Robson Scott Associates Limited - Period Ending 2019-07-31

Registration number: 05331812

Robson Scott Associates Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2019

Blu Sky Chartered Accountants
Ye Olde Hundred
69 Church Way
North Shields
NE29 0AE

Robson Scott Associates Limited

Contents

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

Robson Scott Associates Limited

Company Information

Directors

E Wall C Horner

Registered office

49 Duke Street Darlington County Durham DL3 7SD

Accountants

Blu Sky Chartered Accountants Ye Olde Hundred 69 Church Way North Shields NE29 0AE

Page 1

Robson Scott Associates Limited

(Registration number: 05331812)
Balance Sheet as at 31 July 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	3	22,318	13,585
Current assets
Debtors	4	325,453	335,246
Cash at bank and in hand		520,535	231,620
		845,988	566,866
Creditors: Amounts falling due within one year	5	(542,464)	(371,564)
Net current assets		303,524	195,302
Total assets less current liabilities		325,842	208,887
Creditors: Amounts falling due after more than one year	5	(156,705)	(217,365)
Provisions for liabilities		(4,195)	(2,536)
Net assets/(liabilities)		164,942	(11,014)
Capital and reserves
Called up share capital	7	500	500
Profit and loss account		164,442	(11,514)
Total equity		164,942	(11,014)

For the financial year ending 31 July 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 in accordance with the provisions applicable to companies subject o the small companies’ regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 7 October 2019 and signed on its behalf by:

.........................................

E Wall

Director

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

Robson Scott Associates Limited

Notes to the Financial Statements for the Year Ended 31 July 2019

1	General information

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

The company registered number is: 05331812

The address of its registered office is:
49 Duke Street
Darlington
County Durham
DL3 7SD

2	Accounting policies

Statement of compliance

These financial statements were prepared in accordance with the provisions of FRS 102 Section 1A - small entities applicable in the UK and Republic of Ireland. There were no material departures from that standard.

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.

Basis of preparation

These financial statements were 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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

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Robson Scott Associates Limited

Notes to the Financial Statements for the Year Ended 31 July 2019

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 improvements	10% straight line
Office equipment	20% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Research and development costs

Expenditure on research is written off against profits in the year in which it is incurred. Development expenditure is capitalised and amortised over its useful life.

Deferred taxation

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

Tax deferred or accelerated is accounted for in respect of all material timing differences.

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.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
 

Page 4

Robson Scott Associates Limited

Notes to the Financial Statements for the Year Ended 31 July 2019

3	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 August 2018	32,143	86,896	119,039
Additions	6,426	8,518	14,944
At 31 July 2019	38,569	95,414	133,983
Depreciation
At 1 August 2018	29,529	75,925	105,454
Charge for the year	1,155	5,056	6,211
At 31 July 2019	30,684	80,981	111,665
Carrying amount
At 31 July 2019	7,885	14,433	22,318
At 31 July 2018	2,614	10,971	13,585

4

Debtors

	2019 £	2018 £
Trade debtors	60,777	47,477
Prepayments	18,336	950
Other debtors	246,340	286,819
	325,453	335,246

5

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Due within one year
Bank loans and overdrafts	6	60,660	60,660
Trade creditors		30,442	16,738
Taxation and social security		48,072	26,230
Accruals and deferred income		18,049	5,671
Other creditors		385,241	262,265
		542,464	371,564

Page 5

Robson Scott Associates Limited

Notes to the Financial Statements for the Year Ended 31 July 2019

Creditors: amounts falling due after more than one year

	Note	2019 £	2018 £
Due after one year
Loans and borrowings	6	156,705	217,365

6	Loans and borrowings

	2019 £	2018 £
Non-current loans and borrowings
Other borrowings	156,705	217,365

	2019 £	2018 £
Current loans and borrowings
Other borrowings	60,660	60,660

Page 6

Robson Scott Associates Limited

Notes to the Financial Statements for the Year Ended 31 July 2019

7	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary A shares of £1 each	500	500	500	500

 

8	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2018 - 12).

Page 7