Ruxton Enterprises Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03533321 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2017

FOR

RUXTON ENTERPRISES LIMITED

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

Directors:

D H Slater

Mrs E M Slater

Secretary:

Mrs E M Slater

Registered office:

Ruxton Farm

Kings Caple

Hereford

Registered number:

03533321 (England and Wales)

Fixed assets

Tangible assets

4

-

15,497

Current assets

Stocks

5

-

97,500

Debtors

6

18,827

23,539

Cash at bank

-

1,534

18,827

122,573

Creditors

Amounts falling due within one year

7

280,711

383,097

Net current liabilities

(261,884

)

(260,524

)

Total assets less current liabilities

(261,884

)

(245,027

)

Capital and reserves

Called up share capital

8

300,000

300,000

Retained earnings

9

(561,884

)

(545,027

)

Shareholders' funds

(261,884

)

(245,027

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 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 Income statement has not been delivered.

The financial statements were approved by the Board of Directors on 31st January 2018 and were signed on its behalf by:

D H Slater - Director

1.	Statutory information

Ruxton Enterprises 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.

2.	Accounting policies

Basis of preparing the financial statements

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

The balance sheet at the year end shows net liabilities of £261,884, which includes loans from the

directors of £247,924. The directors consider that the company is able to meet its obligations as

they fall due and confirm that they will continue to support the company. Therefore they

consider it appropriate to adopt the going concern basis in preparing these accounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks

Stock and work in progress have been valued at the lower of cost and net realisable value and in

accordance with UITF40. Work in progress is valued as a percentage of the final invoice value

according to the level of completion. The value of work in progress is included within sales in the

profit and loss account and within debtors in the balance sheet.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and

'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the

company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements

when there is a legally enforceable right to set off the recognised amounts and there is an intention

to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are

measured at transaction price less any impairment. Loans receivable are measured initially at fair

value, net of transaction costs, and are measured subsequently at amortised cost using the effective

interest method, less any impairment.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries,

associates or joint ventures, are initially measured at fair value, which is normally the transaction

price. Such assets are subsequently carried at fair value and the changes in fair value are recognised

in profit or loss, except that investments in equity instruments that are not publicly traded and

whose fair values cannot be measured reliably are measured at the cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for

indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result of one or more

events that occurred after initial recognition of the financial asset, the estimated future cash flows

have been affected. If an asset is impaired, the impairment loss is the difference between the

carrying amount and the present value of the estimated cash flows discounted at the assets original

effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment

was recognised, the impairment is reversed. The reversal is such that the current carrying amount

does not exceed what the carrying amount would have been, had the impairment not previously

been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset

expire or are settled, or if some significant risks and rewards of ownership are retained but control

of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated

third party.

Classification of financial liabilities

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 company after deducing all of its liabilities.

Basic financial liabilities, including trade and other payables are measured at the transaction price.

Other financial liabilities, including bank loans and preference shares that are classified as debt,

aremeasured initially at fair value, net of transaction costs, and are measured subsequently at

amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic

financial instruments. Derivatives are initially recognised at fair value on the date a derivative

contract is entered into and are subsequently re-measured at their fair value. Changes in the fair

value of derivatives are recognised in profit or loss in finance costs or finance income as

appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are

discharged or cancelled.

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 balance sheet date.

Deferred tax

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

at the balance sheet 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.

3.	Employees and directors

The average number of employees during the year was 2 (2016 - 2 ) .

4.	Tangible fixed assets

Motor

Equipment

vehicles

Totals

£

£

£

Cost

At 1st April 2016

98,005

30,454

128,459

Disposals

(98,005

)

(30,454

)

(128,459

)

At 31st March 2017

-

-

-

Depreciation

At 1st April 2016

83,357

29,605

112,962

Eliminated on disposal

(83,357

)

(29,605

)

(112,962

)

At 31st March 2017

-

-

-

Net book value

At 31st March 2017

-

-

-

At 31st March 2016

14,648

849

15,497

5.

Stocks

31.3.17

31.3.16

£

£

Brood mares at cost

-

97,500

Stock and work in progress have been valued at the lower of cost and net realisable value and in

accordance with UITF40. Work in progress is valued as a percentage of the final invoice value

according to the level of completion. The value of work in progress is included within sales in the

profit and loss account and within debtors in the balance sheet.

6.

Debtors: amounts falling due within one year

31.3.17

31.3.16

£

£

Trade debtors

7,601

16,027

Other debtors

11,226

7,512

18,827

23,539

7.

Creditors: amounts falling due within one year

31.3.17

31.3.16

£

£

Bank loans and overdrafts

11,408

-

Trade creditors

532

7,107

Social security & other tax

3,385

1,719

Accruals

17,000

13,500

Other creditors

462

1,773

Directors' current accounts

247,924

358,998

280,711

383,097

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

£

300,000

Ordinary shares

1

300,000

300,000

9.

Reserves

Retained

earnings

£

At 1st April 2016

(545,027

)

Deficit for the year

(16,857

)

At 31st March 2017

(561,884

)

10.	Related party disclosures

During the year the company made consultancy sales of £11,970 (2016: £55,633) to Cambrensis

Limited, a company controlled by D H Slater. As at the balance sheet date trade debtors of £6,720

(2016: £1,485) were owed to the company by Cambrensis Limited together with a loan included

within other debtors of 4,725 (2016: £4,725).

During the year the company made purchases from Ruxton Farm Partnership, in which D H

& Mrs E M Slater are partners of £nil (2016: £5,260).

During the year, the directors of the company, used a current account with the company to record

amounts due to them and amounts drawn by them. The balance at the end of the year was £247,924

owed by the company (2016: £358,998).

The horse breeding business (including the breeding stock, plant & equipment and intellectual

property) was sold to the Rock Farm Partnership on 31st October 2016 for £129,900, being the

market value of these assets.

11.	First year adoption

The company prepared its first financial statements that comply with FRS102 Section 1A for the

year ended 31st March 2017. The company's date of transition to FRS102 section 1A is 1st April

2015. The transition has resulted in no changes to accounting policies.