Rushton Networks Limited - Period Ending 2017-09-30

Registration number: 08209905

Rushton Networks Limited

Unaudited Filleted Accounts

for the Year Ended 30 September 2017

BRC accountants
Aldwych House
Winchester Street
Andover
SP10 2EA

Rushton Networks Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2

Rushton Networks Limited

(Registration number: 08209905)
Balance Sheet as at 30 September 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	132,890	97,617
Investments	5	100	-
		132,990	97,617
Current assets
Debtors	6	98,274	49,429
Cash at bank and in hand		348,743	169,420
		447,017	218,849
Creditors: Amounts falling due within one year	7	(489,483)	(241,054)
Net current liabilities		(42,466)	(22,205)
Total assets less current liabilities		90,524	75,412
Provisions for liabilities		(25,268)	(19,525)
Net assets		65,256	55,887
Capital and reserves
Called up share capital		1,000	1,000
Profit and loss account		64,256	54,887
Total equity		65,256	55,887

For the financial year ending 30 September 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 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. The option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 May 2018 and signed on its behalf by:

......................................... J G Burnell Director

The notes on pages 2 to 5 form an integral part of these financial statements.

Page 1

Rushton Networks Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

1	General information

The company is a private company limited by share capital, incorporated in England & Wales. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The address of its registered office is: Aldwych House, Winchester Street, Andover, SP10 2EA, UK.

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.

Transition to FRS 102

These financial statements are the first financial statements of Rushton Networks Limited to be prepared in accordance with FRS 102. The financial statements for the year ended 30 September 2016 were prepared in accordance with previous UK GAAP. The date of transition is 1 October 2015. In preparing the financial statements the officers have considered that in applying the accounting policies required by FRS 102 a restatement of comparative items was not needed.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Income recognition

Income is recognised when goods and services have been delivered to customers such that risks and rewards of ownership have transferred to them.

Foreign currency transactions and balances

Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of exchange ruling at the date of the transaction. Balances at the year-end denominated in a foreign currency are translated into sterling at the rate of exchange ruling at the balance sheet date.

Deferred tax

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.

Tangible assets

Tangible fixed assets are included at cost less depreciation and impairment.

Page 2

Rushton Networks Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

2	Accounting policies (continued)

Depreciation

Depreciation has been computed to write off the cost of tangible fixed assets over their useful lives as follows:

Asset class	Depreciation method and rate
Office equipment	33.3% straight line
Plant and machinery	20% straight line

Amortisation

Amortisation has been computed to write off the cost of intangible fixed assets over their expected useful lives as follows:

Asset class	Amortisation method and rate
Franchise	20% straight line

Investments

Investments in equities which are publicly traded or where fair value can be reliably measured are included at fair value. Investments in equities which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Leases

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

3	Staff numbers

The average number of persons employed by the company, including directors, during the year was 5 (2016 - 4).

Page 3

Rushton Networks Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 October 2016	4,996	145,201	150,197
Additions	509	73,068	73,577
At 30 September 2017	5,505	218,269	223,774
Depreciation
At 1 October 2016	2,756	49,824	52,580
Charge for the year	1,726	36,578	38,304
At 30 September 2017	4,482	86,402	90,884
Carrying amount
At 30 September 2017	1,023	131,867	132,890
At 30 September 2016	2,240	95,377	97,617

5	Investments

Subsidiaries	£
Cost
Additions	100
At 30 September 2017	100

6

Debtors

	2017 £	2016 £
Trade debtors	69,395	49,087
Prepayments	1,342	342
Other debtors	27,537	-
	98,274	49,429

Page 4

Rushton Networks Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

7

Creditors

Due within one year

	2017 £	2016 £
Amounts owed to group undertakings and undertakings in which the company has a participating interest	100	-
Taxation and social security	36,852	27,118
Accruals and deferred income	6,412	2,190
Other creditors	446,119	211,746
	489,483	241,054

Page 5