RED NUMBER 5 LIMITED Company Accounts

RED NUMBER 5 LIMITED Company Accounts

RED NUMBER 5 LTD - Company Information

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COMPANY REGISTRATION NUMBER: 07944267
RED NUMBER 5 LIMITED
Unaudited Financial Statements
Year ended
28 February 2017
RED NUMBER 5 LIMITED
Financial Statements
Year ended 28 February 2017
Contents
Page
Officers and professional advisers
1
Director's report
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
5
The following pages do not form part of the financial statements
Detailed income statement
9
Notes to the detailed income statement
10
RED NUMBER 5 LIMITED
Officers and Professional Advisers
Director
Mr M McCubbin
Registered office
Barclay Chambers
1 Derby Street
Leigh
Lancashire
WN7 4PF
RED NUMBER 5 LIMITED
Director's Report
Year ended 28 February 2017
The director presents his report and the unaudited financial statements of the company for the year ended 28 February 2017 .
Principal activities
The principal activity of the company during the year was that of Engineering Services.
Director
The director who served the company during the year was as follows:
Mr M McCubbin
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 18 October 2017 and signed on behalf of the board by:
Mr M McCubbin
Director
RED NUMBER 5 LIMITED
Statement of Income and Retained Earnings
Year ended 28 February 2017
2017
2016
Note
£
£
Turnover
60,338
61,196
--------
--------
Gross profit
60,338
61,196
Administrative expenses
13,080
12,802
--------
--------
Operating profit
47,258
48,394
Other interest receivable and similar income
13
19
--------
--------
Profit before taxation
47,271
48,413
Tax on profit
9,454
9,683
--------
--------
Profit for the financial year and total comprehensive income
37,817
38,730
--------
--------
Dividends paid and payable
( 37,817)
( 38,730)
Retained earnings at the start of the year
–
–
--------
--------
Retained earnings at the end of the year
–
–
--------
--------
All the activities of the company are from continuing operations.
RED NUMBER 5 LIMITED
Statement of Financial Position
28 February 2017
2017
2016
Note
£
£
£
Current assets
Debtors
6
6,387
2,662
Cash at bank and in hand
4,006
10,032
--------
--------
10,393
12,694
Creditors: amounts falling due within one year
7
10,293
12,594
--------
--------
Net current assets
100
100
----
----
Total assets less current liabilities
100
100
----
----
Capital and reserves
Called up share capital
100
100
----
----
Member funds
100
100
----
----
These financial statements have been prepared 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'.
For the year ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 18 October 2017 , and are signed on behalf of the board by:
Mr M McCubbin
Director
Company registration number: 07944267
RED NUMBER 5 LIMITED
Notes to the Financial Statements
Year ended 28 February 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Barclay Chambers, 1 Derby Street, Leigh, Lancashire, WN7 4PF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A "Small Entities" of Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the UK and the Republic of Ireland" and the Companies Act 2006.
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 1 March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note .
This is based on the requirements of Section 1A "Small Entities" of Financial Reporting Standard 102
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 shown in the profit and loss account represents the net invoice value of services provided net of VAT during the year.
Income 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.
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:
Annual Investment Allowance
-
100% straight line
4. Staff costs
The average number of persons employed by the company during the year, including the director, amounted to 1 (2016: 1).
5. Tangible assets
Equipment
£
Cost
At 1 Mar 2016 and 28 Feb 2017
2,358
-------
Depreciation
At 1 Mar 2016 and 28 Feb 2017
2,358
-------
Carrying amount
At 28 February 2017
–
-------
6. Debtors
2017
2016
£
£
Trade debtors
1,231
2,662
Other debtors
5,156
–
-------
-------
6,387
2,662
-------
-------
7. Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
( 68)
–
Corporation tax
9,449
9,677
Social security and other taxes
912
473
Other creditors
–
2,444
--------
--------
10,293
12,594
--------
--------
8. Ultimate controlling party
The company was under the control of Mr M McCubbin throughout the current period. Mr McCubbin is the managing director and majority shareholder.
9. Director's advances, credits and guarantees
Other debtors include the following loan to the director during the year ended 28th February 2017: Mr M McCubbin Balance outstanding at start of year 0 Balance outstanding at end of year 6,073 Maximum balance outstanding during the period 6,073 The advance has been repaid in full after the year end. No interest was charged on the advance.
10. Related party transactions
During the year the company paid dividends amount of £37,816.79 to Mr McCubbin, director and shareholder of the company.
RED NUMBER 5 LIMITED
Management Information
Year ended 28 February 2017
The following pages do not form part of the financial statements.
RED NUMBER 5 LIMITED
Detailed Income Statement
Year ended 28 February 2017
2017
2016
£
£
Turnover
60,338
61,196
--------
--------
Gross profit
60,338
61,196
Overheads
Administrative expenses
13,080
12,802
--------
--------
Operating profit
47,258
48,394
Other interest receivable and similar income
13
19
--------
--------
Profit before taxation
47,271
48,413
--------
--------
RED NUMBER 5 LIMITED
Notes to the Detailed Income Statement
Year ended 28 February 2017
2017
2016
£
£
Administrative expenses
Directors fees
10,560
10,754
Directors national insurance contributions
431
–
Insurance
149
147
Professional Fees
–
13
Software Subscriptions
209
209
Accountancy fees
1,653
1,620
Bank charges
78
59
--------
--------
13,080
12,802
--------
--------
Other interest receivable and similar income
Interest on cash and cash equivalents
13
19
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----