R P & J Minton Ltd - Period Ending 2015-10-31

Registration number: 5589771

R P & J Minton Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2015
 

Gorman Evans Limited
Chartered Certified Accountants
Emstrey House (South)
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

R P & J Minton Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

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 4) have been prepared.

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
R P & J Minton Ltd
for the Year Ended 31 October 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of R P & J Minton Ltd for the year ended 31 October 2015 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com.

This report is made solely to the Board of Directors of R P & J Minton Ltd, 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 R P & J Minton Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R P & J Minton Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that R P & J Minton Ltd 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 R P & J Minton Ltd. You consider that R P & J Minton Ltd 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 R P & J Minton Ltd. 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.

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

Gorman Evans Limited
Chartered Certified Accountants
Emstrey House (South)
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

14 July 2016

Page 1

R P & J Minton Ltd
(Registration number: 5589771)
Abbreviated Balance Sheet at 31 October 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					-			11,550
Tangible fixed assets					73,638			44,327
					73,638			55,877
Current assets
Debtors					227,988			153,479
Cash at bank and in hand					206,248			96,894
					434,236			250,373
Creditors: Amounts falling due within one year					(279,271)			(161,568)
Net current assets					154,965			88,805
Net assets					228,603			144,682
Capital and reserves
Called up share capital		4			8			8
Profit and loss account					228,595			144,674
Shareholders' funds					228,603			144,682

For the year ending 31 October 2015 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 .

Approved by the Board on 14 July 2016 and signed on its behalf by:

.........................................
Mr SP Minton
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

R P & J Minton Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 October 2015
......... 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

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Goodwill is the difference between fair value of consideration paid for an acquired entity and the aggregate of the fair value of that entity’s identifiable assets and liabilities.

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. Useful economic life is 10 years so as to coincide with the planned retirement of the directors. It is reviewed for impairment at the end of the first full 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	10% straight line

Depreciation

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

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance
Fixtures, fittings, tools and equipment	25% reducing balance
Motor vehicles	25% reducing balance

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital elements of future obligations under the leases are included within creditors. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the agreement.

Page 3

R P & J Minton Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 October 2015
......... continued

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.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 November 2014		115,500			77,906			193,406
Additions		-			56,768			56,768
Disposals		-			(23,030)			(23,030)
At 31 October 2015		115,500			111,644			227,144
Depreciation
At 1 November 2014		103,950			33,579			137,529
Charge for the year		11,550			14,983			26,533
Eliminated on disposals		-			(10,556)			(10,556)
At 31 October 2015		115,500			38,006			153,506
Net book value
At 31 October 2015		-			73,638			73,638
At 31 October 2014		11,550			44,327			55,877

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		8			8			8			8

5

Control

The company is controlled by Shaun Patrick Minton, a director and majority shareholder.

Page 4