R J Clayton Limited - Filleted accounts

R J CLAYTON LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 APRIL 2021

Company Registration Number: 07189821

R J CLAYTON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 8

R J CLAYTON LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2021
DIRECTOR
R J Clayton
SECRETARY
K Clayton
REGISTERED OFFICE
Cranbrook House
287-291 Banbury Road
Oxford
OX2 7JQ
COMPANY REGISTRATION NUMBER
07189821 England and Wales

R J CLAYTON LIMITED
BALANCE SHEET
AS AT 30 APRIL 2021
			Notes		2021				2020
					£				£
FIXED ASSETS
Intangible assets			6				263,644				282,896
CURRENT ASSETS
Debtors			8		143,067				91,391
Cash at bank and in hand					14,521				1,141
					157,588				92,532
CREDITORS: Amounts falling due within one year			9		92,906				81,762
NET CURRENT ASSETS							64,682				10,770
TOTAL ASSETS LESS CURRENT LIABILITIES							328,326				293,666
CREDITORS: Amounts falling due after more than one year			10				12,300				28,315
NET ASSETS							316,026				265,351
CAPITAL AND RESERVES
Called up share capital							100				100
Distributable profit and loss account							315,926				265,251
SHAREHOLDERS' FUNDS							316,026				265,351
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
R J Clayton
Director
Date approved by the board: 28 January 2022

R J CLAYTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
1	GENERAL INFORMATION
	R J Clayton Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
	Cranbrook House
	287-291 Banbury Road
	Oxford
	OX2 7JQ
	The financial statements are presented in Sterling, which is the functional currency of the company.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Revenue recognition

	Turnover represents the value of the company's share of the trading profits of an accountancy practice.
	The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

	Grant Income
	Grant income has been recognised under the accrual model, where income is recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
	Intangible fixed assets

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

	Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is estimated to be between four and twenty years years.
	If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Tangible fixed assets

	Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
	Computer equipment					Straight line basis at 20% per annum
	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
	Financial Instruments
	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
	Financial assets are measured at cost and amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

	The impairment for financial assets measured at amortised cost, is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
	The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.

	Debtors

	Short term debtors are measured at transaction price, less any impairment.

	Creditors
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
	Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

	Current and deferred tax assets and liabilities are not discounted.
3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements.

4	EMPLOYEES
	The average number of persons employed by the company (including directors) during the year was:
									2021		2020
	Average number of employees								2		2
5	DIRECTOR'S REMUNERATION
									2021		2020
									£		£
	Remuneration paid to the director during the year was:								-		-
6	INTANGIBLE FIXED ASSETS
											Net goodwill
											£
	Cost
	At 1 May 2020										653,239
	Additions										46,400
	At 30 April 2021										699,639
	Accumulated amortisation and impairments
	At 1 May 2020										370,343
	Charge for year										65,652
	At 30 April 2021										435,995
	Net book value
	At 1 May 2020										282,896
	At 30 April 2021										263,644
7	TANGIBLE ASSETS
											Computer equipment
											£
	Cost
	At 1 May 2020										1,020
	At 30 April 2021										1,020
	Accumulated depreciation and impairments
	At 1 May 2020										1,020
	At 30 April 2021										1,020
	Net book value
	At 1 May 2020										-
	At 30 April 2021										-
8	DEBTORS
									2021		2020
									£		£
	Prepayments and accrued income								-		742
	Other debtors								143,067		90,649
									143,067		91,391
9	CREDITORS: Amounts falling due within one year
									2021		2020
									£		£
	Bank loans and overdrafts								10,753		10,753
	Taxation and social security								38,311		27,780
	Accruals and deferred income								805		210
	Other creditors								43,037		43,019
									92,906		81,762
10	CREDITORS: Amounts falling due after more than one year
									2021		2020
									£		£
	Bank loans and overdrafts								12,300		18,491
	Other creditors								-		9,824
									12,300		28,315