The Remedial Company Limited - Accounts to registrar (filleted) - small 18.2
The Remedial Company Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2017 |
for |
The Remedial Company Limited |
The Remedial Company Limited (Registered number: 06798060) |
Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
The Remedial Company Limited |
Company Information |
for the Year Ended 31 December 2017 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
141 Bothwell Street |
Glasgow |
G2 7EQ |
The Remedial Company Limited (Registered number: 06798060) |
Balance Sheet |
31 December 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | 9 | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director on |
The Remedial Company Limited (Registered number: 06798060) |
Notes to the Financial Statements |
for the Year Ended 31 December 2017 |
1. | STATUTORY INFORMATION |
The Remedial Company Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
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. |
The directors have a reasonable expectation that the company has adequate resources to continue in operational |
existence for the foreseeable future. The company therefore continues to adopt the going concern basis in |
preparing its financial statements. |
Significant judgements and estimates |
The preparation of the Financial Statements requires management to make judgements, estimates and |
assumptions that affect the application of the accounting policies and reported amounts of assets, liabilities, |
income and expenses. Actual results may differ from these estimates. Estimates and assumptions are reviewed on |
an ongoing basis and revisions to estimates are recognised in the period in which the estimate is revised and in |
any future periods affected. |
The directors are of the opinion that there are no matters of significant judgement and estimation which are |
material to the financial statements. |
Turnover/revenue recognition |
Turnover relates to the principal activity of the company being repair of windows, doors and conservatories and |
is represented by the net invoiced sale of services excluding value added taxes. |
Tangible fixed assets |
Plant and machinery | - |
Office equipment | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
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. |
The Remedial Company Limited (Registered number: 06798060) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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 |
timing difference. |
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. |
Pension costs and other post-retirement benefits |
The company makes contributions into a UK defined contribution pension scheme. Contributions payable are |
charged to profit or loss in the period to which they relate. |
Financial instruments |
Financial assets and liabilities are recognised when the Company becomes a party to the contractual provisions |
of the instrument and are classified in accordance with their underlying economic reality. The Company has two |
main categories of financial instruments, which are loans and other receivables and other financial liabilities: |
Loans and other receivables |
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not |
quoted in an active market. Upon recognition, these assets are measured at fair value less directly related |
transaction expenses. In successive periods these are measured at amortised cost, and any differences between |
acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest |
method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal |
value less any allowance for credit losses. |
Other financial liabilities |
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive |
periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is |
accounted for over the borrowing period by using the effective interest method. If transaction costs are |
immaterial and the credit period is short, amortised cost is equal to the nominal value. |
Impairment of financial instruments |
A provision for impairment is established when there is objective evidence that, as a result of one or more events |
that occurred after the initial recognition, the estimated future cash flows have been impacted. |
The Remedial Company Limited (Registered number: 06798060) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
3. | TANGIBLE FIXED ASSETS |
Plant and | Office |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2017 |
Additions |
At 31 December 2017 |
DEPRECIATION |
At 1 January 2017 |
Charge for year |
At 31 December 2017 |
NET BOOK VALUE |
At 31 December 2017 |
At 31 December 2016 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments and accrued income |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
6. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2017 | 2016 |
£ | £ |
Within one year |
The amount above represents the total payable over the entire period of each lease agreement. |
The Remedial Company Limited (Registered number: 06798060) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
7. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 January 2017 |
Credit to Profit and Loss Account during year | ( |
) |
Balance at 31 December 2017 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
9. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2017 | ( |
) |
Profit for the year |
At 31 December 2017 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
The Remedial Company Limited (Registered number: 06798060) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
11. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group or the ultimate parent company Kinnell Holdings |
Limited. |
At 31 December 2017, an amount of £72 (2016: £24) was due from Kinnell Holdings Limited, the parent |
company of The Remedial Company Limited. This amount is included within trade debtors. |
Furthermore, at 31 December 2017 an amount of £Nil (2016: £114) was due to Kinnell Holdings Limited. This |
amount is included within other creditors. |
Balances due from fellow subsidiary companies of Kinnell Holdings Limited at 31 December 2017 were as |
follows: £217 due from Kinnell Corporate Limited (2016: £210); £554 due from Guarantee Protection Insurance |
Limited (2016: £186); £6,885 due from Warranty Services Limited (2016: £4,305); and £87 due from |
Confederation Holdings Limited (2016: £84). These amounts are included within trade debtors. |
Certass Limited is a related party of the Kinnell Holdings Limited Group due to common control. Included |
within trade debtors at the year end is an amount of £1,438 (2016: £475) due from Certass Limited. |
12. | ULTIMATE PARENT COMPANY |
The Ultimate Parent Company of The Remedial Company Limited is Kinnell Holdings Limited, registered in |
Scotland, SC295513. Mr P T Dawson is considered to be the ultimate controlling party due to his majority |
shareholding in Kinnell Holdings Limited |