RBS Building Services Limited Company Accounts

RBS BUILDING SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04576102

RBS BUILDING SERVICES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2017

RBS BUILDING SERVICES LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

RBS BUILDING SERVICES LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

Director	Mr D Manchester

Company secretary	Mrs E L Manchester

Registered office	168 Church Road
	Hove
	East Sussex
	BN3 2DL

Accountants	UHY Hacker Young
	Chartered accountant
	168 Church Road
	Hove
	BN3 2DL

RBS BUILDING SERVICES LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	5	14,000	17,500
Tangible assets	6	38,953	16,670
		---------	---------
		52,953	34,170

Current assets

Stocks		2,000	2,000
Debtors	7	255,865	186,009
		----------	----------
		257,865	188,009

Creditors: amounts falling due within one year	8	275,789		181,956
		----------		----------
Net current (liabilities)/assets			( 17,924)	6,053
			---------	---------
Total assets less current liabilities			35,029	40,223

Creditors: amounts falling due after more than one year	9		29,517	39,637

Provisions

Taxation including deferred tax	5,106	132
	---------	---------
Net assets	406	454
	---------	---------

RBS BUILDING SERVICES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	22	22
Profit and loss account	384	432
	----	----
Shareholders funds	406	454
	----	----

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 statement of comprehensive income has not been delivered.

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

Director's 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 director acknowledges his 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 11 September 2018 , and are signed on behalf of the board by:

Mr D Manchester
Director

Company registration number: 04576102

RBS BUILDING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL. The principal activity of the company during the year was building and shopfitting.

2. Statement of compliance

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

3. Accounting policies

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.

Going concern

The financial statements have been prepared under the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends upon the continuing support of the company's banker and directors.

If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of the assets to their recoverable amounts and to provide for further liabilities that might arise. The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income 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 pay or recover 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures & fittings	-	25% reducing balance
Motor vehilces	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2016: 6 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2017 and 31 December 2017	35,000
	---------
Amortisation
At 1 January 2017	17,500
Charge for the year	3,500
	---------
At 31 December 2017	21,000
	---------
Carrying amount
At 31 December 2017	14,000
	---------
At 31 December 2016	17,500
	---------

6. Tangible assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 January 2017	103,264	54,875	158,139
Additions	9,062	28,990	38,052
Disposals	–	( 37,095)	( 37,095)
	----------	---------	----------
At 31 December 2017	112,326	46,770	159,096
	----------	---------	----------
Depreciation
At 1 January 2017	90,714	50,755	141,469
Charge for the year	5,403	7,581	12,984
Disposals	–	( 34,310)	( 34,310)
	----------	---------	----------
At 31 December 2017	96,117	24,026	120,143
	----------	---------	----------
Carrying amount
At 31 December 2017	16,209	22,744	38,953
	----------	---------	----------
At 31 December 2016	12,550	4,120	16,670
	----------	---------	----------

7. Debtors

	2017	2016
	£	£
Trade debtors	145,040	12,512
Other debtors	110,825	173,497
	----------	----------
	255,865	186,009
	----------	----------

Other debtors include £82,000 (2016: £66,400) recoverable due to dividends being paid in excess of the legally distributable reserves of the company.

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	26,239	18,470
Trade creditors	121,414	126,107
Corporation tax	4,811	7,701
Social security and other taxes	29,144	19,462
Other creditors	94,181	10,216
	----------	----------
	275,789	181,956
	----------	----------

The bank loan shown in creditors falling due within one year and after more than one year is secured by way of a debenture on the company and a personal guarantee given by the director Mr D Manchester .

9. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	29,517	39,637
	---------	---------

10. Directors' loans

Included within creditors falling due in less than one year are directors' loans totalling £318 (2016: £144). These loans are interest free and repayable on demand.