Ravensbeck Limited - Accounts to registrar (filleted) - small 18.2

RAVENSBECK LIMITED

Financial Statements

for the Year Ended 31 December 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Director:

David Hulbert

Registered office:

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Registered number:

02037240 (England and Wales)

Accountants:

Haines Watts (City) LLP

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Fixed assets

Tangible assets

4

-

-

Investments

5

210,000

-

210,000

-

Current assets

Debtors

6

445,877

697,422

Cash at bank

6,621

7,696

452,498

705,118

Creditors

Amounts falling due within one year

7

113,124

131,219

Net current assets

339,374

573,899

Total assets less current liabilities

549,374

573,899

Capital and reserves

Called up share capital

8

132,000

132,000

Capital redemption reserve

9

25,000

25,000

Other reserves

9

(361,943

)

(361,943

)

Retained earnings

9

754,317

778,842

Shareholders' funds

549,374

573,899

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 and authorised for issue on 29 May 2020 and were signed by:

David Hulbert - Director

1.	Statutory information

Ravensbeck 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

Compliance with accounting standards

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.

Set out below is a summary of the principal accounting policies, all of which have been applied consistently

(except as otherwise stated).

Compliance with accounting standards

These financial statements for the year ended 31 December 2017 represent the first financial statements of the

Company following the early adoption of Section 1A ''Small Entities'' of Financial Reporting Standard 102

''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' (''FRS 102'').

Significant judgements and estimates

In applying the Company's accounting policies, the directors are required to make judgements, estimates and

assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimated

and assumptions are based on the best and most reliable evidence available at the time when the decisions are

made, and are based on historical experience and other factors that are considered to be applicable. Due to the

inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and

outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised, if the revision affects only that period,

or in the period of the revision and future periods, if the revision affects both current and future periods.

Critical judgements in applying the Company's accounting policies

The critical judgement that the director has made in the process of applying the Company's accounting policies

that have the most significant effect on the amounts recognised in the statutory financial statements are

discussed below:

(i) Assessing indicators and impairment

In assessing whether there have been any indicators or impairment assets, the directors have considered both

external and internal sources of information such as market conditions, counterparty credit ratings and

experience or recoverability. There have been no indicators or impairments identified during the current

financial year.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Turnover represents amounts receivable for services provided in the year and is stated net of VAT.

Tangible fixed assets

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

Computer equipment

-

33% on cost

Financial instruments

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at

transaction price, unless the arrangement constitutes a financing transaction, where the transaction is

measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables and bank loans that are classified as debt, are

initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the

debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year

or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at

transaction price and subsequently measured at amortised cost using the effective interest method.

Leasing commitments

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

lease.

Going concern

The financial statements have been prepared on a going concern basis. The Directors have reviewed and

considered relevant information, including the annual budget and future cash flows in making their

assessment. In particular, in response to the COVID-19 pandemic, the Directors have tested their cash flow

analysis to take into account the impact on their business of possible scenarios brought on by the impact of

COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments,

given the measures that could be undertaken to mitigate the current adverse conditions, and the current

resources available, the Directors have concluded that they can continue to adopt the going concern basis in

preparing the annual report and accounts.

3.	Employees and directors

The average number of employees during the year was 1 (2018 - 1 ) .

4.	Tangible fixed assets

Computer

equipment

£

Cost

At 1 January 2019

and 31 December 2019

10,347

Depreciation

At 1 January 2019

and 31 December 2019

10,347

Net book value

At 31 December 2019

-

At 31 December 2018

-

5.	Fixed asset investments

Other

investments

£

Cost

Additions

210,000

At 31 December 2019

210,000

Net book value

At 31 December 2019

210,000

6.

Debtors: amounts falling due within one year

2019

2018

£

£

Trade debtors

72,716

215,155

Bad Debt Provision

(69,116

)

(69,116

)

Other Debtors

320,000

421,317

VAT

2,777

10,566

Called up share capital not paid

119,500

119,500

445,877

697,422

7.

Creditors: amounts falling due within one year

2019

2018

£

£

Trade creditors

13,124

48,354

Tax

-

57,348

Social security and other taxes

-

2,693

Directors' loan accounts

100,000

15,964

Accrued expenses

-

6,860

113,124

131,219

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

132,000

Ordinary shares

£1

132,000

132,000

9.

Reserves

Capital

Retained

redemption

Other

earnings

reserve

reserves

Totals

£

£

£

£

At 1 January 2019

778,842

25,000

(361,943

)

441,899

Deficit for the year

(24,525

)

(24,525

)

At 31 December 2019

754,317

25,000

(361,943

)

417,374

10.	Post balance sheet events

In the view of the Directors given the timing of the outbreak, COVID-19 is considered to be a non-adjusting

event as at 31 December 2019 and consequently no adjustment is made to these financial statements.