RAP Office Contracts Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04059049 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2016 TO 31 MARCH 2017

FOR

RAP OFFICE CONTRACTS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R P Anderson

J Anderson

SECRETARY:

J Anderson

REGISTERED OFFICE:

Bryant House

Bryant Road

Strood

Rochester

Kent

ME2 3EW

REGISTERED NUMBER:

04059049 (England and Wales)

ACCOUNTANTS:

Friend & Grant Ltd

Bryant House

Bryant Road

Strood

Rochester

Kent

ME2 3EW

FIXED ASSETS

Intangible assets

5

250

375

Tangible assets

6

107,501

125,823

107,751

126,198

CURRENT ASSETS

Stocks

317,295

45,024

Debtors

7

830,870

162,200

Cash at bank

244,070

200,988

1,392,235

408,212

CREDITORS

Amounts falling due within one year

8

1,406,508

409,587

NET CURRENT LIABILITIES

(14,273

)

(1,375

)

TOTAL ASSETS LESS CURRENT LIABILITIES

93,478

124,823

CREDITORS

Amounts falling due after more than one year

9

-

(8,383

)

PROVISIONS FOR LIABILITIES

(16,782

)

(19,138

)

NET ASSETS

76,696

97,302

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

76,694

97,300

SHAREHOLDERS' FUNDS

76,696

97,302

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 11 July 2017 and were signed on its behalf by:

R P Anderson - Director

J Anderson - Director

1.	STATUTORY INFORMATION

RAP Office Contracts Ltd is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102,

The Financial Reporting Standard applicable in the UK and Republic of Ireland, including Section 1A,

and the Companies Act 2006. There are no material departures from FRS 102.

3.	ACCOUNTING POLICIES

Change in the basis of accounting

The company has transferred from previously extant UK GAAP to FRS 102 as at 1 January 2015. The

transition has not resulted in any presentational changes and there has been no impact on the reported

financial position and financial performance.

Transition to FRS 102

This is the first year that the company has presented its financial statements under FRS 102. There

were no changes to the previously stated equity at 1 January 2015 or 1 January 2016 as a result of the

transition and no changes to the profit previously reported for the year ended 31 December 2015.

Extended period

The directors have extended the current period from twelve to fifteen months in order to align the

reporting period with the tax year. Consequently, the comparative amounts presented in the financial

statements (including the related notes) are not entirely comparable.

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the

company and the revenue can be reliably measured. Revenue is measured as the fair value of the

consideration received or receivable from the sale of goods or exchange of services, excluding

discounts, rebates, value added tax and other sales taxes. Revenue is not recognised when goods or

services are exchanged for goods or services that are of a similar nature and value or when the

transaction lacks commercial substance.

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;

- the company retains neither continuing managerial involvement to the degree usually associated with

the ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the transaction;

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

The percentage of completion method is used to calculate the revenue recognised at the period end.

Revenue from the rendering of services is recognised when all of the following conditions are

satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction will flow to the entity;

- the stage of completion of the transaction at the end of the reporting period can be measured reliably;

and

- the costs incurred for the transaction and the costs to complete the transaction can be measured

reliably.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten 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.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Government grants

Government grants shall not be recognised until there is a reasonable assurance that the company will

comply with the conditions attached to them and that the grants will be received. Income is recognised

using the accrual model.

Stocks

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

obsolete and slow moving items.

Work in progress is measured using the percentage of completion method.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive income or

directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the period end and that

are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

Assets held under finance lease and hire purchase contracts are capitalised in the balance sheet and

depreciated over their expected useful lives. The interest element of the leasing payments represents

a constant proportion of the capital balance outstanding and is charged to the profit and loss account

over the period of the lease.

All other leases are regarded as operating leases and the payments made under them are charged to

the profit and loss account on a straight line basis over the lease term.

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 profit or loss in the period to which they relate.

Employee benefits

All employee benefit costs to which employees have become entitled as a result of service rendered to

the entity during the reporting period are recognised:

- as a liability, after deducting amounts that have been paid either directly to the employees or as a

contribution to an employee benefit fund. If the amount paid exceeds the obligation arising from service

before the reporting date, the excess is recognised as an asset to the extent that the prepayment will

lead to a reduction in future payments or a cash refund.

- as an expense, unless the financial reporting standard requires the cost to be recognised as part of

the cost of an asset.

Financial instruments

Basic financial assets/liabilities including trade and other receivables/payables, cash and bank

balances, are initially recognised at transaction price unless the arrangement constitutes a financing

transaction (loan over period of time) where the transaction is measured at present value of the future

receipts discounted at a market rate of interest. Such assets/liabilities are subsequently carried at

amortised cost using the effective interest method.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 19 (2015 - 20 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2016

and 31 March 2017

1,000

AMORTISATION

At 1 January 2016

625

Charge for period

125

At 31 March 2017

750

NET BOOK VALUE

At 31 March 2017

250

At 31 December 2015

375

6.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2016

11,126

92,726

8,237

130,248

242,337

Additions

-

18,820

-

-

18,820

Disposals

-

-

-

(11,323

)

(11,323

)

At 31 March 2017

11,126

111,546

8,237

118,925

249,834

DEPRECIATION

At 1 January 2016

-

52,866

2,736

60,912

116,514

Charge for period

-

13,202

1,633

20,242

35,077

Eliminated on disposal

-

-

-

(9,258

)

(9,258

)

At 31 March 2017

-

66,068

4,369

71,896

142,333

NET BOOK VALUE

At 31 March 2017

11,126

45,478

3,868

47,029

107,501

At 31 December 2015

11,126

39,860

5,501

69,336

125,823

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2016

50,967

Transfer to ownership

(17,568

)

At 31 March 2017

33,399

DEPRECIATION

At 1 January 2016

23,069

Charge for period

5,348

Transfer to ownership

(7,686

)

At 31 March 2017

20,731

NET BOOK VALUE

At 31 March 2017

12,668

At 31 December 2015

27,898

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2015

£

£

Trade debtors

712,640

118,157

Other debtors

118,230

44,043

830,870

162,200

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2015

£

£

Bank loans and overdrafts

165,940

49,027

Hire purchase contracts

6,287

12,376

Trade creditors

722,076

202,681

Taxation and social security

65,274

72,258

Other creditors

446,931

73,245

1,406,508

409,587

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2015

£

£

Hire purchase contracts

-

8,383

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2015

£

£

Bank overdrafts

165,940

49,027

A personal guarantee of £120,000 has been given by the directors Mr R Anderson and Mrs J Anderson

by way of fixed and floating charges over the undertaking and all property and assets present and

future, including goodwill, book debts, uncalled capital, buildings fixtures and fixed plant and

machinery.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 March 2017 and

the year ended 31 December 2015:

2017

2015

£

£

R P Anderson and J Anderson

Balance outstanding at start of period

(958

)

136,372

Amounts advanced

53,130

38,272

Amounts repaid

(70,000

)

(175,602

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

(17,828

)

(958

)

The loan from the directors to the company is unsecured, interest free and repayable on demand.