Ron Dicken & Son Screeding Limited - Period Ending 2017-04-30

Registration number: 08038019

Ron Dicken & Son Screeding Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2017

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Ron Dicken & Son Screeding Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 to 11

Ron Dicken & Son Screeding Limited

Company Information

Directors

Mrs JM Dicken Mr AR Dicken

Registered office

St. Kilda 43 Newport Road New Inn Pontypool Torfaen NP4 0NU

Accountants

HSJ Accountants Ltd Severn House Hazell Drive Newport South Wales NP10 8FY

Page 1

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Ron Dicken & Son Screeding Limited
for the Year Ended 30 April 2017

As described on the balance sheet you are responsible for the compilation of the accounts for the year ended 30 April 2017, as set out on pages 3 to 11, and you consider that the company is exempt from an audit. In accordance with your instructions we have compiled the unaudited accounts from the accounting records and from information and explanations supplied to us.

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

7 December 2017

Page 2

Ron Dicken & Son Screeding Limited

(Registration number: 08038019)
Balance Sheet as at 30 April 2017

	Note	2017 £	2016 £
Fixed assets
Intangible assets	4	57,500	69,000
Tangible assets	5	17,383	5,349
		74,883	74,349
Current assets
Debtors	6	6,779	12,308
Cash at bank and in hand		22,501	19,784
		29,280	32,092
Creditors: Amounts falling due within one year	7	(88,794)	(106,085)
Net current liabilities		(59,514)	(73,993)
Net assets		15,369	356
Capital and reserves
Called up share capital	9	220	220
Profit and loss account		15,149	136
Total equity		15,369	356

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 3

Ron Dicken & Son Screeding Limited

(Registration number: 08038019)
Balance Sheet as at 30 April 2017

Approved and authorised by the Board on 7 December 2017 and signed on its behalf by:
 

.........................................

Mr AR Dicken

Director

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 4

Ron Dicken & Son Screeding Limited

Statement of Changes in Equity for the Year Ended 30 April 2017

	Share capital £	Profit and loss account £	Total £
At 1 May 2016	220	136	356
Profit for the year	-	38,013	38,013
Total comprehensive income	-	38,013	38,013
Dividends	-	(23,000)	(23,000)
At 30 April 2017	220	15,149	15,369

	Share capital £	Profit and loss account £	Total £
At 1 May 2015	220	2,200	2,420
Profit for the year	-	17,936	17,936
Total comprehensive income	-	17,936	17,936
Dividends	-	(20,000)	(20,000)
At 30 April 2016	220	136	356

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 5

Ron Dicken & Son Screeding Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

1	General information

The company registration number is: 08038019

The company is a private company limited by share capital incorporated in England & Wales.

The address of its registered office is:
St. Kilda
43 Newport Road
New Inn
Pontypool
Torfaen
NP4 0NU

These financial statements were authorised for issue by the Board on 7 December 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Page 6

Ron Dicken & Son Screeding Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Page 7

Ron Dicken & Son Screeding Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2016 - 4).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 May 2016	115,000	115,000
At 30 April 2017	115,000	115,000
Amortisation
At 1 May 2016	46,000	46,000
Amortisation charge	11,500	11,500
At 30 April 2017	57,500	57,500
Carrying amount
At 30 April 2017	57,500	57,500
At 30 April 2016	69,000	69,000

Page 8

Ron Dicken & Son Screeding Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

5	Tangible assets

	Plant and machinery  £	Total £
Cost or valuation
At 1 May 2016	12,675	12,675
Additions	18,150	18,150
Disposals	(12,671)	(12,671)
At 30 April 2017	18,154	18,154
Depreciation
At 1 May 2016	7,325	7,325
Charge for the year	771	771
Eliminated on disposal	(7,325)	(7,325)
At 30 April 2017	771	771
Carrying amount
At 30 April 2017	17,383	17,383
At 30 April 2016	5,349	5,349

6

Debtors

	2017 £	2016 £
Trade debtors	5,717	11,935
Other debtors	1,062	373
	6,779	12,308

7

Creditors

	Note	2017 £	2016 £
Due within one year
Loans and borrowings	8	68,851	83,815
Trade creditors		3,633	11,708
Taxation and social security		4,583	699
Other creditors		11,727	9,863
		88,794	106,085

Page 9

Ron Dicken & Son Screeding Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

8	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Other borrowings	68,851	83,815

Other borrowings

Directors' loans with a carrying amount of £68,851 (2016 - £83,815).

The directors' loans are unsecured, interest free and repayable on demand.

9	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary shares of £1 each	220	220	220	220

10

Dividends

	2017	2016
	£	£
Interim dividend of £104.55 (2016 - £90.91) per ordinary share	23,000	20,000

11	Related party transactions

Key management personnel

Relationship: Directors

Summary of transactions with key management

During the year the company paid dividends to the director's totalling £23,000 (2016 - £20,000) and remuneration totalling £13,883 (2016 - £16,951). The directors also received pension benefits of £17,000 (2016 - £12,000) from the company. Also during the year the directors made unsecured, interest free, repayable on demand loans to the company totalling £68,851 (2016 - £83,815).

 

Page 10

Ron Dicken & Son Screeding Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

12	Transition to FRS 102

These financial statements for the year ended 30 April 2017 are the first financial statements that comply with FRS 102 Section 1A small entities. The date is transition is 01 May 2015.

The transition to FRS 102 Section 1A small entities has resulted in no changes to the accounting policies to those previously used. There were also no restatements or remeasurements required to the profit and loss account or the balance sheet for the previous or current accounting periods.

Page 11