Reisser Limited - Limited company accounts 20.1
Reisser Limited - Limited company accounts 20.1
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 March 2020 |
for |
Reisser Limited |
Reisser Limited (Registered number: 01596414) |
Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Statement of Income and Retained Earnings | 6 |
Balance Sheet | 7 |
Cash Flow Statement | 8 |
Notes to the Cash Flow Statement | 9 |
Notes to the Financial Statements | 10 |
Reisser Limited |
Company Information |
for the Year Ended 31 March 2020 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
Reedham House |
31 King Street West |
Manchester |
M3 2PJ |
Reisser Limited (Registered number: 01596414) |
Strategic Report |
for the Year Ended 31 March 2020 |
The directors present their strategic report for the year ended 31 March 2020. |
The activity of the company continued to be that of the wholesale distribution of screws, fasteners and drill |
accessories. |
The results for the year and financial position of the company are shown in the annexed financial statements. |
REVIEW OF BUSINESS |
The Key performance indicators (KPI's) are measured by turnover and margin which are shown in the annexed financial statements. |
2019/20 was an extremely challenging period, caused by the continued uncertainty surrounding the resilience of the UK economy and the impact of Britain exiting the European Union which has affected business confidence and growth prospects. |
The business was also affected by the temporary closure of its Whaley Bridge Logistics operation caused by the Todd Brook Reservoir Dam evacuation in August 2019. |
The Directors would like to place on record our sincere thanks to the emergency services who worked tirelessly to avert a major catastrophe. |
It should also be noted that the professionalism and commitment of the Pak-Pro team (our Logistics company) many affected personally by the local situation, was nothing short of 'heroic' and resulted in the business returning to normal, however, during the shutdown period we lost a significant amount of turnover, this ultimately resulted in a loss by the year-end. |
Future growth and developments |
Following the UK Covid-19 lockdown in April 2020, the company was later classified as an essential business and was permitted to continue trading with the introduction of safe working measures. Sales were initially negatively impacted but quickly returned to even higher levels and the company is forecast to continue its sales growth. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Foreign Exchange Risk |
The Company makes purchases in foreign currencies. The Company is therefore exposed to the movement of these currencies against sterling on its foreign currency-denominated purchases. |
Also, ongoing concerns regarding a reduction in production capacity in the Far East has increased lead-times. |
Our core business remains the supply of fixings and fasteners to the retail and merchant trade and we will continue to invest to provide our distributors with innovative quality products and services. |
We are very aware that the continuing development of the business depends upon the support of our distributors and suppliers to whom we are very grateful. |
The business also depends upon the commitment of our staff and I would like to thank all my colleagues for all their enthusiasm, loyalty, and support. |
ON BEHALF OF THE BOARD: |
25 March 2021 |
Reisser Limited (Registered number: 01596414) |
Report of the Directors |
for the Year Ended 31 March 2020 |
The directors present their report with the financial statements of the company for the year ended 31 March 2020. |
DIVIDENDS |
An interim dividend of £ |
The total distribution of dividends for the year ended 31 March 2020 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2019 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Freedman Frankl & Taylor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Reisser Limited |
Opinion |
We have audited the financial statements of Reisser Limited (the 'company') for the year ended 31 March 2020 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2020 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Reisser Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
Chartered Accountants |
Reedham House |
31 King Street West |
Manchester |
M3 2PJ |
Reisser Limited (Registered number: 01596414) |
Statement of Income and Retained Earnings |
for the Year Ended 31 March 2020 |
2020 | 2019 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
2,455,800 | 2,469,702 |
OPERATING (LOSS)/PROFIT | 5 | ( |
) |
Interest payable and similar expenses | 6 |
(LOSS)/PROFIT BEFORE TAXATION | ( |
) |
Tax on (loss)/profit | 7 | ( |
) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
Retained earnings at beginning of year |
Dividends | 8 | ( |
) | ( |
) |
RETAINED EARNINGS AT END OF YEAR |
Reisser Limited (Registered number: 01596414) |
Balance Sheet |
31 March 2020 |
2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Share premium | 20 |
Capital redemption reserve | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Reisser Limited (Registered number: 01596414) |
Cash Flow Statement |
for the Year Ended 31 March 2020 |
2020 | 2019 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Capital repayments in year | ( |
) | ( |
) |
Amount withdrawn by directors | (125,396 | ) | (558,643 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | (1,022,607 | ) | (450,667 | ) |
Cash and cash equivalents at beginning of year |
2 |
(3,272,986 |
) |
(2,822,320 |
) |
Cash and cash equivalents at end of year | 2 | ( |
) | ( |
) |
Reisser Limited (Registered number: 01596414) |
Notes to the Cash Flow Statement |
for the Year Ended 31 March 2020 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2020 | 2019 |
£ | £ |
(Loss)/profit before taxation | ( |
) |
Depreciation charges |
Finance costs | 245,796 | 233,938 |
(27,897 | ) | 1,157,219 |
Increase in stocks | ( |
) | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2020 |
31.3.20 | 1.4.19 |
£ | £ |
Cash and cash equivalents | 196,188 | 716,269 |
Bank overdrafts | ( |
) | ( |
) |
(4,299,355 | ) | (3,272,986 | ) |
Year ended 31 March 2019 |
31.3.19 | 1.4.18 |
£ | £ |
Cash and cash equivalents | 716,269 | 337,076 |
Bank overdrafts | ( |
) | ( |
) |
(3,272,986 | ) | (2,822,320 | ) |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.19 | Cash flow | At 31.3.20 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 716,269 | (520,081 | ) | 196,188 |
Bank overdrafts | (3,989,255 | ) | (506,288 | ) | (4,495,543 | ) |
(3,272,986 | ) | (1,026,369 | ) | (4,299,355 | ) |
Debt |
Finance leases | (23,095 | ) | 14,587 | (8,508 | ) |
(23,095 | ) | 14,587 | (8,508 | ) |
Total | (3,296,081 | ) | (1,011,782 | ) | (4,307,863 | ) |
Reisser Limited (Registered number: 01596414) |
Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
1. | STATUTORY INFORMATION |
Reisser Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 directors' judgements, estimates 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. Revision 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. |
Significant accounting judgements |
The significant accounting judgements that the directors have 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 in respect of fixed assets as discussed below. |
Key sources of estimation uncertainty |
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below. |
Assessing indicators of impairment |
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year. |
Fixed assets |
Fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
Reisser Limited (Registered number: 01596414) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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. |
Interest income |
Interest income is recognised in the statement of comprehensive income using the effective interest method. |
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 |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 Statement of Comprehensive Income, 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. |
Reisser Limited (Registered number: 01596414) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts or finance leases are depreciated over their estimated useful lives. |
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of future payments is treated as a liability. |
Operating leases are charged to the profit and loss account as they are incurred. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions for the year are charged to the profit and loss account in which they are payable. |
Going concern |
The company's financial statements for the period ended 31 March 2020 have been prepared on a going concern basis as, after making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. |
3. | TURNOVER |
The turnover and loss (2019 - profit) before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2020 | 2019 |
£ | £ |
4. | EMPLOYEES AND DIRECTORS |
2020 | 2019 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2020 | 2019 |
Sales & administrative staff |
2020 | 2019 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
Reisser Limited (Registered number: 01596414) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
4. | EMPLOYEES AND DIRECTORS - continued |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2020 | 2019 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING (LOSS)/PROFIT |
The operating loss (2019 - operating profit) is stated after charging: |
2020 | 2019 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Trademark amortisation |
Auditors' remuneration |
Operating leases: equipment hire |
Operating leases: land & buildings |
Foreign exchange (gains) / losses |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2020 | 2019 |
£ | £ |
Bank overdraft interest |
Other interest payable |
Other charges |
Hire purchase |
7. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss for the year was as follows: |
2020 | 2019 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Prior year underprovision | - | 4,142 |
Total current tax | ( |
) |
Deferred tax | ( |
) |
Tax on (loss)/profit | ( |
) |
Reisser Limited (Registered number: 01596414) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
7. | TAXATION - continued |
Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2020 | 2019 |
£ | £ |
(Loss)/profit before tax | ( |
) |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Adjustments to tax charge in respect of previous periods |
Total tax (credit)/charge | (26,426 | ) | 192,224 |
8. | DIVIDENDS |
2020 | 2019 |
£ | £ |
Class "A" Ordinary shares of £1 each |
Interim |
9. | INTANGIBLE FIXED ASSETS |
Trademark |
£ |
COST |
At 1 April 2019 |
and 31 March 2020 |
AMORTISATION |
At 1 April 2019 |
Amortisation for year |
At 31 March 2020 |
NET BOOK VALUE |
At 31 March 2020 |
At 31 March 2019 |
Reisser Limited (Registered number: 01596414) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
10. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2019 |
Additions |
Disposals | ( |
) |
At 31 March 2020 |
DEPRECIATION |
At 1 April 2019 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2020 |
NET BOOK VALUE |
At 31 March 2020 |
At 31 March 2019 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2019 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2020 |
DEPRECIATION |
At 1 April 2019 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2020 |
NET BOOK VALUE |
At 31 March 2020 |
At 31 March 2019 |
Reisser Limited (Registered number: 01596414) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
10. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 April 2019 |
and 31 March 2020 |
DEPRECIATION |
At 1 April 2019 |
Charge for year |
At 31 March 2020 |
NET BOOK VALUE |
At 31 March 2020 |
At 31 March 2019 |
11. | STOCKS |
2020 | 2019 |
£ | £ |
Stocks |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
Other debtors |
Tax recoverable |
Directors' current accounts |
Prepayments |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Hire purchase contracts (see note 16) |
Trade creditors |
Taxation |
Social security and other taxes |
Other creditors |
Directors' current accounts |
Accrued expenses |
Reisser Limited (Registered number: 01596414) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Hire purchase contracts (see note 16) |
15. | LOANS |
An analysis of the maturity of loans is given below: |
2020 | 2019 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2020 | 2019 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2020 | 2019 |
£ | £ |
Within one year |
Between one and five years |
Reisser Limited (Registered number: 01596414) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
2020 | 2019 |
£ | £ |
Bank overdrafts |
Hire purchase contracts | 8,508 | 23,095 |
Other creditors | 1,128,194 | 1,149,271 |
18. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax | 24,570 | 27,295 |
Deferred |
tax |
£ |
Balance at 1 April 2019 |
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 31 March 2020 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
Class "A" Ordinary | £1 | 96 | 96 |
Class "B" Ordinary | £1 | 54 | 54 |
Class "C" Ordinary | £1 | 10 | 10 |
Class "D" Ordinary | £1 | 200,000 | 200,000 |
200,160 | 200,160 |
20. | RESERVES |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2019 | 1,694,551 |
Deficit for the year | ( |
) | ( |
) |
Dividends | ( |
) | ( |
) |
At 31 March 2020 | 1,028,520 |
21. | CONTINGENT LIABILITIES |
The company has guaranteed up to a maximum of £278,000, the bank facilities of a company in which some of directors of this company, are directors and shareholders. At 31 March 2020, this company had no bank borrowings. |
Reisser Limited (Registered number: 01596414) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 March 2020 and 31 March 2019: |
2020 | 2019 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
23. | RELATED PARTY DISCLOSURES |
During the year, the company provided goods and services to a value of £339,906 (2019: £614,151) to entities in which some of the directors of the company have a material interest. At 31 March 2020, there was £5,593 (2019: £5,556) due from these entities. |
During the year, the company was charged £2,187,862 (2019: £2,450,061) in respect of packaging and other services by entities in which some of the directors of the company have a material interest. |
At 31 March 2020, there was £1,817,247 (2019: £1,193,437) due to these entities. |
The balances are interest free and payable/repayable on demand. |
During the year, the company paid rent amounting to £45,700 (2019: £52,500) to a Pension Scheme in which some of the directors of the company are trustees and the only members. |
At 31 March 2020, a balance of £70,823 (2019: £43,625) was owing to a director of the company. |
There are no fixed repayment terms and no interest is chargeable to the company in respect of this balance. |
The company's bank facilities are also secured by joint and several guarantee up to a maximum of £975,000 given by some of the directors and £500,000 by a company in which some of the directors of this company, are directors and shareholders. |
24. | ULTIMATE CONTROLLING PARTY |
The company was controlled throughout the current and previous year by Mr C Ledigo. |