Root-5 Ltd Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: SC243571

ROOT-5 LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

28 February 2019

ROOT-5 LTD

FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2019

Contents	Page

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

ROOT-5 LTD

CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ROOT-5 LTD

YEAR ENDED 28 FEBRUARY 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Root-5 Ltd for the year ended 28 February 2019, which comprise the 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Root-5 Ltd, as a body, in accordance with the terms of our engagement letter dated 2 August 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Root-5 Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Root-5 Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Root-5 Ltd 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 profit of Root-5 Ltd. You consider that Root-5 Ltd 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 Root-5 Ltd. 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.

RITSONS Chartered Accountants

1a Cluny Square Buckie Moray AB56 1AH

5 September 2019

ROOT-5 LTD

STATEMENT OF FINANCIAL POSITION

28 February 2019

	2019	2018
Note	£	£

FIXED ASSETS

Tangible assets	5	496	661
Investments	6	131,081	131,081
		---------	---------
		131,577	131,742

CURRENT ASSETS

Debtors	7	71,793	76,932
Cash at bank and in hand		8,393	1,367
		--------	--------
		80,186	78,299

CREDITORS: amounts falling due within one year	8	177,974	190,954
		---------	---------
NET CURRENT LIABILITIES		97,788	112,655
		---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES		33,789	19,087

PROVISIONS

Taxation including deferred tax	112	112
	--------	--------
NET ASSETS	33,677	18,975
	--------	--------

CAPITAL AND RESERVES

Called up share capital	2	2
Profit and loss account	33,675	18,973
	--------	--------
SHAREHOLDERS FUNDS	33,677	18,975
	--------	--------

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 income statement has not been delivered.

For the year ending 28 February 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 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 .

ROOT-5 LTD

STATEMENT OF FINANCIAL POSITION (continued)

28 February 2019

These financial statements were approved by the board of directors and authorised for issue on 5 September 2019 , and are signed on behalf of the board by:

Mr D Austin	Mrs S Austin
Director	Director

Company registration number: SC243571

ROOT-5 LTD

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2019

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 11 Bon Accord Crescent, Aberdeen Business Centre, Aberdeen, AB11 6DE, Scotland.

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.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

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 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. 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 less depreciation and impairment.

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	-	25% straight line
Computer Equipment	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Financial instruments

The following assets and liabilities are classified as financial instruments - bank, trade debtors, trade creditors, bank loans, directors' loans to the company.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2018: 3 ).

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 March 2018 and 28 February 2019	1,129	10,254	11,383
	-------	--------	--------
Depreciation
At 1 March 2018	1,129	9,593	10,722
Charge for the year	–	165	165
	-------	--------	--------
At 28 February 2019	1,129	9,758	10,887
	-------	--------	--------
Carrying amount
At 28 February 2019	–	496	496
	-------	--------	--------
At 28 February 2018	–	661	661
	-------	--------	--------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 March 2018 and 28 February 2019	131,081
	---------
Impairment
At 1 March 2018 and 28 February 2019	–
	---------

Carrying amount
At 28 February 2019	131,081
	---------
At 28 February 2018	131,081
	---------

7. Debtors

	2019	2018
	£	£
Trade debtors	50,003	55,142
Amounts owed by group undertakings and undertakings in which the company has a participating interest	20,000	20,000
Other debtors	1,790	1,790
	--------	--------
	71,793	76,932
	--------	--------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	5,964	8,141
Amounts owed to group undertakings and undertakings in which the company has a participating interest	21,000	29,000
Corporation tax	3,487	4,829
Social security and other taxes	9,782	7,898
Net wages due	–	3,776
Other creditors	137,741	137,310
	---------	---------
	177,974	190,954
	---------	---------