Rex Lovelace Limited - Period Ending 2016-09-30

Rex Lovelace Limited - Period Ending 2016-09-30


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Registration number: 00582084

Rex Lovelace Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2016

Kennedy Legg
Accountants
Stafford House
10 Prince Of Wales Road
Dorchester
Dorset
DT1 1PW

 

Rex Lovelace Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Statement of Changes in Equity

4

Notes to the Financial Statements

5 to 7

 

Rex Lovelace Limited

Company Information

Directors

Mrs Veronica Jane Lovelace

Mr Rupert John Aldington Edwards

Registered office

Stafford House
10 Prince Of Wales Road
Dorchester
Dorset
DT1 1PW

Accountants

Kennedy Legg
Accountants
Stafford House
10 Prince Of Wales Road
Dorchester
Dorset
DT1 1PW

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Rex Lovelace Limited
for the Year Ended 30 September 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Rex Lovelace Limited for the year ended 30 September 2016 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Rex Lovelace Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Rex Lovelace Limited and state those matters that we have agreed to state to the Board of Directors of Rex Lovelace Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rex Lovelace Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Rex Lovelace Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Rex Lovelace Limited. You consider that Rex Lovelace Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Rex Lovelace Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Kennedy Legg
Accountants
Stafford House
10 Prince Of Wales Road
Dorchester
Dorset
DT1 1PW

23 May 2017

 

Rex Lovelace Limited

(Registration number: 00582084)
Balance Sheet as at 30 September 2016

Note

2016
£

2015
£

Fixed assets

 

Tangible assets

3

45,671

45,671

Investments

4

756,536

756,549

 

802,207

802,220

Creditors: Amounts falling due within one year

5

(212,070)

(212,070)

Net assets

 

590,137

590,150

Capital and reserves

 

Called up share capital

8,000

8,000

Profit and loss account

582,137

582,150

Total equity

 

590,137

590,150

For the financial year ending 30 September 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 May 2017 and signed on its behalf by:
 

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

Mrs Veronica Jane Lovelace

Director

 

Rex Lovelace Limited

Statement of Changes in Equity for the Year Ended 30 September 2016

Share capital
£

Profit and loss account
£

Total
£

At 1 October 2015

8,000

582,150

590,150

Loss for the year

-

(13)

(13)

Total comprehensive income

-

(13)

(13)

At 30 September 2016

8,000

582,137

590,137

Share capital
£

Profit and loss account
£

Total
£

At 1 October 2014

8,000

582,163

590,163

Loss for the year

-

(13)

(13)

Total comprehensive income

-

(13)

(13)

At 30 September 2015

8,000

582,150

590,150

 

Rex Lovelace Limited

Notes to the Financial Statements for the Year Ended 30 September 2016

1

General information

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

The address of its registered office is:
Stafford House
10 Prince Of Wales Road
Dorchester
Dorset
DT1 1PW
United Kingdom

The principal place of business is:
Honeypuddle
Piddlehinton
Dorchester
Dorset
DT2 7TE

These financial statements were authorised for issue by the Board on 23 May 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.

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

Plant and machinery

Nil

 

Rex Lovelace Limited

Notes to the Financial Statements for the Year Ended 30 September 2016

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.

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.

 

Rex Lovelace Limited

Notes to the Financial Statements for the Year Ended 30 September 2016

3

Tangible assets

Other tangibles
 £

Total
£

Cost or valuation

At 1 October 2015

45,671

45,671

At 30 September 2016

45,671

45,671

Depreciation

Carrying amount

At 30 September 2016

45,671

45,671

At 30 September 2015

45,671

45,671

4

Investments

2016
£

2015
£

Joint ventures and associates

10

10

Lovelace and Strange

756,526

756,539

756,536

756,549

Joint ventures

£

Cost

At 1 October 2015

10

Provision

Carrying amount

At 30 September 2016

10

At 30 September 2015

10

5

Creditors

Note

2016
£

2015
£

Due within one year

 

Other creditors

 

212,070

212,070

6

Dividends

The directors are proposing a final dividend of £Nil (2015 - £Nil) per share totalling £Nil (2015 - £Nil). This dividend has not been accrued in the Balance Sheet.