R.T Large (NI) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI053219 (Northern Ireland)

R.T LARGE (NI) LTD

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

M Murphy

B Murphy

SECRETARY:

M Murphy

REGISTERED OFFICE:

Agharan Road

New Mills

Dungannon

Co. Tyrone

BT71 4HF

REGISTERED NUMBER:

NI053219 (Northern Ireland)

INDEPENDENT AUDITORS:

CavanaghKelly

Chartered Accountants and Statutory Auditors

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

BANKERS:

Bank of Ireland

24 Scotch Street

Dungannon

Tyrone

BT70 1AR

SOLICITORS:

Eversheds Sutherland

1 Earlsfort Centre

Earlsfort Terrace

Dublin 2

NON-CURRENT ASSETS

Property, plant and equipment

5

59,580

85,688

CURRENT ASSETS

Inventories

6

596,066

570,164

Receivables less than one year

7

856,112

725,808

Cash at bank and in hand

689,268

346,738

2,141,446

1,642,710

PAYABLES

Amounts falling due within one year

8

(1,158,801

)

(934,887

)

NET CURRENT ASSETS

982,645

707,823

TOTAL ASSETS LESS CURRENT LIABILITIES

1,042,225

793,511

PROVISIONS FOR LIABILITIES

9

(6,616

)

(7,449

)

NET ASSETS

1,035,609

786,062

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

1,035,509

785,962

SHAREHOLDERS' FUNDS

1,035,609

786,062

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 Board of Directors and authorised for issue on 28 June 2021 and were signed on its behalf by:

M Murphy - Director

B Murphy - Director

1.	STATUTORY INFORMATION

R.T. Large (NI) is a private company, limited by shares, registered in Northern Ireland within the United Kingdom. The company's registered number and registered office address can be found on the Company information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements are prepared on a going concern basis under the historical cost convention.

Revenue

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. The following criteria must also be met before revenue is recognised:

Sale of goods:

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the significant risks and rewards of ownership have been transferred to the buyer;

- the group retains no continuing involvement or control over the goods;

- the amount of revenue can be measured reliably;

- it is probable that future economic benefits will flow through the company

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services and contracting:

Revenue from a contract to provide services is recognised in the period in which the services are

provided in accordance with the stage of completion of the contract when all of the following

conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the company will receive consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably, and;

- the costs incurred and the costs to complete the contract can be measured reliably.

Property, plant and equipment and depreciation

Property, plant and equipment are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to making the asset capable of operating as intended.

The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Plant and machinery

25% Reducing balance

Fixtures, fittings and equipment

25% Straight line

Motor vehicles

25% Reducing balance

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Inventories

Inventories are stated at the lower of cost and net realisable value. Inventories are determined on a first-in, first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Financial instruments

The company have chosen to adopt Sections 11 and 12 of FRS 102 in respect of

financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts

owed by related parties and 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.

At the end of each reporting period financial assets measured at amortised cost are assessed for

objective evidence of impairment. If an asset is impaired the impairment loss is the difference

between the carrying amount and the present value of the estimated cash flows discounted at the

asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment

was recognised, the impairment is reversed. The reversal is such that the current carrying amount

does not exceed what the carrying amount would have been had the impairment not previously

been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset

expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset

are transferred to another party or (c) despite having retained some significant risks and rewards

of ownership, control of the asset has been transferred to another party who has the practical

ability to unilaterally sell the asset to an unrelated third party without imposing additional

restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and

amounts owed to related parties 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. Debt instruments are

subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the

establishment of loan facilities are recognised as transaction costs of the loan to the extent that it

is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until

the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the

facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and

amortised over the period of the facility to which it relates.

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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual

obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Employee benefits

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held seperately from those of the company in an independently administered fund. Annual contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new

ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Finance Costs:

Finance expenses comprise interest payable on borrowings and leases. Interest is recognised in profit or loss as it accrues.

Covid-19 and Going Concern:

During the financial year, the COVID-19 pandemic has developed rapidly with a significant number of cases, and the measures taken by the UK and Irish governments to contain the virus has had a

significant impact on economic activity of many businesses. The Directors have taken steps to

monitor and mitigate the effects of COVID-19 on the company, both in terms of appropriate health

and safety for our people (to include social distancing measures and working from home where

possible) and maintaining a level of business activity to ensure the company can continue to trade

profitability.

As with many businesses of the size and nature of R.T. Large (NI) Limited, the impact on trading

as a result of the pandemic has been significant. However, the directors believe they have taken

appropriate steps to manage the impact on the company and business and relied on government

assistance provided during the pandemic to allow the company to trade. The Directors

will continue to follow the various government guidance and will continue to monitor the economic

impact of the pandemic on the business however the directors are confident that with a strong

order book already secured they can continue to trade and return the company to pre-Covid levels of activity in the future.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2019 - 11 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2020

84,185

72,974

70,212

227,371

Additions

-

3,105

-

3,105

Disposals

-

(400

)

-

(400

)

At 31 December 2020

84,185

75,679

70,212

230,076

DEPRECIATION

At 1 January 2020

45,771

62,512

33,400

141,683

Charge for year

10,923

5,847

12,043

28,813

At 31 December 2020

56,694

68,359

45,443

170,496

NET BOOK VALUE

At 31 December 2020

27,491

7,320

24,769

59,580

At 31 December 2019

38,414

10,462

36,812

85,688

6.	INVENTORIES

2020

2019

£

£

Inventories

596,066

570,164

7.	RECEIVABLES LESS THAN ONE YEAR

2020

2019

£

£

Trade receivables

811,001

672,952

Amounts owed by group undertakings

5,247

24,260

Amounts owed by related undertakings

5,929

3,964

Prepayments

33,935

24,632

856,112

725,808

8.	PAYABLES LESS THAN ONE YEAR

2020

2019

£

£

Trade payables

569,651

260,515

Amounts owed to group undertakings

354,903

495,584

Taxation and social security

127,300

69,122

Other payables

106,947

109,666

1,158,801

934,887

9.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

6,616

7,449

Deferred tax

£

Balance at 1 January 2020

7,449

Credit to Income Statement during year

(833

)

Balance at 31 December 2020

6,616

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

1

100

100

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Mr Ryan Falls ACA (Senior Statutory Auditor)

for and on behalf of CavanaghKelly

12.	RELATED PARTY TRANSACTIONS

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13.	PARENT COMPANY

The controlling party is Sanbra Limited.

The company regards Sanbra Limited, a company registered in the Republic of Ireland, as its parent company. The results of R.T Large (NI) Ltd are included in the consolidated financial statements of Sanbra Limited, which are available at the company's registered office at Conex Works, Santry Avenue, Dublin 9, Ireland.