Regal Blinds Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04976808 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 August 2017

for

Regal Blinds Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

E J Grimshaw

P J Grimshaw

REGISTERED OFFICE:

Unit 2

Spring Street

KEIGHLEY

West Yorkshire

BD21 3LE

REGISTERED NUMBER:

04976808 (England and Wales)

ACCOUNTANTS:

Stirk Lambert & Co

Chartered Accountants

Russell Chambers

61a North Street

Keighley

West Yorkshire

BD21 3DS

BANKERS:

Lloyds TSB Bank plc

6-7 Park Row

Leeds

LS1 1NX

FIXED ASSETS

Intangible assets

5

3

3

Tangible assets

6

149,373

128,600

149,376

128,603

CURRENT ASSETS

Stocks

12,000

12,000

Debtors

7

205,593

254,168

Cash at bank and in hand

325,832

310,974

543,425

577,142

CREDITORS

Amounts falling due within one year

8

516,556

518,948

NET CURRENT ASSETS

26,869

58,194

TOTAL ASSETS LESS CURRENT LIABILITIES

176,245

186,797

CREDITORS

Amounts falling due after more than one year

9

(46,442

)

(67,626

)

PROVISIONS FOR LIABILITIES

(19,767

)

(15,121

)

NET ASSETS

110,036

104,050

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

110,035

104,049

SHAREHOLDERS' FUNDS

110,036

104,050

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 23 November 2017 and were signed on its behalf by:

P J Grimshaw - Director

E J Grimshaw - Director

1.	STATUTORY INFORMATION

Regal Blinds 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to

the nearest £.

2.	STATEMENT OF COMPLIANCE

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.

These financial statements for the year ended 31st August 2017 are the first financial statements that comply with

FRS102. The date of transition os 1st September 2015. The transition to FRS102 has not resulted in any

changes to accounting policies, therefore there has been no impact on the opening equity and profit for the

comparative period.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the amounts received or receivable for goods and services provided to customers, excluding

VAT.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

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.

Development costs 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

10% on cost

Plant and machinery

-

15% on cost

Fixtures and fittings

-

30% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2016 - 29 ) .

5.	INTANGIBLE FIXED ASSETS

Development

Goodwill

costs

Totals

£

£

£

COST

At 1 September 2016

and 31 August 2017

127,109

3

127,112

AMORTISATION

At 1 September 2016

and 31 August 2017

127,109

-

127,109

NET BOOK VALUE

At 31 August 2017

-

3

3

At 31 August 2016

-

3

3

6.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 September 2016

4,814

266,066

14,293

Additions

-

68,946

-

At 31 August 2017

4,814

335,012

14,293

DEPRECIATION

At 1 September 2016

3,093

164,417

14,293

Charge for year

481

38,893

-

Eliminated on disposal

-

-

-

At 31 August 2017

3,574

203,310

14,293

NET BOOK VALUE

At 31 August 2017

1,240

131,702

-

At 31 August 2016

1,721

101,649

-

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 September 2016

50,200

34,034

369,407

Additions

-

-

68,946

Disposals

(12,488

)

-

(12,488

)

At 31 August 2017

37,712

34,034

425,865

DEPRECIATION

At 1 September 2016

25,704

33,300

240,807

Charge for year

5,383

452

45,209

Eliminated on disposal

(9,524

)

-

(9,524

)

At 31 August 2017

21,563

33,752

276,492

NET BOOK VALUE

At 31 August 2017

16,149

282

149,373

At 31 August 2016

24,496

734

128,600

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 September 2016

32,500

34,399

66,899

Transfer to ownership

-

(34,399

)

(34,399

)

At 31 August 2017

32,500

-

32,500

DEPRECIATION

At 1 September 2016

9,750

15,050

24,800

Charge for year

4,875

-

4,875

Transfer to ownership

-

(15,050

)

(15,050

)

At 31 August 2017

14,625

-

14,625

NET BOOK VALUE

At 31 August 2017

17,875

-

17,875

At 31 August 2016

22,750

19,349

42,099

7.

DEBTORS

31.8.17

31.8.16

£

£

Amounts falling due within one year:

Trade debtors

189,658

215,345

Other debtors

1,448

-

Prepayments

14,487

14,046

205,593

229,391

Amounts falling due after more than one year:

Amounts owed by group undertakings

-

24,777

Aggregate amounts

205,593

254,168

The amounts owed by group undertakings are free of interest.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Hire purchase contracts

4,976

11,543

Trade creditors

110,868

126,258

Tax

68,138

52,646

Social security and other taxes

94,094

58,293

Other creditors

391

6,049

Directors' current accounts

216,519

250,559

Accrued expenses

21,570

13,600

516,556

518,948

The amounts owed to group undertakings are free of interest.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.17

31.8.16

£

£

Hire purchase contracts

-

21,184

Amounts owed to group undertakings

46,442

46,442

46,442

67,626

The amounts owed to group undertakings are free of interest.

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.17

31.8.16

£

£

Hire purchase contracts

4,976

32,727

11.	OTHER FINANCIAL COMMITMENTS

The company had total operating lease commitments at the balance sheet date of £153,764.

12.	RELATED PARTY DISCLOSURES

13.	ULTIMATE CONTROLLING PARTY

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary

statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Regal Blinds Limited for the year ended 31 August 2017 which comprise the Statement of

Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting

records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Regal Blinds Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Regal Blinds Limited and state those matters that we have agreed to state to the Board of Directors of Regal Blinds Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Regal Blinds Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Regal Blinds Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Regal Blinds Limited. You consider that Regal Blinds Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Regal Blinds Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Stirk Lambert & Co

Chartered Accountants

Russell Chambers

61a North Street

Keighley

West Yorkshire

BD21 3DS

23 November 2017