R J Clayton Limited - Filleted accounts

R J CLAYTON LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 APRIL 2019

Company Registration Number: 07189821

R J CLAYTON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 8

R J CLAYTON LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2019
DIRECTOR
R J Clayton
SECRETARY
K Clayton
REGISTERED OFFICE
16 Broad Field Road
Yarnton
Oxford
OX5 1UL
COMPANY REGISTRATION NUMBER
07189821 England and Wales

R J CLAYTON LIMITED
BALANCE SHEET
AS AT 30 April 2019
			Notes		2019				2018
					£				£
FIXED ASSETS
Intangible assets			6				333,344				325,796
Tangible assets			7				-				204
							333,344				326,000
CURRENT ASSETS
Debtors			8		153,750				171,813
Cash at bank and in hand					4,690				3,547
					158,440				175,360
CREDITORS: Amounts falling due within one year			9		177,741				162,487
NET CURRENT (LIABILITIES) / ASSETS							(19,301)				12,873
TOTAL ASSETS LESS CURRENT LIABILITIES							314,043				338,873
CREDITORS: Amounts falling due after more than one year			10				76,676				80,004
Provisions for liabilities and charges							-				78
NET ASSETS							237,367				258,791
CAPITAL AND RESERVES
Called up share capital							100				100
Distributable profit and loss account							237,267				258,691
SHAREHOLDERS' FUNDS							237,367				258,791
These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Signed on behalf of the board
R J Clayton
Director
Date approved by the board: 31 January 2020

R J CLAYTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
1	GENERAL INFORMATION
	R J Clayton Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
	16 Broad Field Road
	Yarnton
	Oxford
	OX5 1UL
	The financial statements are presented in Sterling, which is the functional currency of the company.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Revenue recognition

	Turnover represents the value of the company's share of the trading profits of an accountancy practice. Turnover is stated net of trade discounts.
	The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

	Intangible fixed assets

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

	Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is estimated to be (10) years.
	If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Tangible fixed assets

	Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
	Computer equipment					Straight line basis at 20% per annum
	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
	Financial Instruments
	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
	Financial assets are measured at cost and amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

	The impairment for financial assets measured at amortised cost, is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
	The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Debtors

	Short term debtors are measured at transaction price, less any impairment.

	Creditors
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other taxable profits.
	Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

	Current and deferred tax assets and liabilities are not discounted.
3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements.

4	EMPLOYEES
	The average number of persons employed by the company (including directors) during the year was:
									2019		2018
	Average number of employees								2		2
5	DIRECTOR'S REMUNERATION
									2019		2018
									£		£
	Remuneration paid to the director during the year was:								-		-
6	INTANGIBLE FIXED ASSETS
											Net goodwill
											£
	Cost
	At 1 May 2018										591,639
	Additions										61,600
	At 30 April 2019										653,239
	Accumulated amortisation and impairments
	At 1 May 2018										265,843
	Charge for year										54,052
	At 30 April 2019										319,895
	Net book value
	At 1 May 2018										325,796
	At 30 April 2019										333,344
7	TANGIBLE ASSETS
											Computer equipment
											£
	Cost
	At 1 May 2018										1,020
	At 30 April 2019										1,020
	Accumulated depreciation and impairments
	At 1 May 2018										816
	Charge for year										204
	At 30 April 2019										1,020
	Net book value
	At 1 May 2018										204
	At 30 April 2019										-
8	DEBTORS
									2019		2018
									£		£
	Other debtors								153,750		171,813
9	CREDITORS: Amounts falling due within one year
									2019		2018
									£		£
	Bank loans and overdrafts								10,753		6,624
	Taxation and social security								16,351		31,469
	Accruals and deferred income								120		-
	Other creditors								150,517		124,394
									177,741		162,487
10	CREDITORS: Amounts falling due after more than one year
									2019		2018
									£		£
	Bank loans and overdrafts								28,270		17,905
	Other creditors								48,406		62,099
									76,676		80,004