Realistic Home Improvements Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07830649 (England and Wales)

Report of the Directors and

Unaudited Financial Statements

For The Year Ended 31 October 2017

for

Realistic Home Improvements Limited

Page

Company Information

1

Report of the Directors

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTORS:

R Barrett

Mrs J Barrett

REGISTERED OFFICE:

Harscombe House

1 Darklake View

Plymouth

Devon

PL6 7TL

BUSINESS ADDRESS:

Tamar View Nurseries

Callington Road

Saltash

Cornwall

PL12 6PH

REGISTERED NUMBER:

07830649 (England and Wales)

ACCOUNTANTS:

Bromhead

Harscombe House

1 Darklake View

Plymouth

Devon

PL6 7TL

The directors present their report with the financial statements of the company for the year ended 31 October 2017.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2016 to the date of this

report.

R Barrett

Mrs J Barrett

POLITICAL DONATIONS AND EXPENDITURE

The company has donated to various registered charities throughout the year. The aggregate of these donations totals

£2,679 and is included in the profit & loss.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

R Barrett - Director

10 July 2018

FIXED ASSETS

Intangible assets

4

10,997

13,747

Tangible assets

5

52,186

46,039

63,183

59,786

CURRENT ASSETS

Debtors

6

432,846

236,140

Cash at bank

-

2,897

432,846

239,037

CREDITORS

Amounts falling due within one year

7

516,716

310,311

NET CURRENT LIABILITIES

(83,870

)

(71,274

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(20,687

)

(11,488

)

CREDITORS

Amounts falling due after more than one year

8

(10,061

)

(9,124

)

PROVISIONS FOR LIABILITIES

(5,890

)

-

NET LIABILITIES

(36,638

)

(20,612

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(36,738

)

(20,712

)

SHAREHOLDERS' FUNDS

(36,638

)

(20,612

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 10 July 2018 and were signed on its behalf by:

R Barrett - Director

1.	STATUTORY INFORMATION

Realistic Home Improvements Limited 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 represents net invoiced sales of goods, excluding value added tax. Turnover is recognised at the point

of customer acceptance as all goods are made to measure to the customers' specification. Turnover is deferred

based on percentage of completion at the year-end.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

in accordance with the property

Plant and machinery etc

-

25% on reducing balance

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2016 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2016

and 31 October 2017

27,495

AMORTISATION

At 1 November 2016

13,748

Charge for year

2,750

At 31 October 2017

16,498

NET BOOK VALUE

At 31 October 2017

10,997

At 31 October 2016

13,747

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 November 2016

21,391

57,800

79,191

Additions

-

17,120

17,120

Disposals

-

(1,760

)

(1,760

)

At 31 October 2017

21,391

73,160

94,551

DEPRECIATION

At 1 November 2016

-

33,152

33,152

Charge for year

214

10,341

10,555

Eliminated on disposal

-

(1,342

)

(1,342

)

At 31 October 2017

214

42,151

42,365

NET BOOK VALUE

At 31 October 2017

21,177

31,009

52,186

At 31 October 2016

21,391

24,648

46,039

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 November 2016

31,040

Additions

10,925

At 31 October 2017

41,965

DEPRECIATION

At 1 November 2016

and 31 October 2017

17,945

NET BOOK VALUE

At 31 October 2017

24,020

At 31 October 2016

13,095

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Trade debtors

432,253

225,426

Other debtors

593

10,714

432,846

236,140

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Bank loans and overdrafts

15,331

17,893

Hire purchase contracts (see note 9)

5,365

6,454

Trade creditors

83,619

59,698

Taxation and social security

94,967

45,875

Other creditors

317,434

180,391

516,716

310,311

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.17

31.10.16

£

£

Hire purchase contracts (see note 9)

10,061

9,124

9.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.10.17

31.10.16

£

£

Net obligations repayable:

Within one year

5,365

6,454

Between one and five years

10,061

9,124

15,426

15,578

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2017 and

31 October 2016:

31.10.17

31.10.16

£

£

R Barrett

Balance outstanding at start of year

5,299

(6,883

)

Amounts advanced

35,784

27,495

Amounts repaid

(61,615

)

(15,313

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(20,532

)

5,299

The loan is interest free and repayable on demand.

11.	GOING CONCERN

At the year end the balance sheet reflects net current liabilities however the company have the support of the

directors to continue as a going concern.