Robex Limited Company Accounts

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COMPANY REGISTRATION NUMBER: 01828573

Robex Limited

Filleted Unaudited Financial Statements

31 August 2017

Robex Limited

Financial Statements

year ended 31st August 2017

Contents	Pages

Officers and professional advisers	1

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	2

Balance sheet	3 to 4

Notes to the financial statements	5 to 7

Robex Limited

Officers and Professional Advisers

Director	Mr P J Robinson

Company secretary	Mrs S Robinson

Registered office	Pendragon House
	65 London Road
	St. Albans
	Hertfordshire
	AL1 1LJ

Accountants	Gilberts
	Chartered Accountants
	Pendragon House
	65 London Road
	St Albans
	Hertfordshire
	AL1 1LJ

Bankers	National Westminster Bank plc
	12 High Street
	Hitchin
	Hertfordshire
	SG5 1BA

Company registration number 01828573

Robex Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Robex Limited

year ended 31st August 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 Robex Limited for the year ended 31st August 2017, which comprise the balance sheet 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Robex Limited in accordance with the terms of our engagement letter dated 22nd March 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Robex Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Robex Limited and its director for our work or for this report.

It is your duty to ensure that Robex 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 Robex Limited. You consider that Robex 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 Robex 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.

Gilberts Chartered Accountants

Pendragon House 65 London Road St Albans Hertfordshire AL1 1LJ

22 March 2018

Robex Limited

Balance Sheet

31 August 2017

	2017	2016
Note	£	£

Fixed assets

Tangible assets	4	371,953	375,657

Current assets

Debtors	5	6,803	10,811
Cash at bank and in hand		38,105	37,737
		--------	--------
		44,908	48,548

Creditors: amounts falling due within one year	6	189,384	182,042
		----------	----------
Net current liabilities		144,476	133,494
		----------	----------
Total assets less current liabilities		227,477	242,163

Creditors: amounts falling due after more than one year	7	43,130	78,134
		----------	----------
Net assets		184,347	164,029
		----------	----------

Capital and reserves

Called up share capital	2	2
Profit and loss account	184,345	164,027
	----------	----------
Shareholders funds	184,347	164,029
	----------	----------

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 profit and loss account has not been delivered.

For the year ending 31st August 2017 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Robex Limited

Balance Sheet (continued)

31 August 2017

These financial statements were approved by the board of directors and authorised for issue on 22 March 2018 , and are signed on behalf of the board by:

Mr P J Robinson
Director

Company registration number: 01828573

Robex Limited

Notes to the Financial Statements

year ended 31st August 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 Pendragon House, 65 London Road, St Albans, Hertfordshire, AL1 1LJ. The Company's principal activity continued to be that of distribution of industrial coatings.

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'. The principal accounting policies are summarised below. They have all been applied consistently throughout the year and to the preceding year.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. 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 1st September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of turnover 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

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Freehold land and buildings	-	2% straight line
Office equipment	-	25% straight line

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Tangible assets

	Freehold land and buildings	Equipment	Total
	£	£	£
Cost
At 1st September 2016	409,557	341	409,898
Additions	–	458	458
	----------	----	----------
At 31st August 2017	409,557	799	410,356
	----------	----	----------
Depreciation
At 1st September 2016	34,000	241	34,241
Charge for the year	4,000	162	4,162
	----------	----	----------
At 31st August 2017	38,000	403	38,403
	----------	----	----------
Carrying amount
At 31st August 2017	371,557	396	371,953
	----------	----	----------
At 31st August 2016	375,557	100	375,657
	----------	----	----------

5. Debtors

	2017	2016
	£	£
Trade debtors	6,803	10,811
	-------	--------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	20,000	20,000
Trade creditors	83,937	76,080
Accruals and deferred income	3,750	3,750
Social security and other taxes	15,513	16,028
Director loan accounts	66,184	66,184
	----------	----------
	189,384	182,042
	----------	----------

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

	2017	2016
	£	£
Bank loans and overdrafts	43,130	78,134
	--------	--------

In all cases the bank loan is secured by way of first legal charge over the freehold land and buildings owned by the Company.

8. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The Company transitioned to FRS 102 on 1st September 2015.

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