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Registered number: 07783306
REES TRADING UK LIMITED
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2015
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REES TRADING UK LIMITED
REGISTERED NUMBER: 07783306
ABBREVIATED BALANCE SHEET
AS AT 31 AUGUST 2015
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CREDITORS: amounts falling due within one year
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NET CURRENT ASSETS/(LIABILITIES)
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS: amounts falling due after more than one year
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PROVISIONS FOR LIABILITIES
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The director considers that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 August 2015 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
 Page 1
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REES TRADING UK LIMITED
ABBREVIATED BALANCE SHEET (continued)
AS AT 31 AUGUST 2015
The abbreviated accounts, which have been prepared in accordance with the provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 20 May 2016.
The notes on pages 3 to 6 form part of these financial statements.
Page 2
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REES TRADING UK LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2015
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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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).
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The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Investments held as fixed assets are shown at cost less provision for impairment.
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Leasing and hire purchase
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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Page 3
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REES TRADING UK LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2015
1.ACCOUNTING POLICIES (continued)
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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2.TANGIBLE FIXED ASSETS
Page 4
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REES TRADING UK LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2015
3.FIXED ASSET INVESTMENTS
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At 1 September 2014 and 31 August 2015
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Subsidiary undertakings
The following were subsidiary undertakings of the company:
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Rees Machinery Group Limited
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Rees Contract Maintenance Limited (Dormant)
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The aggregate of the share capital and reserves as at 31 August 2015 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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Rees Machinery Group Limited
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Rees Contract Maintenance Limited (Dormant)
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4.CREDITORS:
Amounts falling due within one year
Included within bank loans and overdrafts due within 1 year is a loan of £17,939 (2014: £18,210) which is secured upon freehold property.
The aggregate amount of liabilities in respect of hire purchase due within 1 year is £47,401 (2014: £49,780). This finance is secured upon the assets to which it relates.
5.CREDITORS:
Amounts falling due after more than one year
Creditors include amounts not wholly repayable within 5 years as follows:
Page 5
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REES TRADING UK LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2015
5.CREDITORS:
Amounts falling due after more than one year (continued)
Included within other loans due after 1 year is a bank loan of £164,866 (2014: £184,333) which is secured upon the freehold property.
The aggregate amount of liabilities in respect of hire purchase die after 1 year is £94,402 (2014: £121,176). This finance is secured upon the assets to which it relates.
6.SHARE CAPITAL
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Allotted, called up and fully paid
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300 Ordinary shares shares of £1 each
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7.DIRECTOR'S BENEFITS: ADVANCES, CREDIT AND GUARANTEES
During the year advances of £101,069 (2014: 103,008) were received by Mr & Mrs Rees, Mr E Rees being a director, £119,500 (2014: £98.591) was repaid during the year. The balance included within other debtors at the year end is £45,053 (2014: £63,484).
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