R J Clayton Limited - Filleted accounts

R J CLAYTON LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 APRIL 2018

Company Registration Number: 07189821

R J CLAYTON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 8

R J CLAYTON LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2018
DIRECTOR
R J Clayton
SECRETARY
K Clayton
REGISTERED OFFICE
16 Broad Field Road
Yarnton
Oxford
OX5 1UL
COMPANY REGISTRATION NUMBER
07189821 England and Wales

R J CLAYTON LIMITED
BALANCE SHEET
AS AT 30 April 2018
			Notes		2018				2017
					£				£
FIXED ASSETS
Intangible assets			5				325,796				239,782
Tangible assets			6				204				408
							326,000				240,190
CURRENT ASSETS
Debtors			7		171,813				90,025
Cash at bank and in hand					3,547				19,668
					175,360				109,693
CREDITORS: Amounts falling due within one year			8		162,487				117,532
NET CURRENT ASSETS / (LIABILITIES)							12,873				(7,839)
TOTAL ASSETS LESS CURRENT LIABILITIES							338,873				232,351
CREDITORS: Amounts falling due after more than one year			9				80,004				24,000
Provisions for liabilities and charges							78				78
NET ASSETS							258,791				208,273
CAPITAL AND RESERVES
Called up share capital							100				100
Distributable profit and loss account							258,691				208,173
SHAREHOLDERS' FUNDS							258,791				208,273
These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
R J Clayton
Director
Date approved by the board: 31 January 2019

R J CLAYTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
1	GENERAL INFORMATION
	R J Clayton Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
	16 Broad Field Road
	Yarnton
	Oxford
	OX5 1UL
	The financial statements are presented in Sterling, which is the functional currency of the company.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Revenue recognition

	Turnover represents the value of the company's share of the trading profits of an accountancy practice.
	The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

	Intangible fixed assets

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

	Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is estimated to be either 4 years or 20 years, dependent on the underlying asset.
	If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Tangible fixed assets

	Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
	Computer equipment					Straight line basis at 20% per annum
	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
	Financial Instruments
	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
	Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Debtors

	Short term debtors are measured at transaction price, less any impairment.

	Creditors
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
	Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

	Current and deferred tax assets and liabilities are not discounted.
	Borrowing costs
	All borrowing costs are recognised in the profit and loss account in the period in which they are incurred.
3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements.

4	EMPLOYEES
	The average number of persons employed by the company (including directors) during the year was:
									2018		2017
	Average number of employees								2		2
5	INTANGIBLE FIXED ASSETS
											Net goodwill
											£
	Cost
	At 1 May 2017										466,973
	Additions										124,666
	At 30 April 2018										591,639
	Accumulated amortisation and impairments
	At 1 May 2017										227,191
	Charge for year										38,652
	At 30 April 2018										265,843
	Net book value
	At 1 May 2017										239,782
	At 30 April 2018										325,796
6	TANGIBLE ASSETS
											Computer equipment
											£
	Cost
	At 1 May 2017										1,020
	At 30 April 2018										1,020
	Accumulated depreciation and impairments
	At 1 May 2017										612
	Charge for year										204
	At 30 April 2018										816
	Net book value
	At 1 May 2017										408
	At 30 April 2018										204
7	DEBTORS
									2018		2017
									£		£
	Other debtors								171,813		90,025
8	CREDITORS: Amounts falling due within one year
									2018		2017
									£		£
	Bank loans and overdrafts								6,624		6,000
	Taxation and social security								31,469		17,658
	Other creditors								124,394		93,874
									162,487		117,532
9	CREDITORS: Amounts falling due after more than one year
									2018		2017
									£		£
	Bank loans and overdrafts								17,905		24,000
	Other creditors								62,099		-
									80,004		24,000