R & A Moderski Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08000462 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2018

for

R & A MODERSKI LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

Directors:

R Moderski

Mrs A L Moderski

Registered office:

Northside House

69 Tweedy Road

Bromley

Kent

BR1 3WA

Registered number:

08000462 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

Northside House

69 Tweedy Road

Bromley

Kent

BR1 3WA

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to

file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements

and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of R & A Moderski Limited for the year ended 31 March 2018 which comprise the Income

Statement, Balance Sheet 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of R & A Moderski Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of R & A Moderski Limited and state those matters that we have agreed to state to the Board of Directors of R & A Moderski Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R & A Moderski Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that R & A Moderski Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of R & A Moderski Limited. You consider that R & A Moderski Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of R & A Moderski Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Haines Watts

Chartered Accountants

Northside House

69 Tweedy Road

Bromley

Kent

BR1 3WA

18 December 2018

Fixed assets

Tangible assets

4

1,116,637

1,045,381

Current assets

Stocks

25,000

25,000

Debtors

5

182,340

124,843

Cash at bank

18,202

-

225,542

149,843

Creditors

Amounts falling due within one year

6

458,536

412,251

Net current liabilities

(232,994

)

(262,408

)

Total assets less current liabilities

883,643

782,973

Creditors

Amounts falling due after more than one year

7

(111,545

)

(178,603

)

Provisions for liabilities

(175,471

)

(146,298

)

Net assets

596,627

458,072

Capital and reserves

Called up share capital

2

2

Retained earnings

596,625

458,070

Shareholders' funds

596,627

458,072

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 18 December 2018 and were signed on its behalf by:

R Moderski - Director

1.	Statutory information

R & A Moderski Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The preparation of financial statements in conformity with generally accepted accounting practice requires

management to make estimates and judgement that affect the reported amounts of assets and liabilities as well

as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of

revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A review of fixed assets is carried out by

management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as

possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A review of deferred tax is carried out by

management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible,

there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A review of trade debtors is carried out at

the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as

possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be

uncollectable.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

2% on cost

Plant and machinery

-

25% on reducing balance, 20% on reducing balance and 15% on reducing balance

Motor vehicles

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	Employees and directors

The average number of employees during the year was 2 (2017 - 2 ) .

4.	Tangible fixed assets

Improvements

to

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

Cost

At 1 April 2017

-

1,484,395

37,000

1,521,395

Additions

60,290

449,158

-

509,448

Disposals

-

(322,999

)

(34,000

)

(356,999

)

At 31 March 2018

60,290

1,610,554

3,000

1,673,844

Depreciation

At 1 April 2017

-

474,847

1,167

476,014

Charge for year

1,206

236,507

6,729

244,442

Eliminated on disposal

-

(156,553

)

(6,696

)

(163,249

)

At 31 March 2018

1,206

554,801

1,200

557,207

Net book value

At 31 March 2018

59,084

1,055,753

1,800

1,116,637

At 31 March 2017

-

1,009,548

35,833

1,045,381

5.

Debtors: amounts falling due within one year

31.3.18

31.3.17

£

£

Trade debtors

160,642

109,309

Other debtors

21,698

15,534

182,340

124,843

6.

Creditors: amounts falling due within one year

31.3.18

31.3.17

£

£

Bank loans and overdrafts

24,747

69,400

Hire purchase contracts

257,500

147,475

Trade creditors

71,301

30,821

Taxation and social security

13,315

-

Other creditors

91,673

164,555

458,536

412,251

7.

Creditors: amounts falling due after more than one year

31.3.18

31.3.17

£

£

Hire purchase contracts

111,545

178,603