RM Sport Gear Ltd - Accounts to registrar (filleted) - small 17.3

RM SPORT GEAR LTD

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D Jack

E J Jenkins

REGISTERED OFFICE:

2 Villiers Court

40 Upper Mulgrave Road

Cheam

Surrey

SM2 7AJ

REGISTERED NUMBER:

09625624 (England and Wales)

ACCOUNTANTS:

Halsey & Co (Accountants) Ltd.

Chartered Certified Accountants

Registered Auditors

2 Villiers Court

40 Upper Mulgrave Road

Cheam

Surrey

SM2 7AJ

FIXED ASSETS

Intangible assets

4

-

4,000

CURRENT ASSETS

Stocks

5

3,673

6,558

Debtors

6

18,493

6,844

Cash at bank

33,368

1,989

55,534

15,391

CREDITORS

Amounts falling due within one year

7

42,753

20,895

NET CURRENT ASSETS/(LIABILITIES)

12,781

(5,504

)

TOTAL ASSETS LESS CURRENT LIABILITIES

12,781

(1,504

)

CAPITAL AND RESERVES

Called up share capital

6

3

Retained earnings

12,775

(1,507

)

SHAREHOLDERS' FUNDS

12,781

(1,504

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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.

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 15th March 2018 and were signed on its behalf by:

D Jack - Director

1.	STATUTORY INFORMATION

RM Sport Gear Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st January 2017

5,000

Disposals

(5,000

)

At 31st December 2017

-

AMORTISATION

At 1st January 2017

1,000

Eliminated on disposal

(1,000

)

At 31st December 2017

-

NET BOOK VALUE

At 31st December 2017

-

At 31st December 2016

4,000

5.

STOCKS

31.12.17

31.12.16

£

£

Stocks

3,673

6,558

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

18,493

5,228

VAT

-

1,616

18,493

6,844

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade creditors

5,135

20,725

Tax

25,482

-

VAT

11,849

-

Other creditors

120

-

Directors' current accounts

167

170

42,753

20,895

8.	FIRST YEAR ADOPTION

There have been no significant changes in accounting policies for the company as the result of transition to

FRS102.