Recreation Road Limited Filleted accounts for Companies House (small and micro)

RECREATION ROAD LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07587125

RECREATION ROAD LIMITED

FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 March 2018

RECREATION ROAD LIMITED

REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF RECREATION ROAD LIMITED

YEAR ENDED 31 MARCH 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Recreation Road Limited for the year ended 31 March 2018, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.

LANGARD LIFFORD HALL LIMITED Accountants and Registered Auditors

Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN

22 October 2018

RECREATION ROAD LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION

31 March 2018

	2018		2017
Note	£	£	£	£

Fixed Assets

Tangible assets	4		36,008		37,903

Current Assets

Debtors	7,741	16,140
Cash at bank and in hand	12,894	18,785
	------------	------------
	20,635	34,925

Creditors: amounts falling due within one year	50,178		57,497
	------------		------------
Net Current Liabilities		29,543		22,572
		------------		------------
Total Assets Less Current Liabilities		6,465		15,331

Creditors: amounts falling due after more than one year	60,962	95,586
	------------	------------
Net Liabilities	( 54,497)	( 80,255)
	------------	------------

Capital and Reserves

Called up share capital	7	7
Profit and loss account	( 54,504)	( 80,262)
	------------	------------
Shareholders Deficit	( 54,497)	( 80,255)
	------------	------------

These abridged 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 31 March 2018 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 abridged 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 abridged financial statements .

RECREATION ROAD LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)

31 March 2018

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 22 October 2018 , and are signed on behalf of the board by:

Dr D S E Pryke

Director

Company registration number: 07587125

RECREATION ROAD LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2018

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lifford Hall, Lifford Lane, Kings Norton, Birmingham, B30 3JN.

2. Statement of Compliance

These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

Attention is drawn to the deficit shown on the company's balance sheet. These accounts have been prepared on the going concern basis as the deficit was created solely from a capital loss on the sale of freehold property. The company is expected to continue trading profitably in the future and has the continuing financial support of its directors.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

The turnover shown in the profit and loss account represents the realisable value of goods and services provided during the year, net of discounts and exclusive of Value Added Tax.

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.

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 and fittings	-	5% reducing balance
Equipment	-	5% 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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities .

4. Tangible Assets

	£
Cost
At 1 April 2017 and 31 March 2018	51,562
	------------
Depreciation
At 1 April 2017	13,659
Charge for the year	1,895
	------------
At 31 March 2018	15,554
	------------
Carrying amount
At 31 March 2018	36,008
	------------
At 31 March 2017	37,903
	------------

5. Financial Instruments at Fair Value

	2018	2017
	£	£

Financial assets measured at fair value through profit or loss

Financial assets measured at fair value through profit or loss	7,741	16,140
	------------	------------

Financial liabilities measured at fair value through profit or loss

Financial liabilities measured at fair value through profit or loss	485	450
	------------	------------

6. Directors' Advances, Credits and Guarantees

At the balance sheet date, the company's directors were collectively owed £79,512 (2017 : £111,708).

7. Related Party Transactions

The company owed £24,662 (2017: £27,402) to Bromsgrove Healthcare Innovations Limited at the year end, by way of commercial loan. This company has certain directors and shareholders in common with Recreation Road Limited. Interest has been charged during the period at a rate of 3.0227% per annum. The company made equipment hire charges to Churchfields Surgery during the year totalling £3,568 (2017: £3,916). Churchfields Surgery is a G.P. partnership of which certain of the partners are directors of Recreation Road Limited.