P J Rugg Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02656156 (England and Wales)

Unaudited Financial Statements

For The Year Ended 31 January 2020

for

P J Rugg Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs V M A Rugg

A B W Rugg

SECRETARY:

A B W Rugg

REGISTERED OFFICE:

Abbey Lodge

33 Tunnel Hill

Worcester

Worcestershire

WR4 9RP

REGISTERED NUMBER:

02656156 (England and Wales)

ACCOUNTANTS:

Kingscott Dix Limited

Chartered Accountants

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

FIXED ASSETS

Intangible assets

4

31,732

32,981

Tangible assets

5

-

-

31,732

32,981

CURRENT ASSETS

Cash at bank

367

383

CREDITORS

Amounts falling due within one year

6

1,971

2,074

NET CURRENT LIABILITIES

(1,604

)

(1,691

)

TOTAL ASSETS LESS CURRENT LIABILITIES

30,128

31,290

CREDITORS

Amounts falling due after more than one year

7

(22,000

)

(22,000

)

PROVISIONS FOR LIABILITIES

(4,904

)

(5,125

)

NET ASSETS

3,224

4,165

CAPITAL AND RESERVES

Called up share capital

8

100

100

Revaluation reserve

9

26,828

27,856

Retained earnings

(23,704

)

(23,791

)

SHAREHOLDERS' FUNDS

3,224

4,165

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 23 July 2020 and were signed on its behalf by:

A B W Rugg - Director

1.	STATUTORY INFORMATION

P J Rugg 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 as modified by the revaluation of certain assets.

The directors have indicated that they will not require repayment of the balance on their directors loan accounts due to them until such time as the company has sufficient funds to do so. They also intend to make available sufficient funds to enable the company to meet any liabilities as they fall due.

Accordingly, the directors consider that it is appropriate to prepare the financial statements on a going concern basis.

If the going concern basis of accounting is not appropriate and the company is unable to continue trading, then adjustments would have to be made to the balance sheet to reduce the value of the assets to their recoverable amounts, to provide for further liabilities which may arise, and to reclassify fixed assets and long term liabilities as current assets and short term liabilities.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Intangible assets

Intangible assets, being websites that the company owns, are measured at valuation. These valuations are updated on a periodic basis, and accordingly the directors consider it not to be appropriate to amortise these assets.

Tangible fixed assets

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

Fixtures and fittings - 20% straight line

Computer equipment - 33.33% straight line

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Classification of financial liabilities

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST OR VALUATION

At 1 February 2019

32,981

Revaluations

(1,249

)

At 31 January 2020

31,732

NET BOOK VALUE

At 31 January 2020

31,732

At 31 January 2019

32,981

Cost or valuation at 31 January 2020 is represented by:

Other

intangible

assets

£

Valuation in 2020

31,732

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 February 2019

and 31 January 2020

629

2,324

2,953

DEPRECIATION

At 1 February 2019

and 31 January 2020

629

2,324

2,953

NET BOOK VALUE

At 31 January 2020

-

-

-

At 31 January 2019

-

-

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.20

31.1.19

£

£

Social security and other taxation

4

4

Directors' current accounts

587

768

Accruals and deferred income

1,380

1,302

1,971

2,074

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.20

31.1.19

£

£

Directors loan account

22,000

22,000

8.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.1.20

31.1.19

value:

£

£

100

Ordinary share capital

£1

100

100

9.

RESERVES

Revaluation

reserve

£

At 1 February 2019

27,856

Revaluation in year

(1,028

)

At 31 January 2020

26,828