Reid For Speed Limited Company Accounts

REID FOR SPEED LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2016-10-01 Sage Accounts Production Advanced 2017 - FRS xbrli:pure xbrli:shares iso4217:GBP SC094625 2016-10-01 2017-09-30 SC094625 2017-09-30 SC094625 2016-09-30 SC094625 2015-10-01 2016-09-30 SC094625 2016-09-30 SC094625 core:PlantMachinery 2016-10-01 2017-09-30 SC094625 core:FurnitureFittings 2016-10-01 2017-09-30 SC094625 core:MotorVehicles 2016-10-01 2017-09-30 SC094625 bus:LeadAgentIfApplicable 2016-10-01 2017-09-30 SC094625 bus:Director2 2016-10-01 2017-09-30 SC094625 core:PlantMachinery 2016-09-30 SC094625 core:FurnitureFittings 2016-09-30 SC094625 core:MotorVehicles 2016-09-30 SC094625 core:PlantMachinery 2017-09-30 SC094625 core:FurnitureFittings 2017-09-30 SC094625 core:MotorVehicles 2017-09-30 SC094625 core:WithinOneYear 2017-09-30 SC094625 core:WithinOneYear 2016-09-30 SC094625 core:ShareCapital 2017-09-30 SC094625 core:ShareCapital 2016-09-30 SC094625 core:RetainedEarningsAccumulatedLosses 2017-09-30 SC094625 core:RetainedEarningsAccumulatedLosses 2016-09-30 SC094625 core:PlantMachinery 2016-09-30 SC094625 core:FurnitureFittings 2016-09-30 SC094625 core:MotorVehicles 2016-09-30 SC094625 bus:FRS102 2016-10-01 2017-09-30 SC094625 bus:AuditExemptWithAccountantsReport 2016-10-01 2017-09-30 SC094625 bus:FullAccounts 2016-10-01 2017-09-30 SC094625 bus:SmallCompaniesRegimeForAccounts 2016-10-01 2017-09-30 SC094625 bus:PrivateLimitedCompanyLtd 2016-10-01 2017-09-30

COMPANY REGISTRATION NUMBER: SC094625

Reid For Speed Limited

Unaudited Financial Statements

30 September 2017

BILL SMITH

Accountant

Suite 6

Braehead Way Shopping Centre

Braehead Way

Bridge of Don

Aberdeen

AB22 8RR

Reid For Speed Limited

Financial Statements

Year ended 30 September 2017

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 6

Reid For Speed Limited

Statement of Financial Position

30 September 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		41,213	21,421

Current assets

Stocks	7	488,264	437,329
Debtors	8	368,693	397,901
Investments	9	1,101,929	627,419
Cash at bank and in hand		647,424	983,111
		------------	------------
		2,606,310	2,445,760

Creditors: amounts falling due within one year	10	489,062		512,474
		------------		------------
Net current assets			2,117,248	1,933,286
			------------	------------
Total assets less current liabilities			2,158,461	1,954,707
			------------	------------
Net assets			2,158,461	1,954,707
			------------	------------

Reid For Speed Limited

Statement of Financial Position (continued)

30 September 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	30,000	30,000
Profit and loss account	2,128,461	1,924,707
	------------	------------
Members funds	2,158,461	1,954,707
	------------	------------

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 has not been delivered.

For the year ending 30 September 2017 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 .

These financial statements were approved by the board of directors and authorised for issue on 16 November 2017 , and are signed on behalf of the board by:

Mr N H J Daun

Director

Company registration number: SC094625

Reid For Speed Limited

Notes to the Financial Statements

Year ended 30 September 2017

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 53 Cotton Street, Aberdeen, AB11 5EG.

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 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.

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 measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Taxation

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.

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 & Equipment	-	15% straight line
Office Furniture & Equipment	-	25% straight line
Motor Vehicles	-	25% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions to the defined contribution pension scheme are charged to the Profit and Loss Account in the year in which they become payable.

4. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to 18 (2016: 18).

5. Profit before taxation

Profit before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	6,551	4,173
	-------	-------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 October 2016	34,289	39,619	86,705	160,613
Additions	–	–	26,343	26,343
Disposals	–	–	( 14,999)	( 14,999)
	--------	--------	--------	---------
At 30 September 2017	34,289	39,619	98,049	171,957
	--------	--------	--------	---------
Depreciation
At 1 October 2016	30,547	39,052	69,593	139,192
Charge for the year	1,021	171	5,359	6,551
Disposals	–	–	( 14,999)	( 14,999)
	--------	--------	--------	---------
At 30 September 2017	31,568	39,223	59,953	130,744
	--------	--------	--------	---------
Carrying amount
At 30 September 2017	2,721	396	38,096	41,213
	--------	--------	--------	---------
At 30 September 2016	3,742	567	17,112	21,421
	--------	--------	--------	---------

7. Stocks

	2017	2016
	£	£
Raw materials and consumables	488,264	437,329
	---------	---------

8. Debtors

	2017	2016
	£	£
Trade debtors	309,553	337,221
Other debtors	59,140	60,680
	---------	---------
	368,693	397,901
	---------	---------

9. Investments

	2017	2016
	£	£
Other investments	1,101,929	627,419
	------------	---------

The valuation of the investment portfolios as at 30 September 2017 was £1,173,717.

10. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	291,734	315,497
Corporation tax	64,304	66,456
Social security and other taxes	36,855	32,035
Other creditors	96,169	98,486
	---------	---------
	489,062	512,474
	---------	---------

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Not later than 1 year	36,400	36,400
	--------	--------

12. Transactions with directors

Rent of £36,400 was paid to Mr N H J Daun during the period, in respect of business premises occupied by the company. Management charges of £39000 were paid to Mr N H J Daun during the period.

13. Transition to FRS 102

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

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