Rea Distribution Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: NI015148 (Northern Ireland)

Rea Distribution Limited

Unaudited Financial Statements for the Year Ended 31 August 2017

Page

Abridged balance sheet

1

Notes to the financial statements

3

Fixed assets

Tangible assets

4

385,042

356,265

Current assets

Debtors

255,698

240,893

Prepayments and accrued income

7,566

3,217

Cash at bank and in hand

97,832

74,468

361,096

318,578

Creditors

Amounts falling due within one year

(244,282

)

(227,537

)

Net current assets

116,814

91,041

Total assets less current liabilities

501,856

447,306

Creditors

Amounts falling due after more than one year

(97,759

)

(99,106

)

Net assets

404,097

348,200

Capital and reserves

Called up share capital

6

100

100

Retained earnings

403,997

348,100

Shareholders' funds

404,097

348,200

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.

All the members have consented to the preparation of an abridged Income statement and an abridged Balance sheet for the year ended 31 August 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 21 February 2018 and were signed on its behalf by:

Mr J B Rea - Director

1.	Statutory information

Rea Distribution Limited is a private company, limited by shares , registered in Northern Ireland. The

company's registered number and registered office address are as below:

Registered number:

NI015148

Registered office:

62-82 Greystone Road

Antrim

Co. Antrim

BT41 2QN

The presentation currency of the financial statements is the Pound Sterling (£).

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.

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.

Plant and machinery

-

25% Reducing balance

Fixtures and fittings

-

25% Reducing balance

Motor vehicles

-

25% Reducing balance

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of

financial assets and liabilities like trade and other accounts receivable and payable, loans form banks

and other third parties, loans to related parties and investments in non-puttable ordinary shares.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

Hire purchase and leasing commitments

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.

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.

3.	Employees and directors

The average number of employees during the year was 21 (2016 - 22 ) .

4.	Tangible fixed assets

Totals

£

Cost

At 1 September 2016

761,103

Additions

151,610

Disposals

(20,087

)

At 31 August 2017

892,626

Depreciation

At 1 September 2016

404,838

Charge for year

131,504

Eliminated on disposal

(28,758

)

At 31 August 2017

507,584

Net book value

At 31 August 2017

385,042

At 31 August 2016

356,265

5.	Secured debts

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

198,937

195,794

The hire purchase creditors are secured against the asset on which the hire purchase agreement is

taken out on.

6.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100