Wright Rain Environmental Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06867276 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

Wright Rain Environmental Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

N R Palmer

REGISTERED OFFICE:

Ridge Farm

323 Woodlands Road

Woodlands

Southampton

SO40 7GE

REGISTERED NUMBER:

06867276 (England and Wales)

ACCOUNTANTS:

Grant Sellers

Bank Court

Manor Road

Verwood

Dorset

BH31 6DY

FIXED ASSETS

Intangible assets

4

32,500

35,000

Tangible assets

5

8,275

597

40,775

35,597

CURRENT ASSETS

Stocks

30,000

30,000

Debtors

6

415,758

423,291

445,758

453,291

CREDITORS

Amounts falling due within one year

7

426,279

503,535

NET CURRENT ASSETS/(LIABILITIES)

19,479

(50,244

)

TOTAL ASSETS LESS CURRENT LIABILITIES

60,254

(14,647

)

CREDITORS

Amounts falling due after more than one year

8

(59,891

)

(22,001

)

PROVISIONS FOR LIABILITIES

9

(1,572

)

-

NET LIABILITIES

(1,209

)

(36,648

)

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

(1,309

)

(36,748

)

SHAREHOLDERS' FUNDS

(1,209

)

(36,648

)

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 director acknowledges his 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director on 19 December 2018 and were signed by:

N R Palmer - Director

1.	STATUTORY INFORMATION

Wright Rain Environmental 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

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

value added tax and other sales taxes. Turnover is recognised as services are provided.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised

evenly over its estimated useful life of twenty years, which is considered reasonable by the Director.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

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.

Going concern

The director and shareholder N Palmer has agreed to support the company with personal funds whilst it

establishes itself and therefore the accounts are prepared on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2017 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2017

and 31 March 2018

50,000

AMORTISATION

At 1 April 2017

15,000

Charge for year

2,500

At 31 March 2018

17,500

NET BOOK VALUE

At 31 March 2018

32,500

At 31 March 2017

35,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 April 2017

3,351

Additions

8,350

At 31 March 2018

11,701

DEPRECIATION

At 1 April 2017

2,754

Charge for year

672

At 31 March 2018

3,426

NET BOOK VALUE

At 31 March 2018

8,275

At 31 March 2017

597

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

53,868

65,036

Other debtors

361,890

358,255

415,758

423,291

Included within other debtors are prepayments and accrued income of £171,429 (2017: 163,459).

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

14,091

6,488

Hire purchase contracts

4,450

-

Trade creditors

90,456

199,608

Taxation and social security

96,038

33,377

Other creditors

221,244

264,062

426,279

503,535

Included within other creditors are accruals and deferred income of £73,924 (2017: £73,538)

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

55,626

22,001

Hire purchase contracts

4,265

-

59,891

22,001

9.	PROVISIONS FOR LIABILITIES

2018

£

Deferred tax

1,572

Deferred

tax

£

Balance at 1 April 2017

(2,228

)

Provided during year

3,800

Balance at 31 March 2018

1,572

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary shares

£1

100

100

11.	RELATED PARTY DISCLOSURES

At the year end there is a loan of £59,601 (2017: £59,900) due to Mr N Palmer, the director and shareholder of

the company, which is included within other creditors. No interest is currently paid on this loan.

During the year intercompany transactions occurred with Wright Rain Limited, a company in which Mr N

Palmer is a majority shareholder. At the year end 31 March 2018 a balance of £197,080 (2017: £187,678) was

owed by Wright Rain Limited and is included in other creditors.

During the year there were intercompany transactions with Wright Rain Irrigation Limited in which N Palmer is a

sole shareholder. At the year end 31 March 2018 a balance of £4,601 (2017: £4,601) was owed to Wright Rain

Irrigation Limited and is included in other creditors.

During the year there were intercompany transactions with Wright Steel Construction Ltd in which N Palmer is a

sole shareholder. At the year end 31 March 2018 a balance of £6,619 (2016: £4,889) was owed to (2016: by)

Wright Steel Construction Ltd and is included in other creditors.