April 2018	5,859	38,799	44,658
Charge for the year	558	8,541	9,099
At 31 March 2019	6,417	47,340	53,757
Carrying amount
At 31 March 2019	4,750	23,777	28,527
At 31 March 2018	5,308	27,198	32,506

Included within the net book value of land and buildings above is £4,750 (2018 - £5,308) in respect of long leasehold land and buildings.
 

Page 7

Rural Vision Limited

Notes to the Financial Statements

Year Ended 31 March 2019

6

Debtors

	Note	2019  £	2018  £
Trade debtors		242,913	209,560
Amounts due from group undertakings	9	-	12,000
Other debtors		-	31,305
Prepayments		9,297	8,597
		252,210	261,462

7

Creditors

Creditors: amounts falling due within one year

	2019  £	2018  £
Due within one year
Trade creditors	26,860	21,541
Amounts due to group undertakings	14,665	-
Corporation tax	66,569	93,967
Social security and other taxes	93,771	89,683
Other creditors	48,335	1
Accrued expenses	55,648	60,553
	305,848	265,745

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £48,925 (2018 - £97,849). The commitment is secured over the vehicle the lease relates to.

Page 8

Rural Vision Limited

Notes to the Financial Statements

Year Ended 31 March 2019

9	Related party transactions

Advances to directors

2019	At 1 April 2018 £	Advances to director £	Repayments by director £	At 31 March 2019 £
AW Fortescue
Interest free loan, repayable on demand	16,098	125,675	(141,773)	-
SN Fowler
Interest free loan, repayable on demand	15,208	127,796	(143,004)	-

2018	At 1 April 2017 £	Advances to director £	Repayments by director £	At 31 March 2018 £
AW Fortescue
Interest free loan, repayable on demand	42,040	166,374	(192,316)	16,098
SN Fowler
Interest free loan, repayable on demand	42,991	164,533	(192,316)	15,208
OSE Davies
Interest free loan, repayable on demand	880	40,394	(41,274)	-
PJ Tory
Interest free loan, repayable on demand	880	40,394	(41,274)	-

Page 9