RDC Glass Limited - Period Ending 2017-07-31
RDC Glass Limited - Period Ending 2017-07-31
Registration number:
RDC Glass Limited
trading as
for the Year Ended 31 July 2017
RDC Glass Limited
trading as Splashbacks of Distinction
Contents
Balance Sheet |
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Notes to the Financial Statements |
RDC Glass Limited
trading as Splashbacks of Distinction
(Registration number: 06862718)
Balance Sheet as at 31 July 2017
Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 1 |
RDC Glass Limited
trading as Splashbacks of Distinction
(Registration number: 06862718)
Balance Sheet as at 31 July 2017
For the financial year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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
.........................................
Mr Raymond Coleman
Director
Page 2 |
RDC Glass Limited
trading as Splashbacks of Distinction
Notes to the Financial Statements for the Year Ended 31 July 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
These financial statements for the year ended 31 July 2017 are the first financial statements of
RDC Glass Limited prepared in accordance with FRS 102, The Financial Reporting
Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1
August 2016. The reported financial position and financial performance for the previous period are
not affected by the transition to FRS 102.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements
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 comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Page 3 |
RDC Glass Limited
trading as Splashbacks of Distinction
Notes to the Financial Statements for the Year Ended 31 July 2017
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
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 |
Plant & Machinery |
25% Reducing Balance |
Motor Vehicles |
25% Reducing Balance |
Fixtures & Fittings |
25% Reducing Balance |
Goodwill
Goodwill arose on the incorporation of the director's sole trade business. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation. It is tested for impairment annually. Goodwill is amortised over its useful life of ten years.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10% Straight Line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Page 4 |
RDC Glass Limited
trading as Splashbacks of Distinction
Notes to the Financial Statements for the Year Ended 31 July 2017
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
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.
Leases
Where the company transfers substantially all the risks and rewards of ownership, the arrangement is classified as a finance lease and a receivable is recognised at an amount equal to the net investment in the lease. Recognition of finance income is based on a pattern reflecting a constant periodic rate of return on the lessor's net investment in the finance lease.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 5 |
RDC Glass Limited
trading as Splashbacks of Distinction
Notes to the Financial Statements for the Year Ended 31 July 2017
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 August 2016 |
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At 31 July 2017 |
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Amortisation |
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At 1 August 2016 |
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Amortisation charge |
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At 31 July 2017 |
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Carrying amount |
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At 31 July 2017 |
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At 31 July 2016 |
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Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 August 2016 |
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Additions |
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- |
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Disposals |
( |
- |
( |
( |
At 31 July 2017 |
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Depreciation |
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At 1 August 2016 |
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Charge for the year |
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Eliminated on disposal |
( |
- |
( |
( |
At 31 July 2017 |
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Carrying amount |
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At 31 July 2017 |
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At 31 July 2016 |
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Page 6 |
RDC Glass Limited
trading as Splashbacks of Distinction
Notes to the Financial Statements for the Year Ended 31 July 2017
Stocks |
2017 |
2016 |
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Raw materials and consumables |
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- |
Debtors |
2017 |
2016 |
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Trade debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
- |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2017 |
2016 |
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Due after one year |
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Loans and borrowings |
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Page 7 |
RDC Glass Limited
trading as Splashbacks of Distinction
Notes to the Financial Statements for the Year Ended 31 July 2017
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Other borrowings |
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2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
- |
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Bank overdrafts |
- |
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- |
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Dividends |
2017 |
2016 |
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£ |
£ |
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Interim dividend of £ |
20,000 |
30,750 |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Page 8 |
RDC Glass Limited
trading as Splashbacks of Distinction
Notes to the Financial Statements for the Year Ended 31 July 2017
Related party transactions |
Other transactions with directors |
At the balance sheet date, the director, Mr R Coleman, was owed £69,210 (2016: £73,215) by the company. The loan is provided with no formal terms of repayment and the director charges the company 3% on the balance per annum. £55,211 of this loan is included as a long term creditor. The director received dividends of £10,000 (2016: £15,375) during the year.
Transition to FRS 102 |
No transitional adjustments were required in equity or profit or loss for the year.
Page 9 |