Rudd Marquees Limited Company Accounts

RUDD MARQUEES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06375537

Rudd Marquees Limited

Filleted Unaudited Financial Statements

31 December 2016

Rudd Marquees Limited

Financial Statements

Year ended 31st December 2016

Contents	Page

Balance sheet	1

Notes to the financial statements	3

Rudd Marquees Limited

Balance Sheet

31 December 2016

	2016		2015
Note	£	£	£

Fixed assets

Intangible assets	5	18,000	36,000
Tangible assets	6	163,922	160,123
		---------	---------
		181,922	196,123

Current assets

Debtors	7	49,760	16,663
Cash at bank and in hand		132,747	124,102
		---------	---------
		182,507	140,765

Creditors: amounts falling due within one year	8	74,453		86,351
		---------		---------
Net current assets			108,054	54,414
			---------	---------
Total assets less current liabilities			289,976	250,537

Creditors: amounts falling due after more than one year	9		–	1,970

Provisions

Taxation including deferred tax	29,500	28,000
	---------	---------
Net assets	260,476	220,567
	---------	---------

Capital and reserves

Called up share capital	1,010	1,010
Profit and loss account	259,466	219,557
	---------	---------
Members funds	260,476	220,567
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings (including profit and loss account) has not been delivered.

For the year ending 31st December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Rudd Marquees Limited

Balance Sheet (continued)

31 December 2016

These financial statements were approved by the board of directors and authorised for issue on 22 June 2017 , and are signed on behalf of the board by:

Mr P Rudd
Director

Company registration number: 06375537

Rudd Marquees Limited

Notes to the Financial Statements

Year ended 31st December 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is .

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is the total amount receivable by the company for goods supplied and services rendered, excluding VAT.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

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 estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & machinery	-	10% reducing balance
Equipment	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Office equipment	-	10% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year, including the directors, amounted to 7 (2015: 7 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 Jan 2016 and 31 Dec 2016	180,000
	---------
Amortisation
At 1st January 2016	144,000
Charge for the year	18,000
	---------
At 31st December 2016	162,000
	---------
Carrying amount
At 31st December 2016	18,000
	---------
At 31st December 2015	36,000
	---------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2016	123,812	153,715	42,150	2,090	321,767
Additions	6,937	25,445	–	–	32,382
Disposals	( 2,213)	( 2,640)	–	–	( 4,853)
	---------	---------	--------	-------	---------
At 31 December 2016	128,536	176,520	42,150	2,090	349,296
	---------	---------	--------	-------	---------
Depreciation
At 1 January 2016	40,240	97,389	22,948	1,067	161,644
Charge for the year	8,859	12,153	4,800	102	25,914
Disposals	( 295)	( 1,889)	–	–	( 2,184)
	---------	---------	--------	-------	---------
At 31 December 2016	48,804	107,653	27,748	1,169	185,374
	---------	---------	--------	-------	---------
Carrying amount
At 31 December 2016	79,732	68,867	14,402	921	163,922
	---------	---------	--------	-------	---------
At 31 December 2015	83,572	56,326	19,202	1,023	160,123
	---------	---------	--------	-------	---------

7. Debtors

	2016	2015
	£	£
Trade debtors	44,098	10,130
Other debtors	5,662	6,533
	--------	--------
	49,760	16,663
	--------	--------

8. Creditors: amounts falling due within one year

	2016	2015
	£	£
Trade creditors	12,598	40,858
Corporation tax	35,664	17,947
Social security and other taxes	10,113	364
Other creditors	16,078	27,182
	--------	--------
	74,453	86,351
	--------	--------

9. Creditors: amounts falling due after more than one year

	2016	2015
	£	£
Other creditors	–	1,970
	----	-------

10. Related party transactions

The company was under the control of Mr John E Rudd, a director and members of his close family throughout the year. Mr Rudd is personally interested in 20% of the company's share capital. In addition, his adult children control in aggregate a further 80% of the company's issued share capital. During the year the company was charged rent of £50,000 (2015 - £50,000) by members of the family.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st January 2015.

No transitional adjustments were required in equity or profit or loss for the year.