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

RAVENSBECK LIMITED

Financial Statements

for the Year Ended 31 December 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Director:

David Ronald 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

210,000

210,000

Current assets

Debtors

6

440,499

445,877

Cash at bank

30,911

6,621

471,410

452,498

Creditors

Amounts falling due within one year

7

70,479

113,124

Net current assets

400,931

339,374

Total assets less current liabilities

610,931

549,374

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

815,874

754,317

Shareholders' funds

610,931

549,374

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 9 March 2021 and were signed by:

David Ronald 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 (2019 - 1 ) .

4.	Tangible fixed assets

Computer

equipment

£

Cost

At 1 January 2020

10,347

Additions

899

At 31 December 2020

11,246

Depreciation

At 1 January 2020

10,347

Charge for year

899

At 31 December 2020

11,246

Net book value

At 31 December 2020

-

At 31 December 2019

-

5.	Fixed asset investments

Other

investments

£

Cost

At 1 January 2020

and 31 December 2020

210,000

Net book value

At 31 December 2020

210,000

At 31 December 2019

210,000

6.

Debtors: amounts falling due within one year

2020

2019

£

£

Trade debtors

-

72,716

Bad Debt Provision

-

(69,116

)

Other Debtors

320,000

320,000

VAT

999

2,777

Called up share capital not paid

119,500

119,500

440,499

445,877

7.

Creditors: amounts falling due within one year

2020

2019

£

£

Trade creditors

6,330

13,124

Tax

14,149

-

Directors' loan accounts

50,000

100,000

70,479

113,124

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

132,000

Ordinary shares

£1

132,000

132,000

9.

Reserves

Capital

Retained

redemption

Other

earnings

reserve

reserves

Totals

£

£

£

£

At 1 January 2020

754,317

25,000

(361,943

)

417,374

Profit for the year

61,557

61,557

At 31 December 2020

815,874

25,000

(361,943

)

478,931

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.