| Remec Engineering Services (Burnley) Limited |
| Registered number: |
02908470 |
| Balance Sheet |
| as at 31 January 2018 |
|
| Notes |
|
|
2018 |
|
|
2017 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
3 |
|
|
243,860 |
|
|
260,117 |
| Tangible assets |
4 |
|
|
106,339 |
|
|
49,654 |
|
|
|
|
350,199 |
|
|
309,771 |
|
| Current assets |
| Stocks |
|
|
27,190 |
|
|
29,667 |
| Debtors |
5 |
|
85,415 |
|
|
148,251 |
| Cash at bank and in hand |
|
|
3,101 |
|
|
4,889 |
|
|
|
115,706 |
|
|
182,807 |
|
| Creditors: amounts falling due within one year |
6 |
|
(225,662) |
|
|
(347,403) |
|
| Net current liabilities |
|
|
|
(109,956) |
|
|
(164,596) |
|
| Total assets less current liabilities |
|
|
|
240,243 |
|
|
145,175 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(56,026) |
|
|
(20,962) |
|
| Provisions for liabilities |
|
|
|
(19,445) |
|
|
(2,817) |
|
|
| Net assets |
|
|
|
164,772 |
|
|
121,396 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Profit and loss account |
|
|
|
164,672 |
|
|
121,296 |
|
| Shareholder's funds |
|
|
|
164,772 |
|
|
121,396 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
| Mr P Furness |
| Director |
| Approved by the board on 10 May 2018 |
|
| Remec Engineering Services (Burnley) Limited |
| Notes to the Accounts |
| for the year ended 31 January 2018 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Intangible fixed assets |
|
Goodwill represents the excess of the cost of acqusition of unincorporated businesses over the fair value of net assets required. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years. This is based on the longevity of the business, given its longstanding period of existence. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant & Equipment |
25% reducing balance |
|
Motor vehicles |
25% reducing balance |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
| 2 |
Employees |
2018 |
|
2017 |
| Number |
Number |
|
|
Average number of persons employed by the company |
13 |
|
13 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Intangible fixed assets |
Goodwill |
| £ |
|
|
Cost |
|
At 1 February 2017 |
325,145 |
|
At 31 January 2018 |
325,145 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 February 2017 |
65,028 |
|
Provided during the year |
16,257 |
|
At 31 January 2018 |
81,285 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 January 2018 |
243,860 |
|
At 31 January 2017 |
260,117 |
|
|
|
|
|
|
|
|
|
|
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years. |
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
Plant & machinery |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 February 2017 |
41,699 |
|
58,268 |
|
99,967 |
|
Additions |
1,382 |
|
67,503 |
|
68,885 |
|
Disposals |
- |
|
(744) |
|
(744) |
|
At 31 January 2018 |
43,081 |
|
125,027 |
|
168,108 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 February 2017 |
19,754 |
|
30,559 |
|
50,313 |
|
Charge for the year |
3,309 |
|
8,147 |
|
11,456 |
|
At 31 January 2018 |
23,063 |
|
38,706 |
|
61,769 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 January 2018 |
20,018 |
|
86,321 |
|
106,339 |
|
At 31 January 2017 |
21,945 |
|
27,709 |
|
49,654 |
|
|
|
|
|
|
|
|
|
|
|
|
| 5 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
|
|
Trade debtors |
73,301 |
|
137,158 |
|
Other debtors |
12,114 |
|
11,093 |
|
|
|
|
|
|
85,415 |
|
148,251 |
|
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Bank loan and overdraft |
57,128 |
|
65,399 |
|
Obligations under finance lease and hire purchase contracts |
28,831 |
|
- |
|
Trade creditors |
77,925 |
|
69,985 |
|
Corporation tax |
12,515 |
|
16,538 |
|
Other taxes and social security costs |
3,202 |
|
23,257 |
|
Other creditors |
46,061 |
|
172,224 |
|
|
|
|
|
|
225,662 |
|
347,403 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Bank loan |
8,387 |
|
20,962 |
|
Obligations under finance lease and hire purchase contracts |
47,639 |
|
- |
|
|
|
|
|
|
56,026 |
|
20,962 |
|
|
|
|
|
|
|
|
|
|
The bank loan is secured by a legal charge over the premises owned personally by the directors. |
|
| 8 |
Related party transactions |
|
|
Included within other creditors is an amount of £42,596 (2017: £132,528) due Mr P Furness, a director of the company. During the year the director introduced cash into the company of £15,000 and withdrew £104,932 from the company. During the year dividends amounting to £17,000 (2017: £nil) were paid.
Included within other creditors is an amount of £1,835 (2017: £20,619) due to Mr R Furness, a director of the company. During the year the director introduced cash into the company of £15,000 and withdrew £33,784 from the company. During the year dividends amounting to £17,000 (2017: £nil) were paid. |
|
|
| 9 |
Controlling party |
|
|
The company was under the control of its directors, who controlled all of the company's issued share capital, throughout the whole of the current and previous year. |
|
|
| 10 |
Other information |
|
|
Remec Engineering Services (Burnley) Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Summit Works |
|
Manchester Road |
|
Burnley |
|
Lancashire |
|
BB11 5HG |
