Reactive Audio Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04335109 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

REACTIVE AUDIO LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr P D Smith

Mr I G Roberts

SECRETARY:

Mr I G Roberts

REGISTERED OFFICE:

651 Knutsford Road

Warrington

Cheshire

WA4 1JJ

REGISTERED NUMBER:

04335109 (England and Wales)

FIXED ASSETS

Tangible assets

4

40,110

42,978

CURRENT ASSETS

Debtors

5

21,083

22,162

Cash at bank

1

2,001

21,084

24,163

CREDITORS

Amounts falling due within one year

6

56,555

51,178

NET CURRENT LIABILITIES

(35,471

)

(27,015

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,639

15,963

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

4,636

15,960

SHAREHOLDERS' FUNDS

4,639

15,963

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 20 December 2018 and were signed on its behalf by:

Mr P D Smith - Director

1.	STATUTORY INFORMATION

Reactive Audio 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 functional and presentation currency of the financial statements is 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Turnover is recognised over the period in which the services are carried out.

Tangible fixed assets

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

Improvements to property

-

15% on reducing balance

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

15% on reducing balance

Financial instruments

FINANCIAL ASSETS

Trade, group and other debtors

Trade, group and other debtors (including accrued income) which are receivable within one year and

which do not constitute a financing transaction are initially measured at the transaction price and

subsequently measured at amortised cost, being the transaction price less any amounts settled and

any impairment losses.

A provision for impairment of trade debtors is established where there is objective evidence that the

amounts due will not be collected according to the original terms of the contract. Impairment losses

are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present

value of the future cash flows discounted using the original effective interest rate. Subsequent

reversals of an impairment loss that objectively relate to an event occurring after the impairment loss

was recognised, are recognised immediately in profit or loss.

FINANCIAL LIABILITIES

Trade, group and other creditors

Trade, group and other creditors (including accruals) payable within one year that do not constitute a

financing transaction are initially measured at the transaction price and subsequently measured at

amortised cost, being transaction price less any amounts settled.

Derecognition of financial assets and liabilities

A financial asset is only derecognised when the contractual rights to cash flows expire or are settled, or

substantially all the risks and rewards of ownership are transferred to another party, or if some

significant risks and rewards of ownership are retained but control of the asset has transferred to

another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability

(or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled

or expires.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 April 2017

13,671

74,250

20,928

8,158

117,007

Additions

-

3,028

-

1,182

4,210

At 31 March 2018

13,671

77,278

20,928

9,340

121,217

DEPRECIATION

At 1 April 2017

10,505

46,164

13,694

3,666

74,029

Charge for year

475

4,667

1,085

851

7,078

At 31 March 2018

10,980

50,831

14,779

4,517

81,107

NET BOOK VALUE

At 31 March 2018

2,691

26,447

6,149

4,823

40,110

At 31 March 2017

3,166

28,086

7,234

4,492

42,978

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/18

31/3/17

£

£

Trade debtors

21,083

22,162

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/18

31/3/17

£

£

Bank loans and overdrafts

12,945

13,828

Trade creditors

524

2,163

Taxation

8,735

10,560

VAT

8,168

8,145

Directors' current accounts

551

1,884

Accrued expenses

25,632

14,598

56,555

51,178

7.	SECURED DEBTS

The following secured debts are included within creditors:

31/3/18

31/3/17

£

£

Bank overdrafts

12,451

7,635

Bank loans

494

6,193

12,945

13,828

The above liabilities are secured by way of a personal guarantee with Mr P. Smith.

8.	RELATED PARTY DISCLOSURES

During the year, total dividends of £44,000 were paid to the directors .

At 31 March 2018 the company owed £551 to a director. No interest has been charged to the company

in respect of this loan which is repayable on demand and classified in creditors due within one year.