RGM Vent Limited Company Accounts

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COMPANY REGISTRATION NUMBER: NI602044

RGM Vent Limited

Unaudited Financial Statements

31 March 2017

PKF-FPM ACCOUNTANTS LTD

Chartered accountant

Unit 1, Building 10

Central Park

Mallusk

Co Antrim

BT36 4FS

RGM Vent Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

RGM Vent Limited

Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of RGM Vent Limited

Year ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of RGM Vent Limited for the year ended 31 March 2017, which comprise the 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 Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the Board of Directors of RGM Vent Limited, as a body, in accordance with the terms of our engagement letter dated 4 June 2015. Our work has been undertaken solely to prepare for your approval the financial statements of RGM Vent Limited and state those matters that we have agreed to state you, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than RGM Vent Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that RGM Vent 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 RGM Vent Limited. You consider that RGM Vent 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 RGM Vent 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.

PKF-FPM ACCOUNTANTS LTD Chartered accountant

Unit 1, Building 10 Central Park Mallusk Co Antrim BT36 4FS

7 November 2017

RGM Vent Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	6	119,869	179,781
Tangible assets	7	162,948	152,855
		---------	---------
		282,817	332,636

Current assets

Stocks	8	1,028,111	998,140
Debtors	9	318,289	478,043
Cash at bank and in hand		251,464	3,361
		------------	------------
		1,597,864	1,479,544

Creditors: amounts falling due within one year	10	900,715		924,388
		------------		------------
Net current assets			697,149	555,156
			---------	---------
Total assets less current liabilities			979,966	887,792

Creditors: amounts falling due after more than one year	11	125,145	221,364
		---------	---------
Net assets		854,821	666,428
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	854,721	666,328
	---------	---------
Members funds	854,821	666,428
	---------	---------

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 31 March 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 .

RGM Vent Limited

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 7 November 2017 , and are signed on behalf of the board by:

Mr R Murphy

Director

Company registration number: NI602044

RGM Vent Limited

Notes to the Financial Statements

Year ended 31 March 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 Unit 1, 30 Church Road, Ballynure, County Antrim, BT39 9UF.

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 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 14.

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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	33% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

Plant & Machinery	-	25% reducing balance
Fixtures & Fittings	-	25% reducing balance
Motor Vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to 46 (2016: 37).

5. Profit before taxation

Profit before taxation is stated after charging:

	2017	2016
	£	£
Amortisation of intangible assets	59,912	7,445
Depreciation of tangible assets	42,031	49,629
	--------	--------

6. Intangible assets

	Goodwill
	£
Cost
At 1 Apr 2016 and 31 Mar 2017	187,226
	---------
Amortisation
At 1 April 2016	7,445
Charge for the year	59,912
	---------
At 31 March 2017	67,357
	---------
Carrying amount
At 31 March 2017	119,869
	---------
At 31 March 2016	179,781
	---------

7. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2016	169,037	56,789	53,107	278,933
Additions	40,471	11,653	–	52,124
	---------	--------	--------	---------
At 31 March 2017	209,508	68,442	53,107	331,057
	---------	--------	--------	---------
Depreciation
At 1 April 2016	68,521	21,068	36,489	126,078
Charge for the year	28,700	9,869	3,462	42,031
	---------	--------	--------	---------
At 31 March 2017	97,221	30,937	39,951	168,109
	---------	--------	--------	---------
Carrying amount
At 31 March 2017	112,287	37,505	13,156	162,948
	---------	--------	--------	---------
At 31 March 2016	100,516	35,721	16,618	152,855
	---------	--------	--------	---------

8. Stocks

	2017	2016
	£	£
Raw materials and consumables	35,000	60,000
Work in progress	993,111	938,140
	------------	---------
	1,028,111	998,140
	------------	---------

9. Debtors

	2017	2016
	£	£
Trade debtors	310,128	462,801
Other debtors	8,161	15,242
	---------	---------
	318,289	478,043
	---------	---------

10. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	–	63,695
Trade creditors	388,084	495,087
Corporation tax	21,853	25,275
Social security and other taxes	196,496	123,102
Other creditors	294,282	217,229
	---------	---------
	900,715	924,388
	---------	---------

11. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Other creditors	125,145	221,364
	---------	---------

12. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	Balance brought forward and outstanding
	2017	2016
	£	£
Mr R Murphy	( 62,228)	( 161,458)
Ms K Murphy	( 4,665)	–
Mr Grant	( 17,251)	( 5,222)
	--------	---------
	(84,144)	(166,680)
	--------	---------

13. Related party transactions

The company was under the control of the directors throughout the current and previous year. The directors of RGM Vent Ltd, advanced monies to the company during the year. Included in Other Creditors at the year end are amounts due to the directors of £84,143.71.' .

14. Transition to FRS 102

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

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