Company Registration No. 00145372 (England and Wales)
R.E.SALTER (PAPER) LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
R.E.SALTER (PAPER) LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
R.E.SALTER (PAPER) LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
140,001
235,001
Current assets
Debtors
3
519,207
541,211
Cash at bank and in hand
1,558,566
1,504,341
2,077,773
2,045,552
Creditors: amounts falling due within one year
(16,244)
(47,001)
Net current assets
2,061,529
1,998,551
Total assets less current liabilities
2,201,530
2,233,552
Capital and reserves
Called up share capital
4
10,001
10,001
Revaluation reserve
-
(124,632)
Other reserves
10,000
10,000
Profit and loss account
2,181,529
2,338,183
Shareholders' funds
2,201,530
2,233,552
For the financial year ended 31 March 2016 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 19 December 2016
C S Baron
Director
Company Registration No. 00145372
R.E.SALTER (PAPER) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents rents receivable during the year.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings freehold
nil
Fixtures, fittings & equipment
15% on cost
The directors are of the opinion that the residual value, excluding inflation, of the freehold buildings at the end of their useful economic life to the company is not less than their carrying value in the accounts. The depreciable amount is immaterial and has not been charged during the year. The company has a policy and practice of regular maintenance and repair such that the buildings are kept to their previously assessed standard of performance.
The company considers that the buildings are unlikely to suffer from economic or technological obsolescence.
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2015
236,575
Disposals
(95,000)
At 31 March 2016
141,575
Depreciation
At 1 April 2015 & at 31 March 2016
1,574
Net book value
At 31 March 2016
140,001
At 31 March 2015
235,001
R.E.SALTER (PAPER) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
3
Debtors
Debtors include an amount of £125,000 (2015 - £125,000) which is due after more than one year.
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
10,001 Ordinary of £1 each
10,001
10,001
5
Related party relationships and transactions
Loans to directors
Transactions in relation to loans with directors during the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
J A Salter (deceased) - Loan
3.00
-
42,481
941
34,650
8,772
-
42,481
941
34,650
8,772
The maximum balances outstanding during the year were
J A Salter (Deceased) £42,480 (2015: £nil),
R E Salter
(Deceased) £nil (2015:
£
57,947)
, C S Baron
£nil (2015:
£
2,343)
, M L Salter
£nil (2015:
£
4,569)
and C D Salter
£nil (2015:
£
4,106)
.
During the year the directors loan was transferred from
R E Salter
, former director (Deceased) to J A Salter, director (Deceased).