Rel Acoustics Limited - Period Ending 2016-12-31
Rel Acoustics Limited - Period Ending 2016-12-31
Registration number:
for the Year Ended
Pages for filing with Registrar
The Tramshed
25 Lower Park Row
Bristol
BS1 5BN
Rel Acoustics Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
Rel Acoustics Limited
Company Information
Directors |
D Brody A Brody J Hunter |
Registered office |
|
Registered number |
05455463 |
Accountants |
|
Rel Acoustics Limited
(Registration number: 05455463)
Balance Sheet as at 31 December 2016
Note |
2016 |
2015 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Creditors: Amounts falling due after more than one year |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
( |
|
|
|
For the financial year ending 31 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Page 2 |
Rel Acoustics Limited
(Registration number: 05455463)
Balance Sheet as at 31 December 2016
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
A Brody
Director
Page 3 |
Rel Acoustics Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Statutory information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
These accounts for the year ended 31 December 2016 are the first financial statements for Rel Acoustics Limited to be prepared in accordance with Financial Reporting Standard 102" The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS102) as applied to smaller entities by the adoption of Section 1A of FRS102. The financial statements for the year ended 31 December 2015 were prepared in accordance with the Financial Reporting Standard for Smaller entities (FRSSE) (effective January 2015). The date of transition to FRS102 was 1 January 2015.
Some of the FRS 102 recognition, measurement, presentation and disclosure requirements and accounting policy choices differ from FRSSE. Consequently, the directors have amended certain accounting policies to comply with FRS 102.
The reported financial position and financial performance for the previous year are not affected by the transition to FRS 102.
Page 4 |
Rel Acoustics Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
2 |
Accounting policies (continued) |
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% on cost |
Short leasehold |
2% on cost |
Fixtures and fittings |
25% on cost |
Computer equipment |
33% on cost |
Page 5 |
Rel Acoustics Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
2 |
Accounting policies (continued) |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Intellectual property |
10 years |
Impairment of non-financial assets
The company assesses at each reporting date whether an asset may be impaired. If any such indication exists the company estimates the recoverable amount of the asset. If it is not possible to estimate the recoverable amount of the individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs to sell and its value in use. If the recoverable amount is less than its carrying amount, the carrying amount of the asset is impaired and it is reduced to its recoverable amount through an impairment in profit and loss unless the asset is carried at a revalued amount where the impairment loss of a revalued asset is a revalued decrease.
An impairment loss recognised for all assets is reversed in a subsequent period if and only if the reasons for the impairment loss have ceased to apply.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 6 |
Rel Acoustics Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
2 |
Accounting policies (continued) |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Page 7 |
Rel Acoustics Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
2 |
Accounting policies (continued) |
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
Termination benefits are recognised immediately as an expenses when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Taxation |
No liability to UK corporation tax arose on ordinary activities for the year ended
Page 8 |
Rel Acoustics Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Intangible assets |
Goodwill |
Trademarks, patents and licenses |
Total |
|
Cost or valuation |
|||
At 1 January 2016 |
|
|
|
At 31 December 2016 |
|
|
|
Amortisation |
|||
At 1 January 2016 |
|
|
|
Amortisation charge |
- |
|
|
At 31 December 2016 |
|
|
|
Carrying amount |
|||
At 31 December 2016 |
- |
|
|
At 31 December 2015 |
- |
|
|
The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2015 - £Nil).
Page 9 |
Rel Acoustics Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
|
Cost or valuation |
||||
At 1 January 2016 |
|
|
|
|
Additions |
- |
|
|
|
At 31 December 2016 |
|
|
|
|
Depreciation |
||||
At 1 January 2016 |
|
|
|
|
Charge for the year |
|
|
|
|
At 31 December 2016 |
|
|
|
|
Carrying amount |
||||
At 31 December 2016 |
|
|
|
|
At 31 December 2015 |
|
|
|
|
Included within the net book value of land and buildings above is £235,837 (2015 - £241,902) in respect of short leasehold land and buildings.
Stocks |
2016 |
2015 |
|
Other inventories |
|
|
Page 10 |
Rel Acoustics Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Debtors: amounts falling due within one year |
Note |
2016 |
2015 |
|
Trade debtors |
|
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
|
|
Other debtors |
- |
70 |
|
Prepayments |
45,226 |
49,556 |
|
VAT |
6,540 |
14,655 |
|
|
|
Creditors: amounts falling due within one year |
Note |
2016 |
2015 |
|
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Other creditors |
125,126 |
45,654 |
|
Accruals |
25,842 |
18,796 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
|
Other non-current financial liabilities |
|
|
|
2,272,587 |
2,290,129 |
Page 11 |
Rel Acoustics Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Share capital |
Allotted, called up and fully paid shares
2016 |
2015 |
|||
No. |
£ |
No. |
£ |
|
Ordinary of £1 each |
250,000 |
250,000 |
250,000 |
250,000 |
Loans and borrowings |
2016 |
2015 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
2016 |
2015 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Bank borrowings
|
Page 12 |
Rel Acoustics Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Related party transactions |
Transactions with directors |
2015 |
Other transactions with directors |
At the year end £nil was owing from A Brody (director) (2015: £170).
The directors' received no remuneration in their capacity as officers of the entity during the period.
Summary of transactions with parent
The registered office and principal place of business is 800 Addison Street, Berkeley, CA 94710.
The balance due to the holding company Rel Acoustic America Limited LLC at the year end was £2,263,371 (2015: £2,263,371). There are no fixed repayment terms.
Page 13 |