The Read School Enterprises Limited Company Accounts

THE READ SCHOOL ENTERPRISES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03567217

The Read School Enterprises Limited

Filleted Unaudited Financial Statements

For the year ended

31 August 2017

The Read School Enterprises Limited

Financial Statements

Year ended 31 August 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	2

The Read School Enterprises Limited

Statement of Financial Position

31 August 2017

	2017		2016
Note	£	£	£	£

Current assets

Debtors	5	1,878	2,389
Cash at bank and in hand		1,515	369
		-------	-------
		3,393	2,758

Creditors: amounts falling due within one year	6	3,546		2,911
		-------		-------
Net current liabilities			153		153
			----		----
Total assets less current liabilities			( 153)		( 153)
			----		----

Capital and reserves

Called up share capital	5	5
Profit and loss account	( 158)	( 158)
	----	----
Shareholders funds	( 153)	( 153)
	----	----

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 income statement has not been delivered.

For the year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 30 May 2018 , and are signed on behalf of the board by:

P H Watt

Director

Company registration number: 03567217

The Read School Enterprises Limited

Notes to the Financial Statements

Year ended 31 August 2017

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Main Road, DRAX, Selby, North Yorkshire, YO8 8NL, England.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

The turnover shown in the profit and loss account represents amounts invoiced during the year.

(d) Current & deferred tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date . Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference .

(e) Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities .

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2016: 5)

5. Debtors

	2017	2016
	£	£
Trade debtors	1,878	2,389
	-------	-------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	3,546	2,911
	-------	-------

7. Related party transactions

All the directors of the company are Governors of Read School but have no financial interest in the transactions.

8. Transition to FRS 102

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

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