Rustbuster Limited Company Accounts
Rustbuster Limited Company Accounts
COMPANY REGISTRATION NUMBER:
03639350
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for the year ended |
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Financial Statements |
for the year ended 31st May 2017
Contents |
Pages |
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
Statement of financial position |
2 to 3 |
Notes to the financial statements |
4 to 8 |
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Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
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for the year ended 31st May 2017
Bank House
Broad Street
Spalding
PE11 1TB
Dated:
8 January 2018
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Statement of Financial Position |
as at
31 May 2017
2017 |
2016 |
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Note |
£ |
£ |
£ |
£ |
Fixed assets
Tangible assets |
5 |
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Current assets
Stocks |
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Debtors |
6 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
7 |
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Net current assets |
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Total assets less current liabilities |
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Provisions
Taxation including deferred tax |
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Net assets |
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Capital and reserves
Called up share capital |
8 |
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Profit and loss account |
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Shareholders funds |
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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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 financial statements
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Statement of Financial Position (continued) |
as at
31 May 2017
These financial statements were approved by the
board of directors
and authorised for issue on
8 January 2018
, and are signed on behalf of the board by:
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Director |
Company registration number:
03639350
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Notes to the Financial Statements |
for the year ended 31st May 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Welland House, Cradge Bank, Spalding, Lincs, PE11 3AN.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1st June 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Revenue recognition
Income tax
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery |
- |
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Fixtures & fittings |
- |
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Motor vehicles |
- |
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Impairment of fixed assets
Stocks
Provisions
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.
Defined contribution plans
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
8
(2016:
8
).
5.
Tangible assets
Land and buildings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1st June 2016 and 31st May 2017 |
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Depreciation |
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At 1st June 2016 |
– |
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Charge for the year |
– |
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At 31st May 2017 |
– |
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Carrying amount |
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At 31st May 2017 |
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At 31st May 2016 |
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6.
Debtors
2017 |
2016 |
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£ |
£ |
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Trade debtors |
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Corporation tax repayable |
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– |
Other debtors |
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7.
Creditors:
amounts falling due within one year
2017 |
2016 |
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£ |
£ |
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Trade creditors |
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Accruals and deferred income |
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Corporation tax |
– |
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Social security and other taxes |
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Director loan accounts |
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Other creditors |
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– |
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8.
Called up share capital
Issued, called up and fully paid
2017 |
2016 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
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9.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st June 2015.
No transitional adjustments were required in equity or profit or loss for the year.