The Remedial Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06798060 (England and Wales)

Financial Statements for the Year Ended 31 December 2017

for

The Remedial Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr P T Dawson

SECRETARY:

Mrs L E Wilson

REGISTERED OFFICE:

1st Floor

14 Castle Street

Liverpool

L2 0NE

REGISTERED NUMBER:

06798060 (England and Wales)

INDEPENDENT AUDITORS:

PricewaterhouseCoopers LLP

141 Bothwell Street

Glasgow

G2 7EQ

FIXED ASSETS

Tangible assets

3

1,097

1,562

CURRENT ASSETS

Debtors

4

18,972

11,205

Cash at bank

36,110

11,134

55,082

22,339

CREDITORS

Amounts falling due within one year

5

23,823

56,459

NET CURRENT ASSETS/(LIABILITIES)

31,259

(34,120

)

TOTAL ASSETS LESS CURRENT LIABILITIES

32,356

(32,558

)

PROVISIONS FOR LIABILITIES

7

186

266

NET ASSETS/(LIABILITIES)

32,170

(32,824

)

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

32,070

(32,924

)

SHAREHOLDERS' FUNDS

32,170

(32,824

)

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 3 April 2018 and were signed by:

Mr P T Dawson - Director

1.	STATUTORY INFORMATION

The Remedial Company 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 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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Office equipment

-

33% on cost and 20% on cost

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.

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.

3.	TANGIBLE FIXED ASSETS

Plant and

Office

machinery

equipment

Totals

£

£

£

COST

At 1 January 2017

4,140

2,846

6,986

Additions

183

110

293

At 31 December 2017

4,323

2,956

7,279

DEPRECIATION

At 1 January 2017

4,140

1,284

5,424

Charge for year

37

721

758

At 31 December 2017

4,177

2,005

6,182

NET BOOK VALUE

At 31 December 2017

146

951

1,097

At 31 December 2016

-

1,562

1,562

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

13,749

5,143

Other debtors

1,606

1,468

VAT

-

119

Prepayments and accrued income

3,617

4,475

18,972

11,205

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

3,909

3,204

Amounts owed to group undertakings

-

30,732

Tax

3,232

-

Social security and other taxes

6,393

5,807

Other creditors

2,745

2,721

Accruals and deferred income

7,544

13,995

23,823

56,459

6.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

14,626

23,189

The amount above represents the total payable over the entire period of each lease agreement.

7.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

Accelerated capital allowances

186

266

Deferred

tax

£

Balance at 1 January 2017

266

Credit to Profit and Loss Account during year

(80

)

Balance at 31 December 2017

186

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

1

100

100

9.

RESERVES

Retained

earnings

£

At 1 January 2017

(32,924

)

Profit for the year

64,994

At 31 December 2017

32,070

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Christopher Meyrick (Senior Statutory Auditor)

for and on behalf of PricewaterhouseCoopers LLP

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