R.P.M. Shopfront Manufacturers Limited 31/08/2018 iXBRL

R.P.M. Shopfront Manufacturers Limited 31/08/2018 iXBRL

R.P.M. SHOPFRONT MANUFACTURERS LIMITED - Company Information

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Company Registration Number: 988702
R.P.M. SHOPFRONT MANUFACTURERS LIMITED
Unaudited Filleted Financial Statements
31 August 2018
R.P.M. SHOPFRONT MANUFACTURERS LIMITED
Contents
Balance Sheet
Notes To The Financial Statements
R.P.M. SHOPFRONT MANUFACTURERS LIMITED
Balance Sheet
31 August 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 215,208 211,543
Current assets
Stocks 143,465 136,599
Debtors 6 94,407 116,849
Cash at bank and in hand 34,832 66,106
_________ _________
272,704 319,554
Creditors: amounts falling due
within one year 7 ( 103,704) ( 155,469)
_________ _________
Net current assets 169,000 164,085
_________ _________
Total assets less current liabilities 384,208 375,628
Creditors: amounts falling due
after more than one year 8 ( 16,726) ( 3,777)
_________ _________
Net assets 367,482 371,851
_________ _________
Capital and reserves
Called up share capital 10 3,131 3,131
Profit and loss account 364,351 368,720
_________ _________
Shareholders funds 367,482 371,851
_________ _________
For the year ending 31 August 2018 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 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 Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 October 2018 , and are signed on behalf of the board by:
..............................
Mr E.J. Mitchell
Director
Company Registration Number: 988702
R.P.M. SHOPFRONT MANUFACTURERS LIMITED
Notes To The Financial Statements
Year Ended 31 August 2018
1. General information
The company is a private company limited by shares, registered in the United Kingdom. The address of the registered office is 14, Millers Avenue, Brynmenyn Industrial Estate, nr Bridgend, South Wales, CF32 9TD.
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.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
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.
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
All of the company's financial instruments are basic as defined in FRS 102, and as such are measured at transaction value or amortised cost. Financial assets 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.
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 in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 7 (2017: 9 ).
5. Tangible assets
Freehold and leasehold properties Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 September 2017 204,016 91,663 65,600 361,279
Additions - - 24,974 24,974
Disposals - ( 699) ( 17,224) ( 17,923)
_________ _________ _________ _________
At 31 August 2018 204,016 90,964 73,350 368,330
_________ _________ _________ _________
Depreciation
At 1 September 2017 33,252 75,840 40,644 149,736
Charge for the year 1,742 2,371 11,672 15,785
Disposals - ( 687) ( 11,712) ( 12,399)
_________ _________ _________ _________
At 31 August 2018 34,994 77,524 40,604 153,122
_________ _________ _________ _________
Carrying amount
At 31 August 2018 169,022 13,440 32,746 215,208
_________ _________ _________ _________
At 31 August 2017 170,764 15,823 24,956 211,543
_________ _________ _________ _________
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 August 2018 30,360
_________
At 31 August 2017 21,775
_________
6. Debtors
2018 2017
£ £
Trade debtors 86,764 111,848
Deferred tax asset (note 9) 1,705 3,787
Prepayments and accrued income 1,260 1,214
Other debtors 4,678 -
_________ _________
94,407 116,849
_________ _________
7. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts 13,226 41,713
Trade creditors 32,708 53,060
Social security and other taxes 28,038 27,434
Obligations under finance leases 7,113 9,819
Director loan accounts - 297
Other creditors 22,619 23,146
_________ _________
103,704 155,469
_________ _________
Bank borrowings are secured by a mortgage on the company's leasehold property and a floating charge over the remainder of the company's assets.
8. Creditors: amounts falling due after more than one year
2018 2017
£ £
Obligations under finance leases 16,726 3,777
_________ _________
9. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2018 2017
£ £
Included in debtors (note 6) 1,705 3,787
_________ _________
The deferred tax account consists of the tax effect of timing differences in respect of:
2018 2017
£ £
Accelerated capital allowances ( 11,222) ( 13,349)
Unused tax losses 12,927 17,136
_________ _________
1,705 3,787
_________ _________
10. Called up share capital
Authorised share capital
2018 2017
No £ No £
Ordinary shares of £ 1.00 each 5,000 5,000 5,000 5,000
_________ _________ _________ _________
Issued, called up and fully paid
2018 2017
No £ No £
Ordinary shares of £ 1.00 each 3,131 3,131 3,131 3,131
_________ _________ _________ _________
11. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 11,520 11,520
Later than 1 year and not later than 5 years 43,040 44,960
Later than 5 years 883,200 892,800
_________ _________
937,760 949,280
_________ _________
12. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2018
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr E.J. Mitchell 297 ( 5,975) 1,000 ( 4,678)
_________ _________ _________ _________
2017
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr E.J. Mitchell ( 1,664) ( 1,233) 3,194 297
_________ _________ _________ _________
Ground rent of £9,600 was paid by the company during the year to the director, Mr E.J. Mitchell , in respect of its leasehold trading premises.
13. Controlling party
No single party has overall control of the company, but the director, Mr E.J. Mitchell , and his associates between them hold approximately 56% of the share capital currently in issue.