Retainagroup Limited - Period Ending 2023-04-30
Retainagroup Limited - Period Ending 2023-04-30
Registration number:
Retainagroup Limited
for the Year Ended 30 April 2023
Retainagroup Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Retainagroup Limited
Company Information
Directors |
WSB Rowe M Johnson J G J Hart C J B Rowe G R Thomas T W Shaw-Dunn |
Registered office |
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Solicitors |
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Bankers |
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Accountants |
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Retainagroup Limited
(Registration number: 03164074)
Balance Sheet as at 30 April 2023
Note |
2023 |
2022 |
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Fixed 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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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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Capital redemption reserve |
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Revaluation reserve |
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Profit and loss account |
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Shareholders' funds |
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Retainagroup Limited
(Registration number: 03164074)
Balance Sheet as at 30 April 2023 (continued)
For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Retainagroup Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Exemption from preparing consolidated financial statements
Retainagroup Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)
2 |
Accounting policies (continued) |
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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.
Retainagroup Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)
2 |
Accounting policies (continued) |
Tangible assets
Tangible assets under the cost model 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.
Leasehold properties are carried at current year value being the fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance Sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified commercial property valuation experts.
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 |
Fixtures, fittings and equipment |
20-33.3% straight line |
Plant and machinery |
12.5-25% straight line |
Motor vehicles |
25% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
Retainagroup Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)
2 |
Accounting policies (continued) |
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 stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Retainagroup Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)
2 |
Accounting policies (continued) |
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Long leasehold land and buildings |
Fixtures, fittings and equipment |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 May 2022 |
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Additions |
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At 30 April 2023 |
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Depreciation |
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At 1 May 2022 |
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Charge for the year |
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At 30 April 2023 |
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Carrying amount |
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At 30 April 2023 |
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At 30 April 2022 |
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A valuation of the land and buildings was performed on 25 March 2021 by TN Davis Chartered Surveyors on a market value basis in the sum of £482,000. The previous valuation of £410,000 was performed on 30 April 2017 by Cliffe-Roberts on the same basis.
Upon reviewing the current market, the directors do not consider the fair value of the property to have altered within the financial year and have therefore retained the same valuation.
Retainagroup Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)
4 |
Tangible assets (continued) |
If the leasehold land and buildings had not been included at valuation they would have been included under the historical cost basis as follows:
2023 |
2022 |
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Cost |
398,227 |
398,227 |
Depreciation b/fwd |
(53,045) |
(45,080) |
Depreciation charge for year |
(7,965) |
(7,965) |
Accumulated depreciation |
(61,010) |
(53,045) |
Net book value |
337,217 |
345,182 |
Included within the net book value of land and buildings above is £482,000 (2022 - £482,000) in respect of long leasehold land and buildings.
Investments |
Subsidiaries |
£ |
Cost or valuation |
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At 1 May 2022 |
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Provision |
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At 1 May 2022 |
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Carrying amount |
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At 30 April 2023 |
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Retainagroup Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)
5 |
Investments (continued) |
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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United Kingdom |
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United Kingdom |
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United Kingdom |
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Subsidiary undertakings |
Retainaguard Limited The principal activity of Retainaguard Limited is |
Retainacar Limited The principal activity of Retainacar Limited is |
Retainacar International Limited The principal activity of Retainacar International Limited is |
Retainagroup Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)
Stocks |
2023 |
2022 |
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Raw materials and consumables |
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Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Other debtors |
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Retainagroup Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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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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Accruals and deferred income |
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Other creditors |
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Provisions for liabilities |
Deferred tax |
Total |
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At 1 May 2022 |
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Increase (decrease) in existing provisions |
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At 30 April 2023 |
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The provision for deferred taxation is made up as follows:
2023 |
2022 |
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Tax losses carried forward |
(9,756) |
(10,327) |
Capital allowances in advance of depreciation |
21,550 |
18,779 |
Revaluation of leasehold property |
20,943 |
15,917 |
32,737 |
24,369 |
Retainagroup Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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37,186 |
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38,869 |
Reserves |
Capital redemption reserve
This is a statutory, non-distributable reserve into which amounts have been transferred following the purchase of the company's own shares out of distributable profits. During the year 16,832 ordinary shares were purchased and cancelled at a cost of £25,248. The increase in the reserve is the nominal value of these shares.
Revaluation reserve
The revaluation reserve relates to the uplift in the valuation of leasehold property less the associated deferred tax provision. No such revaluation has taken place this year. An increase in the deferred tax percentage applied to revaluations has caused a £5,026 reduction in the reserve.
Profit and loss account
This reserve comprises all current and prior year retained profits and losses after deducting distributions made to the company's shareholders, transfers to the revaluation reserve and the purchase of own share capital. As above, during the year the company purchased part of its own share capital at a cost of £25,248. The adjustment to the revaluation reserve resulted in a transfer to this reserve.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Parent and ultimate parent undertaking |
The ultimate controlling party is