Abbreviated Company Accounts - REES TRADING UK LTD
Abbreviated Company Accounts - REES TRADING UK LTD
Registered Number 07783306
REES TRADING UK LTD
Abbreviated Accounts
31 August 2014
REES TRADING UK LTD Registered Number 07783306
Abbreviated Balance Sheet as at 31 August 2014
Notes | 2014 | 2013 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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Investments | 3 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 4 |
( |
( |
Net current assets (liabilities) |
( |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year | 4 |
( |
( |
Provisions for liabilities |
( |
( |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 5 |
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Profit and loss account |
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Shareholders' funds |
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For the year ending 31 August 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the Board on
And signed on their behalf by:
REES TRADING UK LTD Registered Number 07783306
Notes to the Abbreviated Accounts for the period ended 31 August 2014
1Accounting Policies
Basis of measurement and preparation of accounts
The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.
Turnover policy
Tangible assets depreciation policy
Freehold property – Not depreciated
Plant & Machinery-25% reducing balance
Motor Vehicles-25% reducing balance
Fixtures & fittings-25% reducing balance
Other accounting policies
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over the shorter of the lease term and their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Deferred Taxation
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the rates expected to be effective at the time the timing difference are expected to reverse.
Deferred tax assets and liabilities are not discounted.
£ | |
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Cost | |
At 1 September 2013 |
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Additions |
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Disposals |
( |
Revaluations |
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Transfers |
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At 31 August 2014 |
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Depreciation | |
At 1 September 2013 |
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Charge for the year |
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On disposals |
( |
At 31 August 2014 |
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Net book values | |
At 31 August 2014 | 1,096,954 |
At 31 August 2013 | 440,150 |
3Fixed assets Investments
Cost and NBV B/fwd & C/fwd £200
Subsidiary Undertakings
The following were subsidiary undertakings of the company:
Rees Machinery Group Limited ~ Ordinary ~ 100%
Rees Contract Maintenance Limited (Dormant) ~ Ordinary ~ 100%
The aggregate of the share capital and reserves as at 31 August 2014 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
Name~ Aggregate of share capital~ Profit
Rees Machinery Group Limited ~ £906,716 ~ £387,108
Rees Contract Maintenance Limited (Dormant) ~ £100 ~ £nil
2014
£ |
2013
£ |
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Secured Debts |
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Instalment debts due after 5 years |
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6Transactions with directors
Name of director receiving advance or credit: | ||
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Description of the transaction: | ||
Balance at 1 September 2013: | £ |
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Advances or credits made: | £ |
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Advances or credits repaid: | £ |
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Balance at 31 August 2014: | £ |