Company Registration No. 00145372 (England and Wales)
R.E.SALTER(PAPER)LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
R.E.SALTER(PAPER)LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
R.E.SALTER(PAPER)LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Investment properties
3
-
125,000
Current assets
Debtors
4
1,343,596
1,354,679
Cash at bank and in hand
816,596
788,278
2,160,192
2,142,957
Creditors: amounts falling due within one year
5
(16,520)
(58,658)
Net current assets
2,143,672
2,084,299
Total assets less current liabilities
2,143,672
2,209,299
Capital and reserves
Called up share capital
6
10,001
10,001
Capital redemption reserve
10,000
10,000
Profit and loss reserves
2,123,671
2,189,298
Total equity
2,143,672
2,209,299
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 October 2019 and are signed on its behalf by:
C S Baron
Director
Company Registration No. 00145372
R.E.SALTER(PAPER)LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 2 -
1
Accounting policies
Company information
R.E.Salter(Paper)Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Old Steppe House, Brighton Road, Godalming, Surrey, United Kingdom, GU7 1NS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rental income received and loan interest received during the year on an accruals basis.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include deposits held at call with banks
.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price
. Financial assets classified as receivable within one year are not amortised.
R.E.SALTER(PAPER)LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors are
recognised at transaction price.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised at transaction price.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2018 - 3
).
3
Investment property
2019
£
Fair value
At 1 April 2018
125,000
Disposals
(125,000)
At 31 March 2019
-
Investment property comprises £125,000. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 16 March 2017 by Lee Mason & Company Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
R.E.SALTER(PAPER)LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 4 -
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
1,343,596
1,354,679
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
-
2,824
Corporation tax
13,697
33,314
Other creditors
2,823
22,520
16,520
58,658
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
10,001 Ordinary of £1 each
10,001
10,001
7
Directors' transactions
Dividends totalling £51,000 (2018 - £15,003) were paid in the year in respect of shares held by the company's directors.
Included within debtors at the year end is £636,689 (2018 - £645,366) due from our directors
.