R.P.M. Shopfront Manufacturers Limited 31/08/2020 iXBRL

R.P.M. SHOPFRONT MANUFACTURERS LIMITED - Company Information

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Company Registration Number: 988702

R.P.M. SHOPFRONT MANUFACTURERS LIMITED

Unaudited Filleted Financial Statements

31 August 2020

R.P.M. SHOPFRONT MANUFACTURERS LIMITED

Contents

Balance Sheet

Notes To The Financial Statements

R.P.M. SHOPFRONT MANUFACTURERS LIMITED

Balance Sheet

31 August 2020

		2020		2019
	Note	£	£	£	£

Fixed assets
Tangible assets	5		194,636		204,437

Current assets
Stocks		132,945		140,810
Debtors	6	68,887		113,614
Cash at bank and in hand		10,030		25,018
		_________		_________
		211,862		279,442
Creditors: amounts falling due
within one year	7	( 118,527)		( 126,066)
		_________		_________
Net current assets			93,335		153,376
			_________		_________
Total assets less current liabilities			287,971		357,813

Creditors: amounts falling due
after more than one year	8		( 49,053)		( 13,389)
			_________		_________
Net assets			238,918		344,424
			_________		_________

Capital and reserves
Called up share capital	10		3,131		3,131
Profit and loss account			235,787		341,293
			_________		_________
Shareholders funds			238,918		344,424
			_________		_________

For the year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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 Profit and loss account has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 24 May 2021 , and are signed on behalf of the board by:

............................

Mr E.J. Mitchell

Director

Company registration number: 988702

R.P.M. SHOPFRONT MANUFACTURERS LIMITED

Notes To The Financial Statements

Year Ended 31 August 2020

1. General information

The company is a private company limited by shares, registered in the United Kingdom. The address of the registered office is 14, Millers Avenue, Brynmenyn Industrial Estate, nr Bridgend, South Wales, CF32 9TD.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.

Turnover

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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Fittings fixtures and equipment	-	15 %	reducing balance
Motor vehicles	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

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 stocks to their present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

All of the company's financial instruments are basic as defined in FRS 102, and as such are measured at transaction value or amortised cost. Financial assets are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

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 in finance costs 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 7 (2019: 7 ).

5. Tangible assets

	Freehold and leasehold properties	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 September 2019	204,016	87,819	73,350	365,185
Disposals	-	( 2,500)	-	( 2,500)
	_________	_________	_________	_________
At 31 August 2020	204,016	85,319	73,350	362,685
	_________	_________	_________	_________
Depreciation
At 1 September 2019	36,736	75,221	48,791	160,748
Charge for the year	1,743	1,885	6,140	9,768
Disposals	-	( 2,467)	-	( 2,467)
	_________	_________	_________	_________
At 31 August 2020	38,479	74,639	54,931	168,049
	_________	_________	_________	_________
Carrying amount
At 31 August 2020	165,537	10,680	18,419	194,636
	_________	_________	_________	_________
At 31 August 2019	167,280	12,598	24,559	204,437
	_________	_________	_________	_________

Obligations under finance leases

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:


		Motor vehicles
		£
	At 31 August 2020	10,828
		_________
	At 31 August 2019	14,438
		_________

6. Debtors

	2020	2019
	£	£
Trade debtors	30,235	89,945
Deferred tax asset (note 9)	28,921	6,309
Prepayments and accrued income	7,646	8,975
Other debtors	2,085	8,385
	_________	_________
	68,887	113,614
	_________	_________

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	12,539	54,961
Trade creditors	44,260	29,418
Social security and other taxes	25,619	16,710
Obligations under finance leases	2,781	3,337
Director loan accounts	1,218	-
Other creditors	32,110	21,640
	_________	_________
	118,527	126,066
	_________	_________

Included in Bank Loans and Overdrafts above is £2,667 in respect of a Government-backed Covid "Bounce-Back" loan. Other bank borrowings are secured by a mortgage on the company's leasehold property and a floating charge over the remainder of the company's assets.

8. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	37,333	-
Obligations under finance leases	11,720	13,389
	_________	_________
	49,053	13,389
	_________	_________

Included within creditors: amounts falling due after more than one year is an amount of £ 5,333 (2019 £ - ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The above amount due more than five years hence represents the final instalments in the repayment of the company's Covid "Bounce-Back" loan, which has a term of six years, and which attracts interest at a fixed rate of 2.5%.

9. Deferred tax

The deferred tax included in the Balance sheet is as follows:

	2020	2019
	£	£
Included in debtors (note 6)	28,921	6,309
	_________	_________

The deferred tax account consists of the tax effect of timing differences in respect of:

	2020	2019
	£	£
Accelerated capital allowances	( 9,052)	( 10,124)
Unused tax losses	39,810	16,433
	_________	_________
	30,758	6,309
	_________	_________

10. Called up share capital

Authorised share capital

	2020		2019
	No	£	No	£
Ordinary shares of £ 1.00 each	5,000	5,000	5,000	5,000
	_________	_________	_________	_________

Issued, called up and fully paid

	2020		2019
	No	£	No	£
Ordinary shares of £ 1.00 each	3,131	3,131	3,131	3,131
	_________	_________	_________	_________

11. Directors advances, credits and guarantees

	During the year the director entered into the following advances and credits with the company:

2020
		Balance brought forward	Advances /(credits) to the director	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr E.J. Mitchell	( 8,385)	( 4,270)	13,872	1,217
		_________	_________	_________	_________

2019
		Balance brought forward	Advances /(credits) to the director	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr E.J. Mitchell	( 4,678)	( 3,707)	-	( 8,385)
		_________	_________	_________	_________

Ground rent of £9,600 was paid by the company during the year to the director, Mr E.J. Mitchell , in respect of its leasehold trading premises.

12. Controlling party

No single party has overall control of the company, but the director, Mr E.J. Mitchell , and his associates between them hold approximately 56% of the share capital currently in issue.