Renascent Limited - Period Ending 2014-12-31

Registration number: 05608175

Renascent Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

Carter Nicholls Ltd
Victoria House
Staplefield Lane
Staplefield
West Sussex
RH17 6AS

Renascent Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Renascent Limited
for the Year Ended 31 December 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Renascent Limited for the year ended 31 December 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Renascent Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Renascent Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Renascent Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Renascent Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Renascent Limited. You consider that Renascent Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Renascent Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Carter Nicholls Ltd
Victoria House
Staplefield Lane
Staplefield
West Sussex
RH17 6AS

18 September 2015

Page 1

Renascent Limited
(Registration number: 05608175)
Abbreviated Balance Sheet at 31 December 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets					3,420			-
Investments					929,343			929,343
					932,763			929,343
Current assets
Debtors					49,512			91,505
Creditors: Amounts falling due within one year					(448,228)			(486,801)
Net current liabilities					(398,716)			(395,296)
Net assets					534,047			534,047
Capital and reserves
Called up share capital		3			1,000			1,000
Revaluation reserve					642,647			642,647
Profit and loss account					(109,600)			(109,600)
Shareholders' funds					534,047			534,047

For the year ending 31 December 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 .

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Renascent Limited
(Registration number: 05608175)
Abbreviated Balance Sheet at 31 December 2014
......... continued

Approved by the Board on 18 September 2015 and signed on its behalf by:

.........................................
Mr Steven John Barrett
Director

.........................................
Mr Anthony Fox
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Renascent Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Government grants

Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	5% Straight line

Research and development

Research and development expenditure is written off as incurred.

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 4

Renascent Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

2	Fixed assets

		Intangible assets £			Investments £			Total £
Cost
At 1 January 2014		-			929,343			929,343
Additions		3,600			-			3,600
At 31 December 2014		3,600			929,343			932,943
Depreciation
Charge for the year		180			-			180
At 31 December 2014		180			-			180
Net book value
At 31 December 2014		3,420			929,343			932,763
At 31 December 2013		-			929,343			929,343

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held	Principal activity
Subsidiary undertakings
Futureform Europe Limited		ordinary	66.67%	Intermediate holding company
Futureform Europe Limited	UK	ordinary A	50%	Intermediate holding company

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £0.50 each		2,000			1,000			2,000			1,000

Page 5

Renascent Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

4	Related party transactions

Directors' advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
Mr Michael Leonard Rosso
Loan to the company with interest chraged at 3% pa	(153,283)	-	(153,283)	-

Page 6