Rae_Enterprises_Limited - Accounts

RAE ENTERPRISES LIMITED - Company Information

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Company Registration No. SC276851 (Scotland)

Rae Enterprises Limited

Abbreviated financial statements

for the year ended 5 April 2016

Rae Enterprises Limited

Contents

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated financial statements

3 - 4

Rae Enterprises Limited

Abbreviated balance sheet

as at 5 April 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

27,717

34,796

Investments

6,808

7,458

34,525

42,254

Current assets

Debtors

268

267

Cash at bank and in hand

3,414

4,630

3,682

4,897

Creditors: amounts falling due within one year

(28,549)

(15,591)

Net current liabilities

(24,867)

(10,694)

Total assets less current liabilities

9,658

31,560

Creditors: amounts falling due after more than one year

(24,755)

(26,138)

(15,097)

5,422

Capital and reserves

Called up share capital

100

Profit and loss account

(15,197)

5,322

Shareholders' funds

(15,097)

5,422

Rae Enterprises Limited

Abbreviated balance sheet (continued)

as at 5 April 2016

- 2 -

For the financial year ended 5 April 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 23 January 2017

Mr D Rae

Director

Company Registration No. SC276851

Rae Enterprises Limited

Notes to the abbreviated financial statements

for the year ended 5 April 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The accounts have been prepared on a going concern basis which assumes the company will continue to trade. The validity of this assumption is based upon the continued support of the directors. If the company was unable to continue to trade, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets as current assets.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Computer equipment

33% Straight line

Motor vehicles

20% Reducing balance

1.5

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. 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.

1.6

Investments

Listed investments are included in the financial statements at market valuation using middle market prices. Any permanent impairment in the value of investments is charged to the profit and loss account.

Dividends on securities are included in the financial statements on the date the income is received.

Dividends paid by United Kingdom companies (franked investment income) exclude the relevant tax credit where appropriate.

Interest receivable on short term deposits are treated on an accrual basis.

Rae Enterprises Limited

Notes to the abbreviated financial statements (continued)

for the year ended 5 April 2016

Accounting policies (continued)

- 4 -

1.7

Taxation

The tax expense represents the corporation tax charge for the year.

The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using the tax rates that have been enacted or substantively enacted by the balance sheet date.

Fixed assets

Tangible assets

Investments

Total

Cost

At 6 April 2015 & at 5 April 2016

43,595

8,053

51,648

Depreciation

At 6 April 2015

8,799

595

9,394

Charge for the year

7,079

650

7,729

At 5 April 2016

15,878

1,245

17,123

Net book value

At 5 April 2016

27,717

6,808

34,525

At 5 April 2015

34,796

7,458

42,254

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100