Reach & Rescue Limited Company Accounts

REACH AND RESCUE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07223197

REACH & RESCUE LIMITED

UNAUDITED FINANCIAL STATEMENTS

31 October 2017

REACH & RESCUE LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 2017

Contents	Pages

Officers and professional advisers	1

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3 to 4

Notes to the financial statements	5 to 10

REACH & RESCUE LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	Ms J Taylor
	Mr S L Burke

Registered office	Hanover Buildings
	11-13 Hanover Street
	Liverpool
	Merseyside
	United Kingdom
	L1 3DN

Accountants	ERC Accountants & Business Advisers Limited
	Chartered accountant
	Hanover Buildings
	11-13 Hanover Street
	Liverpool
	L1 3DN

REACH & RESCUE LIMITED

CHARTERED ACCOUNTANT'S REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF REACH & RESCUE LIMITED

YEAR ENDED 31 OCTOBER 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Reach & Rescue Limited for the year ended 31 October 2017, which comprise the statement of financial position and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Reach & Rescue Limited, as a body, in accordance with the terms of our engagement letter dated 18 August 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Reach & Rescue Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Reach & Rescue Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Reach & Rescue Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Reach & Rescue Limited. You consider that Reach & Rescue 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 financial statements of Reach & Rescue 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 financial statements.

ERC Accountants & Business Advisers Limited Chartered accountant

Hanover Buildings 11-13 Hanover Street Liverpool L1 3DN

12 February 2018

REACH & RESCUE LIMITED

STATEMENT OF FINANCIAL POSITION

31 October 2017

	2017		2016
Note	£	£	£

FIXED ASSETS

Tangible assets	5		15,562	17,573

CURRENT ASSETS

Stocks		49,139	31,621
Debtors	6	90,340	88,256
		----------	----------
		139,479	119,877

CREDITORS: Amounts falling due within one year	7	110,946		108,411
		----------		----------
NET CURRENT ASSETS			28,533	11,466
			---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES			44,095	29,039

CREDITORS: Amounts falling due after more than one year	8		2,892	–

PROVISIONS

Taxation including deferred tax	2,957	2,186
	---------	---------
NET ASSETS	38,246	26,853
	---------	---------

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	38,146	26,753
	---------	---------
SHAREHOLDERS FUNDS	38,246	26,853
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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

REACH & RESCUE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 October 2017

For the year ending 31 October 2017 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 12 February 2018 , and are signed on behalf of the board by:

Ms J Taylor

Director

Company registration number: 07223197

REACH & RESCUE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 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 Hanover Buildings, 11-13 Hanover Street, Liverpool, Merseyside, L1 3DN, United Kingdom.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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	-	33% straight line
Office Equipment	-	33% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 3 (2016: 1 ).

5. TANGIBLE ASSETS

Plant and machinery	Office equipment	Total
£	£	£

Cost
At 1 November 2016	25,269	999	26,268
Additions	4,650	2,422	7,072
	---------	-------	---------
At 31 October 2017	29,919	3,421	33,340
	---------	-------	---------
Depreciation
At 1 November 2016	8,221	474	8,695
Charge for the year	8,680	403	9,083
	---------	-------	---------
At 31 October 2017	16,901	877	17,778
	---------	-------	---------
Carrying amount
At 31 October 2017	13,018	2,544	15,562
	---------	-------	---------
At 31 October 2016	17,048	525	17,573
	---------	-------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery
	£

At 31 October 2017	4,394
	-------
At 31 October 2016	–
	-------

6. DEBTORS

	2017	2016
	£	£

Trade debtors	13,821	4,358
Other debtors	76,519	83,898
	---------	---------
	90,340	88,256
	---------	---------

7. CREDITORS: Amounts falling due within one year

	2017	2016
	£	£

Bank loans and overdrafts	17,638	25,741
Trade creditors	48,464	23,329
Corporation tax	26,124	32,008
Social security and other taxes	–	8,179
Other creditors	18,720	19,154
	----------	----------
	110,946	108,411
	----------	----------

The factoring account is secured by fixed and floating charges dated 1 June 2015 over all the company's undertaking or property.

8. CREDITORS: Amounts falling due after more than one year

	2017	2016
	£	£

Other creditors	2,892	–
	-------	----

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

A director has a brought forward advance from the company of £50,342. They received further interest free advances during the year totalling £ 32,950 and repaid amounts totalling £ 33,556 (2016: received interest free advances during the year totalling £57,133 and repaid an amounts totalling £27,776). All advances are repayable on demand. The advance carried forward is £49,736.

10. RELATED PARTY TRANSACTIONS

The following related party transactions were undertaken during the year: A director ; withdrew £ 32,950 and introduced £ 33,556 ; (2016: Received £57,133 and repaid £27,775.82). At the balance sheet date the amount receivable was £ 49,736 (2016: receivable £50,342). A director ; introduced £ 3,556 . At the balance sheet date the amount payable was £ 3,556 . A company related through common control ; received from the company an amount totaling £ 8,145 and loaned to the company amounts totalling £ 7,799 ; (2016: Received £7,630 and charged £19,036). At the balance sheet date the amount payable was £ 3,808 (2016: payable £4,154). A director; has personally guaranteed the business overdraft facility. No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

11. TRANSITION TO FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2015.

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