Company Registration No. 08635031 (England and Wales)
Restart Business Turnaround and Insolvency Limited
Unaudited accounts
for the year ended 28 February 2017
Restart Business Turnaround and Insolvency Limited
Unaudited accounts
Contents
Restart Business Turnaround and Insolvency Limited
Company Information
for the year ended 28 February 2017
Directors
K R Cottam
R W Marlow
G G Self
P A Hughes
Company Number
08635031 (England and Wales)
Registered Office
18 BERESFORD WAY
BRIDGE BUSINESS CENTRE
CHESTERFIELD
DERBYSHIRE
S41 9FG
UK
Accountants
Tax Architecture LLP
19 Wellington Road
Burton Joyce
Nottinghamshire
NG14 5GQ
Restart Business Turnaround and Insolvency Limited
Statement of financial position
as at 28 February 2017
Tangible assets
12,063
15,763
Cash at bank and in hand
15,912
13,254
Creditors: amounts falling due within one year
(95,172)
(72,872)
Net current liabilities
(38,362)
(25,398)
Total assets less current liabilities
(26,299)
(9,635)
Creditors: amounts falling due after more than one year
(323,295)
(291,286)
Net liabilities
(349,594)
(300,921)
Called up share capital
26
26
Profit and loss account
(349,620)
(300,947)
Shareholders' funds
(349,594)
(300,921)
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 30 November 2017.
G G Self
Director
Company Registration No. 08635031
Restart Business Turnaround and Insolvency Limited
Notes to the Accounts
for the year ended 28 February 2017
Restart Business Turnaround and Insolvency Limited is a private company, limited by shares, registered in England and Wales, registration number 08635031. The registered office is 18 BERESFORD WAY, BRIDGE BUSINESS CENTRE, CHESTERFIELD, DERBYSHIRE, S41 9FG, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 28 February 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 March 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% reducing balance
The accounts have been prepared on a going concern basis on the understanding that the directors will continue to support the company financially for the foreseeable future.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Restart Business Turnaround and Insolvency Limited
Notes to the Accounts
for the year ended 28 February 2017
4
Tangible fixed assets
Fixtures & fittings
At 28 February 2017
25,530
At 28 February 2017
13,467
At 28 February 2017
12,063
At 29 February 2016
15,763
Trade debtors
40,898
32,545
6
Creditors: amounts falling due within one year
2017
2016
Trade creditors
14,238
(9,207)
Taxes and social security
31,783
14,035
Other creditors
49,151
68,044
7
Creditors: amounts falling due after more than one year
2017
2016
Other creditors
323,295
291,286
8
Operating lease commitments
2017
2016
At 28 February 2017 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
More than five years
15,000
15,000
Restart Business Turnaround and Insolvency Limited
Notes to the Accounts
for the year ended 28 February 2017
9
Transactions with related parties
Interest free loans repayable on demand have been made to the company by the directors. At the end of the year £37,898 was written off leaving a balance of £nil (2016: £22,245) owed to them.
A loan has been made to the company by Restart (Holdings) Limited, the parent company, with interest chargeable at 12.5% per annum. It has been agreed that the loan will not be repaid in the foreseeable future. At the end of the year £323,295 (2016: £291,286) was owing.
FUPA Retirement Benefit Scheme, a pension scheme set up for the benefit of the directors, owns the premises which the company trades from. Rent of £15,000 is paid annually. At the end of the year the company owed the pension scheme £26,250 (2016: £11,250).
Restart BTI LLP, a limited liability partnership under common control charged the company management fees of £281,221 (2016: £237,996). At the end of the year £306 was owed to the LLP (2016: £5,584 owed from the LLP).
Since incorporation, 2nd August 2013, the company's parent and ultimate parent undertaking has
been Restart (Holdings) Limited, a company registered in England and Wales.
11
Average number of employees
During the year the average number of employees was 9 (2016: 8).
