Rga Power Engineering Limited - Period Ending 2017-01-31

Registration number: 07133033

Rga Power Engineering Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2017

Principle Accounting Limited
Association of Accounting Technicians
Ribble Court
1 Mead Way
Shuttleworth Mead
Padiham
Lancashire
BB12 7NG

Rga Power Engineering Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 7

Rga Power Engineering Limited

Company Information

Director

Mr Ronald Behan

Registered office

24 Southgate Urmston Manchester M41 9FS

Accountants

Principle Accounting Limited Association of Accounting Technicians Ribble Court 1 Mead Way Shuttleworth Mead Padiham Lancashire BB12 7NG

Page 1

Rga Power Engineering Limited

(Registration number: 07133033)
Balance Sheet as at 31 January 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	105	158
Current assets
Stocks	5	-	1,600
Cash at bank and in hand		112,494	103,174
		112,494	104,774
Creditors: Amounts falling due within one year	6	(6,912)	(8,847)
Net current assets		105,582	95,927
Net assets		105,687	96,085
Capital and reserves
Called up share capital		1	1
Profit and loss account		105,686	96,084
Total equity		105,687	96,085

For the financial year ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

Approved and authorised by the director on 21 April 2017
 

.........................................

Mr Ronald Behan

Director

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

Rga Power Engineering Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
24 Southgate
Urmston
Manchester
M41 9FS

These financial statements were authorised for issue by the director on 21 April 2017.

2	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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

FRS102 Transition
The entity transitioned from previous UK GAAP to FRS102 as at 1 January 2015.
Details of how FRS102 has affected the reported financial postion and financial performance is given in notes to the accounts.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of the directors there are no critical accounting judgements and key sources of estimation and uncertainty.

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.

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
Office equipment	33.33% on reducing balance

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Rga Power Engineering Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

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.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

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.

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.

Financial instruments

Classification
Financial liabiltiies and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contact that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilties. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
 
 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2016 - 1).

Page 4

Rga Power Engineering Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 February 2016	850	850
At 31 January 2017	850	850
Depreciation
At 1 February 2016	692	692
Charge for the year	53	53
At 31 January 2017	745	745
Carrying amount
At 31 January 2017	105	105
At 31 January 2016	158	158

5

Stocks

	2017 £	2016 £
Work in progress	-	1,600

6

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		2	2
Amounts owed to group undertakings and undertakings in which the company has a participating interest		2,024	3,677
Other creditors		4,886	5,168
		6,912	8,847

7

Dividends

	2017	2016
	£	£
Interim dividend of £6,000.00 (2016 - £15,000.00) per ordinary share	6,000	15,000

Page 5

Rga Power Engineering Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

8	Parent and ultimate parent undertaking

The ultimate controlling party is Ronald Behan (Director).

9	Transition to FRS 102

No transitional adjustments were required in equity or profit and loss for the year.

Balance Sheet at 1 February 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets		235	-	-	235
Current assets
Stocks		2,400	-	-	2,400
Cash at bank and in hand		97,643	-	-	97,643
		100,043	-	-	100,043
Creditors: Amounts falling due within one year		(5,984)	-	-	(5,984)
Net current assets		94,059	-	-	94,059
Net assets		94,294	-	-	94,294
Capital and reserves
Called up share capital		(1)	-	-	(1)
Profit and loss account		(94,293)	-	-	(94,293)
Total equity		(94,294)	-	-	(94,294)

Page 6

Rga Power Engineering Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

Balance Sheet at 31 January 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets		158	-	-	158
Current assets
Stocks		1,600	-	-	1,600
Cash at bank and in hand		103,174	-	-	103,174
		104,774	-	-	104,774
Creditors: Amounts falling due within one year		(8,847)	-	-	(8,847)
Net current assets		95,927	-	-	95,927
Net assets		96,085	-	-	96,085
Capital and reserves
Called up share capital		(1)	-	-	(1)
Profit and loss account		(96,084)	-	-	(96,084)
Total equity		(96,085)	-	-	(96,085)

Page 7