R P Faulkner Limited - Period Ending 2018-01-31

Registration number: 9326506

R P Faulkner Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2018

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
R P Faulkner Limited
for the Year Ended 31 January 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of R P Faulkner Limited for the year ended 31 January 2018 as set out on pages 2 to 6 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 at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

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

It is your duty to ensure that R P Faulkner Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of R P Faulkner Limited. You consider that R P Faulkner 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 accounts of R P Faulkner 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 accounts.

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

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

5 March 2018

R P Faulkner Limited

(Registration number: 9326506)
Balance Sheet as at 31 January 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	5	1,266	1,687
Current assets
Cash at bank and in hand		102,999	63,432
Creditors: Amounts falling due within one year	6	(88,104)	(59,705)
Net current assets		14,895	3,727
Total assets less current liabilities		16,161	5,414
Provisions for liabilities		(210)	(337)
Net assets		15,951	5,077
Capital and reserves
Called up share capital		100	100
Profit and loss account		15,851	4,977
Total equity		15,951	5,077

For the financial year ending 31 January 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 1 March 2018
 

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

Mr Robert Peter Faulkner

Director

The notes on pages 3 to 6 form an integral part of these financial statements.

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R P Faulkner Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

1	General information

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

The address of its registered office is:
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN
England

The principal place of business is:
19 The Roundabouts
Liss
GU33 7BB
England

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
Motor Vehicle	25% reducing balance

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.

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R P Faulkner Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

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.

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

	2018  No.	2017  No.
Administration and support	3	2

4	Staff numbers

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

	2018  No.	2017  No.
Administration and support	3	2

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R P Faulkner Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

5	Tangible assets

	Motor vehicles  £	Total £
Cost or valuation
At 1 February 2017	3,000	3,000
At 31 January 2018	3,000	3,000
Depreciation
At 1 February 2017	1,313	1,313
Charge for the year	421	421
At 31 January 2018	1,734	1,734
Carrying amount
At 31 January 2018	1,266	1,266
At 31 January 2017	1,687	1,687

6

Creditors

	Note	2018 £	2017 £
Due within one year
Taxation and social security		118	1,880
Other creditors		87,986	57,825
		88,104	59,705

7

Dividends

Interim dividends paid

	2018 £	2017 £
Interim dividend of £100 per each Ordinary share	10,000	10,000

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R P Faulkner Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

8	Related party transactions

Transactions with directors

2018	At 1 February 2017 £	Repayments by director £	Other payments made to company by director £	At 31 January 2018 £
Mr Robert Peter Faulkner
Undated, unsecured and interest free directors loan account which is repayable on demand.	(53,074)	(10,000)	(18,895)	(81,968)

2017	At 1 February 2016 £	Advances to directors £	At 31 January 2017 £
Mr Robert Peter Faulkner
Undated, unsecured and interest free directors loan account which is repayable on demand.	(32,961)	(20,112)	(53,074)

Dividends paid to directors

	2018 £	2017 £
Dividends	5,000	5,000

9	Transition to FRS 102

This is the first year the company has presented its financial statements under Financial Reporting Standard 102 Section 1A (FRS 102) issued by the Financial Reporting Council. The last financial statements, for the year ended 31 January 2017, were prepared under the Financial Reporting Standard for Smaller Entities effective January 2015 (FRSSE 2015). The transition date to FRS 102 was 01 February 2017.

There were no material adjustments required on transition to FRS102 and as such it has not been necessary to restate prior year comparatives following the implementation of FRS102.

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