Rayleigh Hi-Fi Sound & Vision Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03744542 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2018

for

Rayleigh Hi-Fi Sound & Vision Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R G Brown

L Brown

R Goddard

SECRETARY:

R G Brown

REGISTERED OFFICE:

132-134 London Road

Southend-On-Sea

Essex

SS1 1PQ

REGISTERED NUMBER:

03744542 (England and Wales)

ACCOUNTANTS:

Sygma Chartered Accountants

1 Sopwith Crescent

Wickford

Essex

SS11 8YU

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

430,579

417,092

430,579

417,092

CURRENT ASSETS

Stocks

546,708

583,749

Debtors

6

55,659

50,109

Cash at bank and in hand

65,462

24,411

667,829

658,269

CREDITORS

Amounts falling due within one year

7

606,499

666,893

NET CURRENT ASSETS/(LIABILITIES)

61,330

(8,624

)

TOTAL ASSETS LESS CURRENT LIABILITIES

491,909

408,468

CREDITORS

Amounts falling due after more than one year

8

(144,392

)

(166,580

)

PROVISIONS FOR LIABILITIES

(27,866

)

(24,660

)

NET ASSETS

319,651

217,228

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

319,551

217,128

SHAREHOLDERS' FUNDS

319,651

217,228

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 24 December 2018 and were signed on its behalf by:

L Brown - Director

1.	STATUTORY INFORMATION

Rayleigh Hi-Fi Sound & Vision 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.

Turnover

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

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

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.

Land and buildings

-

in accordance with the property

Plant and machinery etc

-

25% 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2017 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2017

and 31 March 2018

73,600

AMORTISATION

At 1 April 2017

and 31 March 2018

73,600

NET BOOK VALUE

At 31 March 2018

-

At 31 March 2017

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2017

366,739

201,856

568,595

Additions

-

31,000

31,000

At 31 March 2018

366,739

232,856

599,595

DEPRECIATION

At 1 April 2017

-

151,503

151,503

Charge for year

-

17,513

17,513

At 31 March 2018

-

169,016

169,016

NET BOOK VALUE

At 31 March 2018

366,739

63,840

430,579

At 31 March 2017

366,739

50,353

417,092

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

24,865

5,558

Other debtors

30,794

44,551

55,659

50,109

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans and overdrafts

80,125

61,125

Hire purchase contracts

13,877

6,902

Trade creditors

244,249

334,663

Taxation and social security

78,806

63,907

Other creditors

189,442

200,296

606,499

666,893

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans

121,772

155,077

Hire purchase contracts

22,620

11,503

144,392

166,580

31.3.18

31.3.17

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

64,301