R. H. Orange & Son Limited - Period Ending 2019-01-31
R. H. Orange & Son Limited - Period Ending 2019-01-31
Registration number:
R. H. Orange & Son Limited
Filleted
for the Year Ended 31 January 2019
R. H. Orange & Son Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
R. H. Orange & Son Limited
Company Information
Director |
M. R. Orange |
Company secretary |
L. J. Beattie |
Registered office |
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Solicitors |
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Bankers |
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Accountants |
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1 |
R. H. Orange & Son Limited
(Registration number: 04252856)
Statement of Financial Position as at 31 January 2019
Note |
2019 |
2018 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies' regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the option not to file the Income Statement has been taken.
2 |
R. H. Orange & Son Limited
(Registration number: 04252856)
Statement of Financial Position as at 31 January 2019 (continued)
Approved and authorised by the
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3 |
R. H. Orange & Son Limited
Notes to the Financial Statements for the Year Ended 31 January 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are prepared in sterling which is the functional currency of the entity.
Revenue recognition
Turnover represents the value of sales made during the year net of discounts, returns and Value Added Tax. Turnover is recognised at the point of sale.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the 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.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
5% straight line |
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
4 |
R. H. Orange & Son Limited
Notes to the Financial Statements for the Year Ended 31 January 2019 (continued)
2 |
Accounting policies (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
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Fixtures and fittings |
15% reducing balance, 25% straight line |
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Motor vehicles |
25% reducing balance |
Investment property
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
5 |
R. H. Orange & Son Limited
Notes to the Financial Statements for the Year Ended 31 January 2019 (continued)
2 |
Accounting policies (continued) |
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Intangible assets |
Goodwill |
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Cost or valuation |
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At 1 February 2018 |
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At 31 January 2019 |
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Amortisation |
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At 1 February 2018 |
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Amortisation charge |
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At 31 January 2019 |
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Carrying amount |
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At 31 January 2019 |
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At 31 January 2018 |
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Tangible assets |
Land and buildings |
Fixtures and fittings |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 February 2018 |
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Disposals |
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At 31 January 2019 |
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Depreciation |
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At 1 February 2018 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
( |
( |
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At 31 January 2019 |
- |
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Carrying amount |
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At 31 January 2019 |
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At 31 January 2018 |
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6 |
R. H. Orange & Son Limited
Notes to the Financial Statements for the Year Ended 31 January 2019 (continued)
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Tangible assets (continued) |
Included within fixed assets are three investment properties which have been included on the balance sheet at their open market value of £466,950 in line with the accounting policy. The directors have reviewed the carrying value of the investment properties and they do not consider there to be any material change.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are amounts of £5,463 (2017: £7,284) relating to motor vehicles held under finance leases or hire purchase agreements.
Stocks |
2019 |
2018 |
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Other inventories |
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7 |
R. H. Orange & Son Limited
Notes to the Financial Statements for the Year Ended 31 January 2019 (continued)
Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Corporation tax liability |
76,095 |
59,858 |
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Included in Other Creditors are Obligations under Hire Purchase contracts of £5,000 which secured over the assets to which they relate.
Creditors: amounts falling due after more than one year
2019 |
2018 |
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Due after one year |
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Other non-current financial liabilities |
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Included in Other non Current financial liabilities are Obligations under Hire Purchase contracts which secured over the assets to which they relate.
8 |
R. H. Orange & Son Limited
Notes to the Financial Statements for the Year Ended 31 January 2019 (continued)
Related party transactions |
Transactions with directors |
2019 |
At 1 February 2018 |
Advances to director |
At 31 January 2019 |
M. R. Orange |
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Loan to the company |
23,149 |
( |
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2018 |
At 1 February 2017 |
Repayments by director |
At 31 January 2018 |
M. R. Orange |
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Loan to the company |
41,333 |
( |
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9 |