Rayleigh Hi-Fi Sound & Vision Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03744542 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2020

for

Rayleigh Hi-Fi Sound & Vision Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R G Brown

L Brown

R Goddard

SECRETARY:

R G Brown

REGISTERED OFFICE:

132-134 London Road

Southend-On-Sea

Essex

SS1 1PQ

REGISTERED NUMBER:

03744542 (England and Wales)

ACCOUNTANTS:

Sygma Chartered Accountants

1 Sopwith Crescent

Wickford

Essex

SS11 8YU

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

406,045

416,425

406,045

416,425

CURRENT ASSETS

Stocks

523,358

504,685

Debtors

6

44,753

59,884

Cash at bank and in hand

77,377

31,825

645,488

596,394

CREDITORS

Amounts falling due within one year

7

569,033

540,087

NET CURRENT ASSETS

76,455

56,307

TOTAL ASSETS LESS CURRENT LIABILITIES

482,500

472,732

CREDITORS

Amounts falling due after more than one year

8

(66,101

)

(103,727

)

PROVISIONS FOR LIABILITIES

(24,428

)

(26,025

)

NET ASSETS

391,971

342,980

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

391,871

342,880

SHAREHOLDERS' FUNDS

391,971

342,980

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 24 December 2020 and were signed on its behalf by:

L Brown - Director

1.	STATUTORY INFORMATION

Rayleigh Hi-Fi Sound & Vision 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 is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment

losses.

Tangible fixed assets

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

Land and buildings

-

in accordance with the property

Plant and machinery etc

-

25% on reducing balance

Stocks

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

for obsolete and slow moving items.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2019 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

and 31 March 2020

73,600

AMORTISATION

At 1 April 2019

and 31 March 2020

73,600

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2019

and 31 March 2020

366,739

220,599

587,338

DEPRECIATION

At 1 April 2019

-

170,913

170,913

Charge for year

-

10,380

10,380

At 31 March 2020

-

181,293

181,293

NET BOOK VALUE

At 31 March 2020

366,739

39,306

406,045

At 31 March 2019

366,739

49,686

416,425

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

2,005

27,536

Other debtors

42,748

32,348

44,753

59,884

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans and overdrafts

49,081

38,171

Hire purchase contracts

6,975

11,576

Trade creditors

316,017

249,512

Taxation and social security

68,985

74,678

Other creditors

127,975

166,150

569,033

540,087

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans

62,032

92,683

Hire purchase contracts

4,069

11,044

66,101

103,727