The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for:
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
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 of Part 15 of the Companies Act 2006 relating to small companies.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements were approved by the director on 27 July 2017and were signed by:
Ravenswood Contract Interiors 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
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS
102 has affected the reported financial position and financial performance is given in note 9.
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.
Plant and machinery etc
25% on reducing balance
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow
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 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
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
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.
Trade debtors are recognised and carried at original invoice amount less an allowance for any non-collectable
amounts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad
debts are written off when identified.
Trade creditors are recognised and carried at original invoice amount.
Ms Sarita Kent, a director, controls the company by virtue of a controlling interest of 100% of the issued
ordinary share capital.
FIRST YEAR ADOPTION
The policies applied under the company's previous accounting framework are not materially different to FRS 102
and have not impacted on equity or profit and loss.