Registered number: 01638665 | ||||||||
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FOR THE YEAR ENDED 31 AUGUST 2017 | ||||||||
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Prepared By: | ||||||||
Gary Revel-Chion | ||||||||
Chartered Accountant | ||||||||
35 Benett Drive | ||||||||
Hove | ||||||||
East Sussex | ||||||||
BN3 6US |
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Raven Waste Paper Company Limited | ||||||||
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ACCOUNTS | ||||||||
FOR THE YEAR ENDED 31 AUGUST 2017 | ||||||||
DIRECTORS | ||||||||
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SECRETARY | ||||||||
Christine Baker | ||||||||
REGISTERED OFFICE | ||||||||
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Surrey | ||||||||
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COMPANY DETAILS | ||||||||
Private company limited by shares registered in EW - England and Wales, registered number 01638665 | ||||||||
ACCOUNTANTS | ||||||||
Gary Revel-Chion | ||||||||
Chartered Accountant | ||||||||
35 Benett Drive | ||||||||
Hove | ||||||||
East Sussex | ||||||||
BN3 6US |
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Raven Waste Paper Company Limited | ||||||||
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ACCOUNTS | ||||||||
FOR THE YEAR ENDED 31 AUGUST 2017 | ||||||||
CONTENTS | ||||||||
Page | ||||||||
Directors' Report | - | |||||||
Accountants' Report | - | |||||||
Statement Of Comprehensive Income | - | |||||||
Balance Sheet | 3 | |||||||
Notes To The Accounts | 4 | |||||||
The following do not form part of the statutory financial statements: | ||||||||
Trading And Profit And Loss Account | - | |||||||
Profit And Loss Account Summaries | - |
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Raven Waste Paper Company Limited | ||||||||
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BALANCE SHEET AT
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2017 | 2016 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Tangible assets | 2 |
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Investment Assets | 3 |
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CURRENT ASSETS | ||||||||||
Debtors | 4 |
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Cash at bank and in hand |
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1,580,907 | 1,026,196 | |||||||||
CREDITORS: Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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494,502 | ||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS: Amounts falling due after more than one year | 6 | 85,516 | 102,638 | |||||||
PROVISIONS FOR LIABILITIES AND CHARGES | 8 |
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NET ASSETS |
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CAPITAL AND RESERVES | ||||||||||
Called up share capital | 9 |
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Profit and loss account | 1,250,357 | 657,574 | ||||||||
SHAREHOLDERS' FUNDS |
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Approved by the board on
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............................. | ||||||||||
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Director | ||||||||||
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Raven Waste Paper Company Limited | ||||||||
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NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 31 AUGUST 2017 | ||||||||||
1. ACCOUNTING POLICIES |
1a. Basis Of Accounting | ||||||||
The accounts have been prepared under the historical cost convention. | ||||||||
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 . |
1b. Depreciation | ||||||||
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Plant and Machinery | straight line 10 - 20% | |||||||
Commercial Vehicles | straight line 20 - 33.3% | |||||||
Equipment | straight line 20% |
1c. Investments | ||||||||
Fixed asset investments are shown at cost less amounts written off. | ||||||||
Provisions are made for permanent fluctuations in value. |
1d. Leases | ||||||||
Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet at their fair value and depreciated over their expected useful lives. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease. All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term. |
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Raven Waste Paper Company Limited | ||||||||
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2. TANGIBLE FIXED ASSETS | ||||||||||||
Plant and | Commercial | |||||||||||
Machinery | Vehicles | Equipment | Total | |||||||||
£ | £ | £ | £ | |||||||||
Cost | ||||||||||||
At 1 September 2016 | 419,793 | 782,530 | 13,032 | 1,215,355 | ||||||||
Additions | 11,709 | 211,852 | 131 | 223,692 | ||||||||
At 31 August 2017 | 431,502 | 994,382 | 13,163 | 1,439,047 | ||||||||
Depreciation | ||||||||||||
At 1 September 2016 | 325,495 | 587,210 | 7,561 | 920,266 | ||||||||
For the year | 17,529 | 76,696 | 1,923 | 96,148 | ||||||||
At 31 August 2017 | 343,024 | 663,906 | 9,484 | 1,016,414 | ||||||||
Net Book Amounts | ||||||||||||
At 31 August 2017 | 88,478 | 330,476 | 3,679 | 422,633 | ||||||||
At 31 August 2016 | 94,298 | 195,320 | 5,471 | 295,089 | ||||||||
Net book value of includes £219,516 (2016: £250,227) in respect of assets held under hire purchase agreements. The amount of depreciation in respect of such assets amounted to £61,120 (2016: £29,367). | ||||||||||||
3. INVESTMENT FIXED ASSETS | |||||
Shares in group companies | |||||
and participating interests | Total | ||||
£ | £ | ||||
Cost | |||||
At 1 September 2016 | 100 | 100 | |||
At 31 August 2017 | 100 | 100 | |||
Amortisation | |||||
Net Book Amounts | |||||
At 31 August 2017 | 100 | 100 | |||
At 31 August 2016 | 100 | 100 | |||
The company's investment in its subsidiary undertaking represents the cost of acquisition of the whole of the ordinary share capital of M B Racing Limited, a company registered in England and Wales, which provides training facilities for greyhounds and kennelling. For the year ended 31 August 2017 the subsidiary made a loss of £17,186 and its net liabilities as at that date were £387,520. The subsidiary company has adopted FRS105 so all assets are stated at historical cost and do not reflect their true market value. The directors of Raven Waste Paper Company Limited are hopeful of the future success of the subsidiary and of the market value of its assets and are therefore prepared to provide financial support as required. | |||||
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Raven Waste Paper Company Limited | ||||||||
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4. DEBTORS | 2017 | 2016 | ||||||
£ | £ | |||||||
Amounts falling due within one year | ||||||||
Trade debtors | 289,654 | 281,862 | ||||||
Amounts due from group companies | 586,075 | 566,181 | ||||||
Prepayments | 40,445 | 34,714 | ||||||
916,174 | 882,757 | |||||||
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2017 | 2016 | |||||||
£ | £ | |||||||
UK corporation tax | 109,231 | 6,407 | ||||||
VAT | 45,850 | 40,352 | ||||||
PAYE control | 6,985 | 7,875 | ||||||
Hire purchase | 84,929 | 87,006 | ||||||
Trade creditors | 94,803 | 99,328 | ||||||
Other creditors | 280,071 | 282,071 | ||||||
Accruals | 8,630 | 8,655 | ||||||
630,499 | 531,694 | |||||||
6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||||||
2017 | 2016 | |||||||
£ | £ | |||||||
Hire purchase due after one year | 85,516 | 102,638 | ||||||
85,516 | 102,638 | |||||||
7. EMPLOYEES | ||||||
2017 | 2016 | |||||
No. | No. | |||||
Average number of employees | 11 | 11 | ||||
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Raven Waste Paper Company Limited | ||||||||
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8. PROVISIONS FOR LIABILITIES | 2017 | 2016 | ||||||
£ | £ | |||||||
Deferred taxation | 36,268 | 28,479 | ||||||
36,268 | 28,479 | |||||||
9. SHARE CAPITAL | 2017 | 2016 | ||||||
£ | £ | |||||||
Allotted, issued and fully paid: | ||||||||
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1000 | 1000 | ||||||
1,000 | 1,000 | |||||||
10. OTHER FINANCIAL COMMITMENTS | ||||||||
At 31 August 2017 the company was committed to making the following payments under non-cancellable operating leases: | ||||||||
2017 | 2016 | |||||||
£ | £ | |||||||
Operating Leases which expire: | ||||||||
After 5 years | 526,225 | 610,421 | ||||||
11. CONTROLLING PARTY | ||||||||
The company is controlled by Mr Martin Baker and Mr Michael Baker by virtue of their controlling shareholding in the company. | ||||||||
12. RELATED PARTY TRANSACTIONS | ||||||||
Other debtors include £586,075 (2016: £569,932) due from M B Racing Limited, a subsidiary of the company. | ||||||||
Creditors due within one year include £280,071 (2016: £282,071) due to directors and related parties. | ||||||||