Recomac Sports Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06676041 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

RECOMAC SPORTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

H A Conway

A J Conway

REGISTERED OFFICE:

Europa Park

Stoneclough Road

Radcliffe

Manchester

M26 1GG

REGISTERED NUMBER:

06676041 (England and Wales)

ACCOUNTANTS:

Connaughton & Co

Boulton House

17 - 21 Chorlton Street

Manchester

M1 3HY

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

39,830

24,841

39,830

24,841

CURRENT ASSETS

Stocks

50,822

41,222

Debtors

6

1,678,420

1,528,321

Cash at bank and in hand

157,078

58,699

1,886,320

1,628,242

CREDITORS

Amounts falling due within one year

7

1,401,823

1,412,201

NET CURRENT ASSETS

484,497

216,041

TOTAL ASSETS LESS CURRENT LIABILITIES

524,327

240,882

PROVISIONS FOR LIABILITIES

10

5,853

3,786

NET ASSETS

518,474

237,096

CAPITAL AND RESERVES

Called up share capital

11

2

2

Retained earnings

12

518,472

237,094

SHAREHOLDERS' FUNDS

518,474

237,096

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 28 September 2017 and were signed on its behalf by:

H A Conway - Director

1.	STATUTORY INFORMATION

Recomac Sports Limited 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less

any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

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

moving items.

Taxation

Taxation for the year 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

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 year 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 January 2016

and 31 December 2016

97,720

AMORTISATION

At 1 January 2016

and 31 December 2016

97,720

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

-

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2016

15,400

47,299

8,091

70,790

Additions

14,750

16,675

2,872

34,297

Disposals

-

(19,395

)

-

(19,395

)

At 31 December 2016

30,150

44,579

10,963

85,692

DEPRECIATION

At 1 January 2016

9,687

29,527

6,735

45,949

Charge for year

5,116

7,365

1,841

14,322

Eliminated on disposal

-

(14,409

)

-

(14,409

)

At 31 December 2016

14,803

22,483

8,576

45,862

NET BOOK VALUE

At 31 December 2016

15,347

22,096

2,387

39,830

At 31 December 2015

5,713

17,772

1,356

24,841

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

1,033,643

833,103

Other debtors

25,317

60,646

Related company

-

171,862

Directors' current accounts

459,150

340,105

Tax

119,251

80,562

Prepayments and accrued income

41,059

42,043

1,678,420

1,528,321

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade creditors

318,586

650,763

Tax

114,973

61,784

Social security and other taxes

13,270

23,596

VAT

187,125

68,798

Other creditors

655,762

575,210

Related company

15,128

-

Wages control account

-

20,148

Accrued expenses

96,979

11,902

1,401,823

1,412,201

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.16

31.12.15

£

£

Within one year

3,716

8,671

Between one and five years

14,401

8,450

18,117

17,121

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.16

31.12.15

£

£

Factored debts

632,155

546,957

Included within other creditors are factored debts of £632,155 (31.12.15 - £546,957). The debts are secured over the

trade debtors of the company.

10.	PROVISIONS FOR LIABILITIES

31.12.16

31.12.15

£

£

Deferred tax

5,853

3,786

Deferred

tax

£

Balance at 1 January 2016

3,786

Accelerated capital allowances

2,067

Balance at 31 December 2016

5,853

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.16

31.12.15

value:

£

£

2

Ordinary

£1

2

2

12.

RESERVES

Retained

earnings

£

At 1 January 2016

237,094

Profit for the year

281,378

At 31 December 2016

518,472

13.	RELATED PARTY DISCLOSURES

At the year-end £15,128 (31.12.15 - £(171,862)) was owed to Road Spraying Limited, a company under common

control.

Included within the profit and loss account are management charges of £250,000 (31.12.15 - £236,000) payable to

Road Spraying Limited.

At the year-end £269,289 (31.12.15 - £190,511) was owed by the director, Mr H A Conway. The maximum amount

outstanding during the period was £269,289 (31.12.15 - £190,511).

At the year-end £189,861 (31.12.15 - £149,594) was owed by the director, Mr A J Conway. The maximum amount

outstanding during the period was £189,861 (31.12.15 - £151,735).