Residual Barrier Technology Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07008048 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 JUNE 2020

FOR

RESIDUAL BARRIER TECHNOLOGY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs C L Brander

S J Gleghorn

N A Swan

D D McIntosh

REGISTERED OFFICE:

The Die-Pat Centre

Broad March

Daventry

Northamptonshire

NN11 4HE

REGISTERED NUMBER:

07008048 (England and Wales)

ACCOUNTANTS:

Prime

Chartered Accountants

No. 3 Caroline Court

13 Caroline Street

St Paul's Square

Birmingham

B3 1TR

FIXED ASSETS

Tangible assets

4

86,022

85,592

CURRENT ASSETS

Stocks

707,142

86,387

Debtors

5

418,845

29,322

Cash at bank

260,060

141,015

1,386,047

256,724

CREDITORS

Amounts falling due within one year

6

624,633

160,858

NET CURRENT ASSETS

761,414

95,866

TOTAL ASSETS LESS CURRENT LIABILITIES

847,436

181,458

CAPITAL AND RESERVES

Called up share capital

7

61,969

60,636

Share premium

3,126,961

2,928,344

Capital redemption reserve

20

20

Retained earnings

(2,341,514

)

(2,807,542

)

SHAREHOLDERS' FUNDS

847,436

181,458

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 27 October 2020 and were signed on its behalf by:

Mrs C L Brander - Director

1.	STATUTORY INFORMATION

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

Preparation of consolidated financial statements

The financial statements contain information about Residual Barrier Technology Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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.

Property improvements

-

3 years straight line

Plant and machinery

-

15% reducing balance

Fixtures and fittings

-

20% reducing balance

Computer equipment

-

33% reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 that have been enacted or substantively enacted by the balance sheet date.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

Grant income

Revenue grants received are recognised in the profit and loss account in the period of receipt. Where a grant is received towards the cost of plant and machinery, or in respect of costs that span more than one period, then the grant is released to the profit and loss account over either the life of the asset or the life of the project.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

For non-financial assets, the asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of the asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at amortised costs, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for the decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2019 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Property

Plant and

and

Computer

improvements

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 July 2019

23,044

124,017

1,015

25,938

174,014

Additions

-

17,580

-

-

17,580

At 30 June 2020

23,044

141,597

1,015

25,938

191,594

DEPRECIATION

At 1 July 2019

14,118

51,854

221

22,229

88,422

Charge for year

2,976

12,784

166

1,224

17,150

At 30 June 2020

17,094

64,638

387

23,453

105,572

NET BOOK VALUE

At 30 June 2020

5,950

76,959

628

2,485

86,022

At 30 June 2019

8,926

72,163

794

3,709

85,592

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

397,080

19,163

Other debtors

21,765

10,159

418,845

29,322

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

568,163

103,649

Taxation and social security

3,194

4,022

Other creditors

53,276

53,187

624,633

160,858

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

61,969

Ordinary Shares

£1

61,969

60,636

During the period the company issued 1,333 Ordinary £1 shares for a total consideration of £199,950.