Accounts

	RAP INTERIORS LTD
	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 MARCH 2019
	COMPANY NUMBER 04059049
BRADLEY & CO
CHARTERED ACCOUNTANTS

	RAP INTERIORS LTD
	FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 MARCH 2019
	DIRECTORS
	Mrs J Anderson
	Mr R Anderson
	Mr P Anderson
	Mr M Pilcher
	SECRETARY
	Mrs J Anderson
	REGISTERED OFFICE
	4B Christchurch House Beaufort Court Medway City Estate Rochester Kent ME2 4FX
	COMPANY REGISTERED NUMBER
	04059049
	ACCOUNTANTS
	Bradley & Co
	Chartered Accountants
	4B Christchurch House Beaufort Court Medway City Estate Rochester Kent ME2 4FX

	page 1

	RAP INTERIORS LTD
	FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 MARCH 2019
	CONTENTS
	Pages
	3-4	Statement of Financial Position
	5-9	Notes to the Financial Statements

	page 2

	RAP INTERIORS LTD
	Company registered number: 04059049
	STATEMENT OF FINANCIAL POSITION AT 31 March 2019
		Note	2019		2018
			£	£	£
	FIXED ASSETS
	Intangible assets	3		50	150
	Property, plant and equipment	4		92,883	112,324
				92,933	112,474
	CURRENT ASSETS
	Inventories		6,000		6,000
	Debtors	5	207,949		754,670
	Cash at bank and in hand		85,004		72,617
			298,953		833,287
	CREDITORS: Amounts falling due within one year	6	243,743		774,340
	NET CURRENT ASSETS			55,210	58,947
	TOTAL ASSETS LESS CURRENT LIABILITIES			148,143	171,421
	CREDITORS: Amounts falling due after more than one year	7		(11,995)	(18,904)
	PROVISIONS FOR LIABILITIES			(15,891)	(19,432)
	NET ASSETS			£120,257	£133,085
	CAPITAL AND RESERVES
	Called up share capital			100	100
	Retained earnings			120,157	132,985
	SHAREHOLDERS' FUNDS			£120,257	£133,085

	The notes on pages 5-9 form part of these financial statements
	page 3

	RAP INTERIORS LTD
	Company registered number: 04059049
	STATEMENT OF FINANCIAL POSITION AT 31 March 2019 (CONT.)

	In approving these financial statements as directors of the company we hereby confirm the following:
	For the year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
	The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with section 476 of the Companies Act 2006.
	The directors acknowledge their responsibilities for: 1) ensuring that the company keeps accounting records which comply with Sections 386 and 386 of the Companies Act 2006, and 2) preparing financial statements that give a true and fair view of the state of affairs of the company at at the end of each financial year and of its profit or loss for the 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 the financial statements, so far as they are applicable to the company.
	These 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 and authorised for issue by the board of directors on 06 June 2019
	Signed on behalf of the board of directors
	Mr R Anderson, Director

	The notes on pages 5-9 form part of these financial statements
	page 4

	RAP INTERIORS LTD
	NOTES TO THE ACCOUNTS
	FOR THE YEAR ENDED 31 MARCH 2019

1.	SIGNIFICANT ACCOUNTING POLICIES

1a.	Statement of compliance
	RAP Interiors Ltd is a Limited Company incorporated in England and Wales.
	Principal palce of business:
	6 Orchard Industrial Estate Maidstone Kent ME15 9YE

1b.	Basis of accounting
	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" and the Companies Act 2006.
	The financial statements have been prepared under the historical cost convention. The presentation currency is £ sterling.

1c.	Revenue recognition
	Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

1d.	Borrowing costs
	Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

1e.	Taxation
	Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

	The notes on pages 5-9 form part of these financial statements
	page 5

	RAP INTERIORS LTD
	NOTES TO THE ACCOUNTS (CONT.)
	FOR THE YEAR ENDED 31 MARCH 2019

1.	SIGNIFICANT ACCOUNTING POLICIES (CONT.)

	Intangible assets

1g.	Property, plant and equipment
	Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life.
	Plant and machinery	25% on written down value
	Vehicles	25% on written down value
	Fixtures and fittings	25% on written down value

1h.	Short term debtors and creditors
	Debtors and creditors receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit and loss.

1i.	Cash and cash equivalents
	Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. For the purpose of statement of cash flows, bank overdrafts which are repayable on demand form an integral part of the Company's cash management are included as a component of cash and cash equivalents.

1j.	Interest bearing borrowings
	All interest-bearing loans and borrowings which are basic financial instruments are initially recognised at the present value of cash payable to the bank (including interest). After initial recognition they are measured at amortised cost using the effective interest rate method, less impairment. Any difference between the amount initially recognised and redemption value is recognised in profit and loss together with any interest and fees payable.

1k.	Leased assets
	Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the Company are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the asset's useful life. A corresponding liability is recognised for the lower of the fair value of the leased asset and the present value of the minimum lease payments in the balance sheet. Lease payments are apportioned between the reduction of the lease liability and finance charges in the income statement so as to achieve a constant rate of interest on the remaining balance of the liability. Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. Lease incentives are recognised over the lease term on a straight line basis.

1l.	Employee benefits
	The obligations for contributions to defined contribution scheme are recognised as an expense as incurred. The assets of the scheme are held separately from those of the Company in an independent administered fund.

	The notes on pages 5-9 form part of these financial statements
	page 6

	RAP INTERIORS LTD
	NOTES TO THE ACCOUNTS (CONT.)
	FOR THE YEAR ENDED 31 MARCH 2019

1.	SIGNIFICANT ACCOUNTING POLICIES (CONT.)

1m.	Provisions
	Provisions are recognised when the Company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

2.	DIRECTORS AND EMPLOYEES
	The average weekly number of employees during the year were as follows:
		2019	2018
		No.	No.
	Management and administration	4	4
	Production and sales	14	14
		18	18

3.	INTANGIBLE FIXED ASSETS
		Goodwill	Total
		£	£
	Cost
	At 1 April 2018	1,000	1,000
	At 31 March 2019	1,000	1,000
	Amortisation
	At 1 April 2018	850	850
	Eliminated on disposals	100	100
	At 31 March 2019	950	950
	Net Book Amounts
	At 31 March 2019	50	50
	At 31 March 2018	150	150

	The notes on pages 5-9 form part of these financial statements
	page 7

	RAP INTERIORS LTD
	NOTES TO THE ACCOUNTS (CONT.)
	FOR THE YEAR ENDED 31 MARCH 2019

4.	PROPERTY, PLANT AND EQUIPMENT
		Long	Plant &
		Leasehold	Machinery	Total
		£	£	£
	Cost
	At 1 April 2018	11,126	244,095	255,221
	Additions other than through business combinations	-	12,724	12,724
	Disposals	-	(25,062)	(25,062)
	At 31 March 2019	11,126	231,757	242,883
	Depreciation
	At 1 April 2018	-	142,897	142,897
	Disposals	-	(18,093)	(18,093)
	For the year	-	25,196	25,196
	At 31 March 2019	-	150,000	150,000
	Net Book Amounts
	At 31 March 2019	11,126	81,757	92,883
	At 31 March 2018	11,126	101,198	112,324

5.	DEBTORS	2019	2018
		£	£
	Trade debtors	134,065	278,218
	UK Corporation tax	37,236	-
	Other debtors	36,648	476,452
		£207,949	£754,670

6.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2019	2018
		£	£
	Bank loans and overdrafts	-	94,003
	Finance leases and hire purchase contracts	6,909	11,346
	Trade creditors	167,061	602,982
	Corporation tax	-	7,875
	Other taxes and social security	58,223	-
	Other creditors	7,800	6,000
	Accruals and deferred income	3,750	52,134
		£243,743	£774,340

	The notes on pages 5-9 form part of these financial statements
	page 8

	RAP INTERIORS LTD
	NOTES TO THE ACCOUNTS (CONT.)
	FOR THE YEAR ENDED 31 MARCH 2019

7.	CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR
		2019	2018
		£	£
	Finance leases and hire purchase contracts	11,995	18,904
		£11,995	£18,904
	Analysis of borrowings:
	Due within five years:
	within 1 year
	leases	6,909	11,346
	within 2-5 years
	leases	11,995	18,904
		£18,904	£30,250

	The notes on pages 5-9 form part of these financial statements
	page 9