Company Registration No. 08635031 (England and Wales)
Restart Business Turnaround and Insolvency Limited
Unaudited accounts
for the year ended 28 February 2018
Restart Business Turnaround and Insolvency Limited
Unaudited accounts
Contents
Restart Business Turnaround and Insolvency Limited
Company Information
for the year ended 28 February 2018
Directors
K R Cottam
R W Marlow
G G Self
P A Hughes
Company Number
08635031 (England and Wales)
Registered Office
18 Beresford Way
Bridge Business Centre
Chesterfield
Derbyshire
S41 9FG
UK
Accountants
Tax Accounting & Business Solutions Limited
41 North Croft
Atherton
Greater Manchester
M26 0SW
Restart Business Turnaround and Insolvency Limited
Statement of financial position
as at 28 February 2018
Tangible assets
9,172
12,063
Cash at bank and in hand
24,890
15,912
Creditors: amounts falling due within one year
(279,108)
(418,467)
Net current liabilities
(176,089)
(361,657)
Net liabilities
(166,917)
(349,594)
Called up share capital
26
26
Profit and loss account
(166,943)
(349,620)
Shareholders' funds
(166,917)
(349,594)
For the year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 30 November 2018.
K R Cottam
Director
Company Registration No. 08635031
Restart Business Turnaround and Insolvency Limited
Notes to the Accounts
for the year ended 28 February 2018
Restart Business Turnaround and Insolvency Limited is a private company, limited by shares, registered in England and Wales, registration number 08635031. The registered office is 18 Beresford Way, Bridge Business Centre, Chesterfield, Derbyshire, S41 9FG, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% reducing balance
The accounts have been prepared on a going concern basis on the understanding that the directors will continue to support the company financially for the foreseeable future.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Restart Business Turnaround and Insolvency Limited
Notes to the Accounts
for the year ended 28 February 2018
4
Tangible fixed assets
Fixtures & fittings
At 28 February 2018
25,697
At 28 February 2018
16,525
At 28 February 2017
12,063
Trade debtors
73,406
40,898
6
Creditors: amounts falling due within one year
2018
2017
Trade creditors
22,151
14,238
Taxes and social security
25,534
31,783
Other creditors
231,423
372,446
7
Operating lease commitments
2018
2017
At 28 February 2018 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
More than five years
-
15,000
Restart Business Turnaround and Insolvency Limited
Notes to the Accounts
for the year ended 28 February 2018
8
Transactions with related parties
Interest free loans repayable on demand have been made to the company by the directors. At the end of the year £NIL (2017: £37,898) was written off leaving a balance of £18,000 (2017: £NIL) owed to them.
A loan has been made to the company by Restart (Holdings) Limited, the parent company, with interest being charged at 12.5% per annum. It has been agreed that the loan will not be repaid in full and accrued interest of £81,178 has been written back to the P&L account along with capital of £112,375. At the end of the year £140,000 (2017: £323,295) was owing.
FUPA Retirement Benefit Scheme, a pension scheme set up for the benefit of the directors, owns the premises which the company trades from. Rent of £15,000 is paid annually. At the end of the year the company owed the pension scheme £44,250 (2017: £26,250).
Restart BTI LLP, a limited liability partnership under common control charged the company management fees of £238,224 (2017: £281,221). At the end of the year £306 was owed to the LLP (2017: £306).
Since incorporation, 2nd August 2013, the company's parent and ultimate parent undertaking has
been Restart (Holdings) Limited, a company registered in England and Wales.
10
Average number of employees
During the year the average number of employees was 4 (2017: 9).
