Rawlins Davy Limited - Period Ending 2018-04-30
Rawlins Davy Limited - Period Ending 2018-04-30
Registration number:
Rawlins Davy Limited
for the Year Ended 30 April 2018
Chartered Accountants
Suite 5
Brightwater House
Market Place
Ringwood
Hampshire
BH24 1AP
Rawlins Davy Limited
Contents
Company Information |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Rawlins Davy Limited
Company Information
Directors |
Mr N White Mr M Davies Ms J P Smith |
Registered office |
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Accountants |
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Page 1 |
Rawlins Davy Limited
Profit and Loss Account for the Year Ended 30 April 2018
Note |
2018 |
2017 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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(42,270) |
(42,105) |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 2 |
Rawlins Davy Limited
(Registration number: 06490308)
Balance Sheet as at 30 April 2018
Note |
2018 |
2017 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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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 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.
Page 3 |
Rawlins Davy Limited
(Registration number: 06490308)
Balance Sheet as at 30 April 2018
Approved and authorised by the
.........................................
Director
Page 4 |
Rawlins Davy Limited
Statement of Changes in Equity for the Year Ended 30 April 2018
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
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At 1 May 2017 |
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Profit for the year |
- |
- |
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Total comprehensive income |
- |
- |
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Dividends |
- |
- |
( |
( |
At 30 April 2018 |
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Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
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At 1 May 2016 |
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Profit for the year |
- |
- |
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Total comprehensive income |
- |
- |
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Dividends |
- |
- |
( |
( |
At 30 April 2017 |
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Page 5 |
Rawlins Davy Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Page 6 |
Rawlins Davy Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures & fittings |
20% and 10% on cost |
Computer equipment |
25% and 20% on cost |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Straight line over 7 Years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 7 |
Rawlins Davy Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Auditors' remuneration |
2018 |
2017 |
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Other fees to auditors |
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Audit-related assurance services |
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Profit before tax |
Arrived at after charging/(crediting)
2018 |
2017 |
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Depreciation expense |
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Amortisation expense |
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Page 8 |
Rawlins Davy Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 May 2017 |
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At 30 April 2018 |
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Amortisation |
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At 1 May 2017 |
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Amortisation charge |
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At 30 April 2018 |
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Carrying amount |
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At 30 April 2018 |
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At 30 April 2017 |
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Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 May 2017 |
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At 30 April 2018 |
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Depreciation |
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At 1 May 2017 |
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Charge for the year |
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At 30 April 2018 |
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Carrying amount |
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At 30 April 2018 |
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At 30 April 2017 |
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Page 9 |
Rawlins Davy Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Debtors |
2018 |
2017 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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200,000 |
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200,000 |
Page 10 |
Rawlins Davy Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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- |
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2018 |
2017 |
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Current loans and borrowings |
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Bank borrowings |
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- |
Bank overdrafts |
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Other borrowings |
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Bank borrowings
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Other borrowings
Other loans is denominated in pounds with a nominal interest rate of 8%, and the final instalment is due on 31 March 2019. The carrying amount at year end is £169,011 (2017 - £346,526). |
Page 11 |
Rawlins Davy Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Dividends |
Interim dividends paid
2018 |
2017 |
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Interim dividend of £ |
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Related party transactions |
Transactions with directors |
2018 |
At 1 May 2017 |
Advances to directors |
Repayments by director |
At 30 April 2018 |
Mr N White |
||||
Loan from/(to) Company |
3,060 |
|
( |
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Mr M Davies |
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Loans from/(to) Company |
(526) |
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( |
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Ms J P Smith |
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Loans from/(to) Company |
8,010 |
|
( |
|
2017 |
At 1 May 2016 |
Advances to directors |
Repayments by director |
At 30 April 2017 |
Mr N White |
||||
Loan from/(to) Company |
(19,233) |
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( |
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Mr M Davies |
||||
Loans from/(to) Company |
(22,774) |
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( |
( |
Ms J P Smith |
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Loans from/(to) Company |
(990) |
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( |
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Page 12 |
Rawlins Davy Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Dividends paid to directors |
2018 |
2017 |
|||
Mr N White |
||||
£1 Ordinary shares |
77,667 |
65,000 |
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Mr M Davies |
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£1 Ordinary shares |
77,667 |
65,000 |
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Ms J P Smith |
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£1 Ordinary shares |
77,666 |
65,000 |
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Page 13 |