Paul Roach Classics Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07677804 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

FOR

PAUL ROACH CLASSICS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D C Stone

REGISTERED OFFICE:

61 Station Road

Sudbury

Suffolk

CO10 2SP

REGISTERED NUMBER:

07677804 (England and Wales)

ACCOUNTANTS:

Seago and Stopps

Chartered Certified Accountants

61 Station Road

Sudbury

Suffolk

CO10 2SP

FIXED ASSETS

1,549

Tangible assets

4

1,503

CURRENT ASSETS

5,778

Stocks

5

9,849

16,340

Debtors

6

20,145

674

Cash in hand

59

22,792

30,053

CREDITORS

57,944

Amounts falling due within one year

7

64,556

(35,152

)

NET CURRENT LIABILITIES

(34,503

)

(33,603

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(33,000

)

CAPITAL AND RESERVES

100

Called up share capital

100

(33,703

)

Retained earnings

(33,100

)

(33,603

)

SHAREHOLDERS' FUNDS

(33,000

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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 financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 16 March 2020 and were signed by:

D C Stone - Director

1.	STATUTORY INFORMATION

Paul Roach Classics Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the value of work completed during the year, by reference to invoiced sales and

the movement between opening and closing work in progress and trade debtor balances.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Financial instruments

The company enters into basic financial instrument transactions, as appropriate and as and when

required, that result in the recognition of financial assets and liabilities within the financial statements

such as trade and other accounts receivable and payable, bank loans and hire purchase and lease

contracts.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

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 future taxable

profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period

of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

Whilst the company has made a further loss in the year, and continues to trade despite a technically

insolvent balance sheet, it continues to be able to meet it's liabilities as they fall due. The Director and

shareholder has sufficient resources available to maintain funding for the company, should it need

additional working capital. On this basis, the financial statements have been prepared on the going

concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Totals

machinery

fittings

vehicles

£

£

£

£

COST

At 1 July 2018

15,535

5,632

7,903

2,000

Additions

634

634

-

-

At 30 June 2019

16,169

6,266

7,903

2,000

DEPRECIATION

At 1 July 2018

13,986

4,625

7,361

2,000

Charge for year

680

499

181

-

At 30 June 2019

14,666

5,124

7,542

2,000

NET BOOK VALUE

At 30 June 2019

1,503

1,142

361

-

At 30 June 2018

1,549

1,007

542

-

5.

STOCKS

30.6.19

30.6.18

£

£

Stocks

9,849

5,778

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Trade debtors

6,390

3,764

Prepayments

13,755

12,576

20,145

16,340

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Bank loans and overdrafts

10,107

4,766

Trade creditors

27,109

24,092

Social security and other taxes

1,534

1,361

VAT

3,137

4,867

Other creditors

131

116

Directors' current accounts

18,900

18,900

Accrued expenses

3,638

3,842

64,556

57,944

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.6.19

30.6.18

£

£

Within one year

1,646

-

Between one and five years

2,881

-

4,527

-

9.	GOING CONCERN

These financial statements have been prepared on the going concern basis, the validity of which is

dependent upon the continued support of the director and shareholder. The director has expressed his

willingness to continue to support the company for the immediate future, and has the financial

capacity to be able to do so.

No adjustments have therefore been made to these financial statements to reflect the possibility of the

company not continuing as a going concern.