Company Registration No. 08635031 (England and Wales)
Restart Business Turnaround and Insolvency Limited
Unaudited accounts
for the period from 1 March 2018 to 31 March 2019
Restart Business Turnaround and Insolvency Limited
Unaudited accounts
Contents
Restart Business Turnaround and Insolvency Limited
Company Information
for the period from 1 March 2018 to 31 March 2019
Company Number
08635031 (England and Wales)
Registered Office
18 Beresford Way
Bridge Business Centre
Chesterfield
Derbyshire
S41 9FG
UK
Accountants
Tax Accounting & Business Solutions Limited
41 North Croft
Atherton
Greater Manchester
M26 0SW
Restart Business Turnaround and Insolvency Limited
Statement of financial position
as at 31 March 2019
Cash at bank and in hand
66,897
24,890
Creditors: amounts falling due within one year
(63,343)
(279,108)
Net current assets/(liabilities)
8,062
(176,089)
Net assets/(liabilities)
8,062
(166,917)
Called up share capital
26
26
Profit and loss account
8,036
(166,943)
Shareholders' funds
8,062
(166,917)
For the period ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 21 November 2019.
K R Cottam
Director
Company Registration No. 08635031
Restart Business Turnaround and Insolvency Limited
Notes to the Accounts
for the period from 1 March 2018 to 31 March 2019
Restart Business Turnaround and Insolvency Limited is a private company, limited by shares, registered in England and Wales, registration number 08635031. The registered office is 18 Beresford Way, Bridge Business Centre, Chesterfield, Derbyshire, S41 9FG, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% reducing balance
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Restart Business Turnaround and Insolvency Limited
Notes to the Accounts
for the period from 1 March 2018 to 31 March 2019
4
Tangible fixed assets
Fixtures & fittings
Trade debtors
4,508
73,406
6
Creditors: amounts falling due within one year
2019
2018
Trade creditors
18,006
22,151
Taxes and social security
22,094
25,534
Other creditors
23,243
231,423
7
Transactions with related parties
Interest free loans repayable on demand have been made to the company by the directors. At the end of the year a balance of £22,522 (2018: £18,000) was still owing to them and is included in 'other creditors'.
A loan has been made to the company by Restart (Holdings) Limited, the parent company. It has been agreed that the interest will not be repaid in full and an amount of £NIL (2018: £51,940) was written back to the P&L account. A management charge of £NIL (2018: £145,000) was also charged to the parent company. At the end of the year £NIL (2018: £140,000) was owing to the parent company with a balance of £152,824 being written off.
FUPA Retirement Benefit Scheme, a pension scheme set up for the benefit of the directors, owns the premises which the company trades from. Rent of £15,000 is paid annually. At the end of the year the company owed the pension scheme £NIL (2018: £44,250). £44,250 was written back to the P&L.
Restart BTI LLP, a limited liability partnership under common control charged the company management fees of £129,000 (2018: £238,224). At the end of the year £NIL was owed to the LLP (2018: £306) with £5,278 being written off.
During the year a management buy-out was carried out for a consideration of £100,000.
Restart Business Turnaround and Insolvency Limited
Notes to the Accounts
for the period from 1 March 2018 to 31 March 2019
Since incorporation, 2nd August 2013, the company's parent and ultimate parent undertaking has
been Restart (Holdings) Limited, a company registered in England and Wales.
9
Average number of employees
During the period the average number of employees was 4 (2018: 4).
