Russen & Turner Limited Filleted accounts for Companies House (small and micro)

RUSSEN & TURNER LIMITED - Company Information

16 false false false false false false false false false true false false false false false false No description of principal activity 2019-07-01 Sage Accounts Production Advanced 2020 - FRS102_2019 115,100 86,325 5,755 92,080 23,020 28,775 7,952 7,952 7,952 xbrli:pure xbrli:shares iso4217:GBP 04899005 2019-07-01 2020-06-30 04899005 2020-06-30 04899005 2019-06-30 04899005 2018-07-01 2019-06-30 04899005 2019-06-30 04899005 core:LandBuildings core:LongLeaseholdAssets 2019-07-01 2020-06-30 04899005 core:PlantMachinery 2019-07-01 2020-06-30 04899005 core:FurnitureFittings 2019-07-01 2020-06-30 04899005 core:NetGoodwill 2019-07-01 2020-06-30 04899005 bus:RegisteredOffice 2019-07-01 2020-06-30 04899005 bus:LeadAgentIfApplicable 2019-07-01 2020-06-30 04899005 bus:Director1 2019-07-01 2020-06-30 04899005 bus:Director2 2019-07-01 2020-06-30 04899005 bus:Director3 2019-07-01 2020-06-30 04899005 core:NetGoodwill 2019-06-30 04899005 core:NetGoodwill 2020-06-30 04899005 core:LandBuildings core:LongLeaseholdAssets 2019-06-30 04899005 core:PlantMachinery 2019-06-30 04899005 core:FurnitureFittings 2019-06-30 04899005 core:LandBuildings core:LongLeaseholdAssets 2020-06-30 04899005 core:PlantMachinery 2020-06-30 04899005 core:FurnitureFittings 2020-06-30 04899005 core:WithinOneYear 2020-06-30 04899005 core:WithinOneYear 2019-06-30 04899005 core:AfterOneYear 2020-06-30 04899005 core:ShareCapital 2020-06-30 04899005 core:ShareCapital 2019-06-30 04899005 core:RetainedEarningsAccumulatedLosses 2020-06-30 04899005 core:RetainedEarningsAccumulatedLosses 2019-06-30 04899005 core:NetGoodwill 2019-06-30 04899005 core:CostValuation core:Non-currentFinancialInstruments 2020-06-30 04899005 core:Non-currentFinancialInstruments 2020-06-30 04899005 core:Non-currentFinancialInstruments 2019-06-30 04899005 core:LandBuildings core:LongLeaseholdAssets 2019-06-30 04899005 core:PlantMachinery 2019-06-30 04899005 core:FurnitureFittings 2019-06-30 04899005 bus:SmallEntities 2019-07-01 2020-06-30 04899005 bus:AuditExemptWithAccountantsReport 2019-07-01 2020-06-30 04899005 bus:FullAccounts 2019-07-01 2020-06-30 04899005 bus:SmallCompaniesRegimeForAccounts 2019-07-01 2020-06-30 04899005 bus:PrivateLimitedCompanyLtd 2019-07-01 2020-06-30 04899005 core:OfficeEquipment 2019-07-01 2020-06-30 04899005 core:OfficeEquipment 2019-06-30 04899005 core:OfficeEquipment 2020-06-30

COMPANY REGISTRATION NUMBER: 04899005

Russen & Turner Limited

Filleted Unaudited Financial Statements

30 June 2020

Russen & Turner Limited

Financial Statements

Year ended 30 June 2020

Contents	Page

Officers and professional advisers	1

Balance sheet	2

Notes to the financial statements	4

Russen & Turner Limited

Officers and Professional Advisers

The board of directors	Mr E C Weightman
	Mr M A Lock
	Mr G M Stovold

Registered office	22-26 King Street
	King's Lynn
	Norfolk
	PE30 1HJ

Accountants	Stephenson Smart (East Anglia) Limited
	Chartered Accountants
	22-26 King Street
	King's Lynn
	Norfolk
	PE30 1HJ

Russen & Turner Limited

Balance Sheet

30 June 2020

	2020		2019
Note	£	£	£

Fixed assets

Intangible assets	5	23,020	28,775
Tangible assets	6	92,875	73,950
Investments	7	7,952	7,952
		---------	---------
		123,847	110,677

Current assets

Debtors	8	93,427	113,122
Cash at bank and in hand		128,362	27,523
		---------	---------
		221,789	140,645

Creditors: amounts falling due within one year	9	178,354		137,840
		---------		---------
Net current assets			43,435	2,805
			---------	---------
Total assets less current liabilities			167,282	113,482

Creditors: amounts falling due after more than one year	10		48,333	–

Provisions	17,646	12,400
	---------	---------
Net assets	101,303	101,082
	---------	---------

Capital and reserves

Called up share capital	156	156
Profit and loss account	101,147	100,926
	---------	---------
Shareholders funds	101,303	101,082
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Russen & Turner Limited

Balance Sheet (continued)

30 June 2020

These financial statements were approved by the board of directors and authorised for issue on 19 November 2020 , and are signed on behalf of the board by:

Mr E C Weightman

Director

Company registration number: 04899005

Russen & Turner Limited

Notes to the Financial Statements

Year ended 30 June 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 22-26 King Street, King's Lynn, Norfolk, PE30 1HJ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

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

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

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. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20 Years straight line

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 estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Improvements to property	-	10% straight line
Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	15% reducing balance
Office equipment	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 16 (2019: 17 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 July 2019 and 30 June 2020	115,100
	---------
Amortisation
At 1 July 2019	86,325
Charge for the year	5,755
	---------
At 30 June 2020	92,080
	---------
Carrying amount
At 30 June 2020	23,020
	---------
At 30 June 2019	28,775
	---------

6. Tangible assets

	Improvements to property	Plant and machinery	Fixtures and fittings	Office equipment	Total
	£	£	£	£	£
Cost
At 1 July 2019	64,922	34,450	5,896	38,097	143,365
Additions	3,329	229	–	28,958	32,516
Disposals	–	–	–	( 12,772)	( 12,772)
	--------	--------	-------	--------	---------
At 30 June 2020	68,251	34,679	5,896	54,283	163,109
	--------	--------	-------	--------	---------
Depreciation
At 1 July 2019	11,492	32,890	634	24,399	69,415
Charge for the year	6,827	405	791	2,923	10,946
Disposals	–	–	–	( 10,127)	( 10,127)
	--------	--------	-------	--------	---------
At 30 June 2020	18,319	33,295	1,425	17,195	70,234
	--------	--------	-------	--------	---------
Carrying amount
At 30 June 2020	49,932	1,384	4,471	37,088	92,875
	--------	--------	-------	--------	---------
At 30 June 2019	53,430	1,560	5,262	13,698	73,950
	--------	--------	-------	--------	---------

7. Investments

	Other investments other than loans
	£
Cost
At 1 July 2019 and 30 June 2020	7,952
	-------
Impairment
At 1 July 2019 and 30 June 2020	–
	-------

Carrying amount
At 30 June 2020	7,952
	-------
At 30 June 2019	7,952
	-------

The company holds investments in the name of a director as a nominee of the company.

8. Debtors

	2020	2019
	£	£
Trade debtors	68,065	92,557
Other debtors	25,362	20,565
	--------	---------
	93,427	113,122
	--------	---------

9. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	1,667	–
Trade creditors	16,552	20,534
Corporation tax	33,852	27,058
Social security and other taxes	57,711	34,056
Other creditors	68,572	56,192
	---------	---------
	178,354	137,840
	---------	---------

10. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	48,333	–
	--------	----

11. Related party transactions

No transactions were undertaken with the directors or related parties such as are required to be disclosed under the Financial Reporting Standard 102, Section 1A (effective January 2019).