Royce Communications Limited Filleted accounts for Companies House (small and micro)

ROYCE COMMUNICATIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02236752

Royce Communications Limited

Filleted Financial Statements

31 March 2020

Royce Communications Limited

Statement of Financial Position

31 March 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	41,529	40,124
Investments	6	101	101
		--------	--------
		41,630	40,225

Current assets

Stocks		149,769	361,206
Debtors	7	942,268	973,775
Cash at bank and in hand		66,722	551,457
		------------	------------
		1,158,759	1,886,438

Creditors: amounts falling due within one year	8	622,274	978,378
		------------	------------
Net current assets		536,485	908,060
		---------	---------
Total assets less current liabilities		578,115	948,285
		---------	---------
Net assets		578,115	948,285
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	578,015	948,185
	---------	---------
Shareholders funds	578,115	948,285
	---------	---------

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 income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 27 May 2020 , and are signed on behalf of the board by:

Mr B D Mitchell

Director

Company registration number: 02236752

Royce Communications Limited

Notes to the Financial Statements

Year ended 31 March 2020

1. General information

The company is a private company limited by shares, registered in England and Wales.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

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.

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.

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.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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 18 (2019: 21 ).

5. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 April 2019	3,700	132,948	136,648
Additions	5,000	510	5,510
Disposals	( 3,700)	–	( 3,700)
	-------	---------	---------
At 31 March 2020	5,000	133,458	138,458
	-------	---------	---------
Depreciation
At 1 April 2019	3,654	92,870	96,524
Charge for the year	–	4,059	4,059
Disposals	( 3,654)	–	( 3,654)
	-------	---------	---------
At 31 March 2020	–	96,929	96,929
	-------	---------	---------
Carrying amount
At 31 March 2020	5,000	36,529	41,529
	-------	---------	---------
At 31 March 2019	46	40,078	40,124
	-------	---------	---------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2019 and 31 March 2020	101
	----
Impairment
At 1 April 2019 and 31 March 2020	–
	----

Carrying amount
At 31 March 2020	101
	----
At 31 March 2019	101
	----

7. Debtors

	2020	2019
	£	£
Trade debtors	878,997	964,632
Other debtors	63,271	9,143
	---------	---------
	942,268	973,775
	---------	---------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	539,895	821,963
Amounts owed to group undertakings and undertakings in which the company has a participating interest	10,461	10,461
Corporation tax	–	52,268
Social security and other taxes	55,313	80,705
Other creditors	16,605	12,981
	---------	---------
	622,274	978,378
	---------	---------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Later than 1 year and not later than 5 years	15,000	7,000
	--------	-------

10. Summary audit opinion

The auditor's report for the year dated 27 May 2020 was unqualified.

The senior statutory auditor was Stephen Seifert , for and on behalf of Elliot, Woolfe & Rose .