Rhino Fitted Bedrooms & Home Offices Li - Abbreviated accounts 16.3

REGISTERED NUMBER: 06226826 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2016

FOR

RHINO FITTED BEDROOMS &

HOME OFFICES LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

Mr P B Johnson

SECRETARY:

Mrs S Johnson

REGISTERED OFFICE:

12 High Street

Stanford le Hope

Essex

SS17 0EY

REGISTERED NUMBER:

06226826 (England and Wales)

ACCOUNTANTS:

Elliott, Mortlock, Busby & Co Limited

Chartered Certified Accountants

12 High Street

Stanford le Hope

Essex

SS17 0EY

FIXED ASSETS

Intangible assets

2

94,287

102,858

Tangible assets

3

81,144

53,228

Investments

4

3,000

3,000

178,431

159,086

CURRENT ASSETS

Stocks

34,000

29,000

Debtors

143,515

112,979

Cash at bank and in hand

452

70,510

177,967

212,489

CREDITORS

Amounts falling due within one year

5

423,224

433,086

NET CURRENT LIABILITIES

(245,257

)

(220,597

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(66,826

)

(61,511

)

CREDITORS

Amounts falling due after more than one year

5

(4,350

)

-

PROVISIONS FOR LIABILITIES

(11,934

)

(5,714

)

NET LIABILITIES

(83,110

)

(67,225

)

CAPITAL AND RESERVES

Called up share capital

6

2

2

Profit and loss account

(83,112

)

(67,227

)

SHAREHOLDERS' FUNDS

(83,110

)

(67,225

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 28 March 2017 and were signed by:

Mr P B Johnson - Director

1.	ACCOUNTING POLICIES

Basis of preparation of accounts

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective January 2015).

Although the company had net liabilities at 30 June 2016, management accounts for the current accounting period

show profitability in the 2016 accounts has continued to be achieved. Therefore the director continues to adopt the

going concern basis of accounting in preparing these financial statements.

Turnover

Turnover represents all amounts received and receivable in respect of goods and services supplied by the company

during the year excluding value added tax and trade discounts.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Capital expenditure on premises

-

15% straight line basis

Plant and equipment

-

20% on reducing balance

Fixtures, fittings and office equipment

-

25% and 33% on reducing balance

Motor vehicles

-

25% on reducing balance

During the year to 30 June 2016 the directors completed a review of the residual values of the company's fixed assets.

It was considered that the net book values at 30 June 2015 and 30 June 2016 fairly reflected the residual values of the

assets, accordingly no depreciation charge was required for the year.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred taxation

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of

certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing

differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are

recognised only to the extent that the directors consider that it is more likely than not that they will be recovered

against the reversal of deferred tax liabilities or other future taxable profits. Deferred taxation is measured on a

non-discounted basis at the average tax rates that would apply when the timing differences are expected to reverse,

based on tax rates and laws that have been enacted by the balance sheet date.

Leasing commitments

Assets obtained under 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

Operating leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the

lessor are charged to the profit and loss account as incurred.

Other loans

During the year to 30 June 2014 the company entered into a sale and lease back transaction with a third party. The

director has decided that in accordance with FRS 5 the substance of the transaction is that of a secured loan. The

company has continued to recognise the assets concerned and has recorded the proceeds received from the buyer as a

liability, with the related interest being accrued.

Dividends

The company has a deficit of shareholder funds of £83,110 (2015: £67,225) by virtue of paying an unlawful dividend,

the consequences of which could require that part of the dividend be repaid.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

and 30 June 2016

300,000

AMORTISATION

At 1 July 2015

197,142

Amortisation for year

8,571

At 30 June 2016

205,713

NET BOOK VALUE

At 30 June 2016

94,287

At 30 June 2015

102,858

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

260,769

Additions

27,916

At 30 June 2016

288,685

DEPRECIATION

At 1 July 2015

and 30 June 2016

207,541

NET BOOK VALUE

At 30 June 2016

81,144

At 30 June 2015

53,228

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 July 2015

and 30 June 2016

3,000

NET BOOK VALUE

At 30 June 2016

3,000

At 30 June 2015

3,000

5.

CREDITORS

Creditors include an amount of £ 10,150 (2015 - £ 4,740 ) for which security has been given.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

2

Ordinary

£1

2

2

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2016 and 30 June 2015:

2016

2015

£

£

Mr P B Johnson

Balance outstanding at start of year

2,419

69,668

Amounts advanced

221,742

2,419

Amounts repaid

(149,230

)

(69,668

)

Balance outstanding at end of year

74,931

2,419

The loan outstanding at 30 June 2016 is included within other debtors, has been provided interest free and is

repayable on demand.