The Redcar Brook Company Limited 30/09/2017 iXBRL

The Redcar Brook Company Limited 30/09/2017 iXBRL

THE REDCAR BROOK COMPANY LIMITED - Company Information

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Company registration number: 04904115
The Redcar Brook Company Limited
Unaudited filleted financial statements
30 September 2017
The Redcar Brook Company Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
The Redcar Brook Company Limited
Directors and other information
Directors Mr S. R. N. Russell
Mrs M. Russell
Secretary Mrs M. Russell
Company number 04904115
Registered office Unit 8, Acorn Business Park
Woodseats Close
Sheffield
S8 0TB
Bankers Lloyds Bank plc
Church Street
Sheffield
The Redcar Brook Company Limited
Statement of financial position
30 September 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 5 14,653 17,952
Investments 6 205,000 205,000
_______ _______
219,653 222,952
Current assets
Stocks 715,550 2,513,109
Debtors 7 63,250 40,439
Cash at bank and in hand 231,265 -
_______ _______
1,010,065 2,553,548
Creditors: amounts falling due
within one year 8 ( 259,796) ( 628,269)
_______ _______
Net current assets 750,269 1,925,279
_______ _______
Total assets less current liabilities 969,922 2,148,231
Creditors: amounts falling due
after more than one year 9 ( 600,000) ( 2,092,196)
_______ _______
Net assets 369,922 56,035
_______ _______
Capital and reserves
Called up share capital 100 100
Revaluation reserve 13,747 13,747
Profit and loss account 356,075 42,188
_______ _______
Shareholders funds 369,922 56,035
_______ _______
For the year ending 30 September 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 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.
These financial statements were approved by the board of directors and authorised for issue on 24 August 2018 , and are signed on behalf of the board by:
Mr S. R. N. Russell
Director
Company registration number: 04904115
The Redcar Brook Company Limited
Statement of changes in equity
Year ended 30 September 2017
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 October 2015 100 13,747 29,726 43,573
Profit for the year 12,462 12,462
_______ _______ _______ _______
Total comprehensive income for the year - - 12,462 12,462
_______ _______ _______ _______
At 30 September 2016 and 1 October 2016 100 13,747 42,188 56,035
Profit for the year 313,887 313,887
_______ _______ _______ _______
Total comprehensive income for the year - - 313,887 313,887
_______ _______ _______ _______
At 30 September 2017 100 13,747 356,075 369,922
_______ _______ _______ _______
The Redcar Brook Company Limited
Notes to the financial statements
Year ended 30 September 2017
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 8, Acorn Business Park, Woodseats Close, Sheffield, S8 0TB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 1111.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property - 5 % straight line
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 10 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Staff costs
The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).
The aggregate payroll costs incurred during the year were:
2017 2016
£ £
Wages and salaries 45,000 16,000
Social security costs 5,083 1,461
_______ _______
50,083 17,461
_______ _______
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 October 2016 and 30 September 2017 31,817 10,347 15,823 57,987
_______ _______ _______ _______
Depreciation
At 1 October 2016 20,930 5,347 13,758 40,035
Charge for the year 1,591 1,050 658 3,299
_______ _______ _______ _______
At 30 September 2017 22,521 6,397 14,416 43,334
_______ _______ _______ _______
Carrying amount
At 30 September 2017 9,296 3,950 1,407 14,653
_______ _______ _______ _______
At 30 September 2016 10,887 5,000 2,065 17,952
_______ _______ _______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 October 2016 and 30 September 2017 205,000 205,000
_______ _______
Impairment
At 1 October 2016 and 30 September 2017 - -
_______ _______
Carrying amount
At 30 September 2017 205,000 205,000
_______ _______
At 30 September 2016 205,000 205,000
_______ _______
7. Debtors
2017 2016
£ £
Other debtors 63,250 40,439
_______ _______
8. Creditors: amounts falling due within one year
2017 2016
£ £
Bank loans and overdrafts - 404,793
Trade creditors 11,803 123,981
Corporation tax 82,840 2,840
Social security and other taxes 5,083 161
Other creditors 160,070 96,494
_______ _______
259,796 628,269
_______ _______
9. Creditors: amounts falling due after more than one year
2017 2016
£ £
Bank loans and overdrafts - 1,492,196
Other creditors 600,000 600,000
_______ _______
600,000 2,092,196
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2017
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr S. R. N. Russell ( 75,132) ( 19,571) ( 94,703)
_______ _______ _______
2016
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr S. R. N. Russell ( 75,132) - ( 75,132)
_______ _______ _______
11. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.