ACCOUNTS - Final Accounts

R B ELVIN & SON LTD - Company Information

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Registered number: 04899325

R B ELVIN & SON LTD

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

R B ELVIN & SON LTD

COMPANY INFORMATION

Director	M R Elvin


Company secretary	M R Elvin


Registered number	04899325


Registered office	7 The Close
	Norwich
	Norfolk
	NR1 4DJ


Trading Address	Holways
	Church Street
	Great Ellingham
	Attleborough
	Norfolk
	NR17 1LE



Accountants	MA Partners LLP
	Chartered Accountants
	7 The Close
	Norwich
	Norfolk
	NR1 4DJ

R B ELVIN & SON LTD

CONTENTS

	Page
Accountants' Report	1
Balance Sheet	2 - 3
Notes to the Financial Statements	4 - 9

R B ELVIN & SON LTD

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF R B ELVIN & SON LTD
FOR THE YEAR ENDED 30 SEPTEMBER 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 R B Elvin & Son Ltd for the year ended 30 September 2017 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the Company 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 http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the director of R B Elvin & Son Ltd in accordance with the terms of our engagement letter dated 9 March 2018. Our work has been undertaken solely to prepare for your approval the financial statements of R B Elvin & Son Ltd and state those matters that we have agreed to state to the director of R B Elvin & Son Ltd in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R B Elvin & Son Ltd and its director for our work or for this report.

It is your duty to ensure that R B Elvin & Son Ltd 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 or loss of R B Elvin & Son Ltd. You consider that R B Elvin & Son Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of R B Elvin & Son Ltd. 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.

MA Partners LLP

Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ

29 June 2018

Page 1

R B ELVIN & SON LTD

REGISTERED NUMBER: 04899325

BALANCE SHEET

AS AT 30 SEPTEMBER 2017

		2017		2016
Note		£		£

Fixed assets
Tangible assets	5		6,581		7,755
			6,581		7,755
Current assets
Stocks	6	111		967
Debtors: amounts falling due within one year	7	3,075		3,384
Cash at bank and in hand		8,250		7,027
		11,436		11,378
Creditors: amounts falling due within one year	8	(14,755)		(16,611)
Net current liabilities			(3,319)		(5,233)
Total assets less current liabilities			3,262		2,522
Provisions for liabilities
Deferred tax		(1,250)		(1,551)
			(1,250)		(1,551)
Net assets			2,012		971

Capital and reserves
Called up share capital	200	200
Profit and loss account	1,812	771
	2,012	971

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

Page 2

R B ELVIN & SON LTD

REGISTERED NUMBER: 04899325

BALANCE SHEET (CONTINUED)

AS AT 30 SEPTEMBER 2017

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 June 2018.

................................................

M R Elvin

Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

R B ELVIN & SON LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

1.	General information

The Company is a private company incorporated in the United Kingdom and limited by shares. It is registered in England and Wales. The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ.
The company's principle activity is that of building services.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements for the year ended 30 September 2017 are the company’s first financial statements that comply with FRS 102. The company’s date of transition to FRS 102 is 1 October 2015. The company’s last financial statements prepared in accordance with previous UK GAAP were for the year ended 30 September 2016.
The principle accounting policies adopted in the preparation of the financial statements are set out below, remain unchanged from the previous year and have been consistently applied within the same accounts.

The following principal accounting policies have been applied:

2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

R B ELVIN & SON LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

2.Accounting policies (continued)

2.3

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery	-	15%	reducing balance
Motor vehicles	-	25%	reducing balance
Office equipment	-	15%	reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis.

2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

R B ELVIN & SON LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

2.Accounting policies (continued)

2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Employees

The average monthly number of employees, including directors, during the year was 1 (2016 - 2).

Page 6

R B ELVIN & SON LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

4.	Intangible assets

		Goodwill
		£
	Cost
	At 1 October 2016	5,000
	At 30 September 2017	5,000
	Amortisation
	At 1 October 2016	5,000
	At 30 September 2017	5,000
	Net book value
	At 30 September 2017	-
	At 30 September 2016	-

Page 7

R B ELVIN & SON LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

5.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Office equipment	Total
	£	£	£	£
Cost or valuation
At 1 October 2016	3,714	13,338	525	17,577
Additions	649	-	-	649
At 30 September 2017	4,363	13,338	525	18,226
Depreciation
At 1 October 2016	1,966	7,711	146	9,823
Charge for the year on owned assets	360	1,407	57	1,824
At 30 September 2017	2,326	9,118	203	11,647
Net book value
At 30 September 2017	2,037	4,220	322	6,579
At 30 September 2016	1,749	5,627	379	7,755

6.	Stocks
		2017	2016
		£	£

Raw materials	111	117
Work in progress	-	850
	111	967

Debtors

					2017	2016
					£	£


Trade debtors	2,895	3,206
Prepayments and accrued income	180	178
	3,075	3,384

Page 8

R B ELVIN & SON LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

8.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Trade creditors	916	1,436
Corporation tax	1,191	976
Other creditors	11,004	12,780
Accruals and deferred income	1,644	1,419
	14,755	16,611

9.	Related party transactions
	As at 30 September 2017 the company owed the director £11,004 (2016:£12,780). The loan is interest free and repayable on demand.

10.	First time adoption of FRS 102 The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

Page 9