Abbreviated Company Accounts - REACH AND RESCUE LIMITED
Abbreviated Company Accounts - REACH AND RESCUE LIMITED
Registered Number 07223197
REACH AND RESCUE LIMITED
Abbreviated Accounts
31 October 2016
REACH AND RESCUE LIMITED Registered Number 07223197
Abbreviated Balance Sheet as at 31 October 2016
Notes | 2016 | 2015 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Stocks |
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Debtors |
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Creditors: amounts falling due within one year | 3 |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Provisions for liabilities |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 4 |
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Profit and loss account |
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Shareholders' funds |
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For the year ending 31 October 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the Board on
And signed on their behalf by:
REACH AND RESCUE LIMITED Registered Number 07223197
Notes to the Abbreviated Accounts for the period ended 31 October 2016
1Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Plant & Machinery - 33% straight line
Equipment - 33% straight line
Valuation information and policy
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Other accounting policies
All fixed assets are initially recorded at cost.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Deferred taxation
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. 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.
GOING CONCERN
During the period, considerable investment in product development and diversification took place, resulting in the company generating a small loss. The benefit of this investment has already been felt in the first few months of 2016/17, which should show a return to profit for the year as a whole. Therefore, the accounts have been prepared on a going concern basis, which assumed that the Company will continue in operational existence for the foreseeable future.
£ | |
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Cost | |
At 1 November 2015 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 October 2016 |
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Depreciation | |
At 1 November 2015 |
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Charge for the year |
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On disposals |
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At 31 October 2016 |
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Net book values | |
At 31 October 2016 | 17,573 |
At 31 October 2015 | 0 |
2016
£ |
2015
£ |
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Secured Debts |
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5Transactions with directors
Name of director receiving advance or credit: | ||
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Description of the transaction: | ||
Balance at 1 November 2015: | £ |
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Advances or credits made: | £ |
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Advances or credits repaid: | £ |
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Balance at 31 October 2016: | £ |