|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
|
FOR |
|
R W MACHINES LIMITED |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
|
FOR |
|
R W MACHINES LIMITED |
R W MACHINES LIMITED (REGISTERED NUMBER: 01651239) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
R W MACHINES LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Certified Accountants |
Astral House |
Granville Way |
Bicester |
Oxfordshire |
OX26 4JT |
R W MACHINES LIMITED (REGISTERED NUMBER: 01651239) |
|
BALANCE SHEET |
30 SEPTEMBER 2017 |
|
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
|
CURRENT ASSETS |
Stocks | 5 |
|
|
Debtors | 6 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
8 |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 10 |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
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. |
R W MACHINES LIMITED (REGISTERED NUMBER: 01651239) |
|
BALANCE SHEET - continued |
30 SEPTEMBER 2017 |
|
|
|
|
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
|
|
|
|
|
|
|
|
R W MACHINES LIMITED (REGISTERED NUMBER: 01651239) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
|
1. | STATUTORY INFORMATION |
|
R W Machines Limited is a
|
company's registered number and registered office address can be found on the Company Information page. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Significant judgements and estimates |
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires |
management to exercise its judgement in the process of applying accounting policies. The areas involving a |
higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the |
financial statements, are disclosed in the accounting policies below. |
|
Estimates and judgements are continually evaluated and are based on historical experience and other factors, |
including expectations of future events that are believed to be reasonable under the circumstances. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
|
Revenue is recognised for the sale of goods when the significant risks and rewards of ownership of the goods |
have passed to the buyer (usually on the dispatch of goods), the amount of revenue can be measured reliably, it is |
probable that the economic benefit will flow to the entity and the costs incurred or to be incurred in respect of the |
transaction can be measured reliably. |
|
Tangible fixed assets |
|
Leasehold Improvements | - |
|
Plant & Equipment | - |
|
Office Equipment | - |
|
Fixtures & Fittings | - |
|
Motor Vehicles | - |
|
Computer Equipment | - |
|
|
No depreciation is provided in respect of freehold property. This conflicts with the requirements of the |
Companies Act 2006 that all properties should be depreciated. The directors consider that, as this property is |
being fully maintained and its value is not diminishing, to depreciate it would not give a true and fair view. |
|
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
|
R W MACHINES LIMITED (REGISTERED NUMBER: 01651239) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
|
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
|
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
|
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
|
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. |
|
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rate of exchange at the balance sheet |
date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the |
transaction. Exchange rate differences are taken into account in arriving at the operating result. |
|
Warranty |
The company provides a warranty in respect of the goods sold. The financial statements continue to be prepared |
to reflect this liability and the calculation varies by reference to the sales made. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
R W MACHINES LIMITED (REGISTERED NUMBER: 01651239) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
|
4. | TANGIBLE FIXED ASSETS |
Leasehold | Freehold | Plant & | Office |
Improvements | Property | Equipment | Equipment |
£ | £ | £ | £ |
COST |
At 1 October 2016 |
|
|
|
|
At 30 September 2017 |
|
|
|
|
DEPRECIATION |
At 1 October 2016 |
|
|
|
|
Charge for year |
|
|
|
|
Eliminated on disposal |
|
|
|
|
At 30 September 2017 |
|
|
|
|
NET BOOK VALUE |
At 30 September 2017 |
|
|
|
|
At 30 September 2016 |
|
|
|
|
|
Fixtures | Motor | Computer |
& Fittings | Vehicles | Equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2016 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
|
( |
) |
|
( |
) |
At 30 September 2017 |
|
|
|
|
DEPRECIATION |
At 1 October 2016 |
|
|
|
|
Charge for year |
|
|
|
|
Eliminated on disposal |
|
( |
) |
|
( |
) |
At 30 September 2017 |
|
|
|
|
NET BOOK VALUE |
At 30 September 2017 |
|
|
|
|
At 30 September 2016 |
|
|
|
|
R W MACHINES LIMITED (REGISTERED NUMBER: 01651239) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
|
4. | TANGIBLE FIXED ASSETS - continued |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
Vehicles |
£ |
COST |
At 1 October 2016 |
|
Additions |
|
At 30 September 2017 |
|
DEPRECIATION |
At 1 October 2016 |
|
Charge for year |
|
At 30 September 2017 |
|
NET BOOK VALUE |
At 30 September 2017 |
|
At 30 September 2016 |
|
|
5. | STOCKS |
2017 | 2016 |
£ | £ |
Machines & Parts |
|
|
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade Debtors |
|
|
Other Debtors |
|
|
Prepayments |
|
|
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
|
|
Hire purchase contracts |
|
|
Trade Creditors |
|
|
Taxation |
|
|
Social security and other taxes |
|
|
Other Creditors |
|
|
Directors' current accounts |
|
|
Accruals and deferred income |
|
|
|
|
R W MACHINES LIMITED (REGISTERED NUMBER: 01651239) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
|
8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans more than 5 years |
|
|
Hire purchase contracts |
|
|
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Bank loans more than 5 years | 106,610 | 63,366 |
|
9. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2017 | 2016 |
£ | £ |
Bank overdraft |
|
|
Bank loans |
|
|
Hire purchase contracts |
|
|
|
|
|
The bank overdraft is secured by a personal guarantee provided by D G Thompson-Rowlands of £150,000. |
|
The bank loan is secured by way of a legal charge over the freehold property of the company and a personal |
guarantee provided by D G Thompson-Rowlands. |
|
The hire purchase contracts are secured against the assets to which they relate. |
|
10. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
|
Ordinary | £1 |
|
124 |
|
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
D G Thompson-Rowlands is a party to a rental agreement with the company in respect of rents payable for |
premises occupied by the company. The rental amount included in the financial statements in respect of this |
property is £40,000 (2016: £40,000). No Amounts were outstanding as at the year end. |
|
All transactions are undertaken at arms length on normal commercial terms. |
|
12. | FIRST YEAR ADOPTION |
|
The adoption of FRS 102 did not have a material impact on the financial statements and it was therefore not |
considered necessary to restate the comparative accounting period at the date of transition of 1 October 2015. |