Company Registration No. 02060546 (England and Wales)
S RIDDLER LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2018
PAGES FOR FILING WITH REGISTRAR
S RIDDLER LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
S RIDDLER LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2018
30 November 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
42,442
58,524
Current assets
Stocks
547,519
304,462
Debtors
4
1,663,569
1,351,837
Cash at bank and in hand
121,007
119,426
2,332,095
1,775,725
Creditors: amounts falling due within one year
5
(872,168)
(586,523)
Net current assets
1,459,927
1,189,202
Total assets less current liabilities
1,502,369
1,247,726
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
1,501,369
1,246,726
Total equity
1,502,369
1,247,726
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
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 28 August 2019 and are signed on its behalf by:
L Genge ACA
Director
Company Registration No. 02060546
S RIDDLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 2 -
1
Accounting policies
Company information
S Riddler Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Units 2A/2B, Victoria Industrial Estate, Roche, ST AUSTELL, Cornwall, PL26 8LX.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant & machinery
6.67%, 33.33%, 10% and 20% on the straight line method.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Stocks
Stocks are stated at the lower of
average
cost and
net realisable value, after making due allowance for slow moving items
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
S RIDDLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
1
Accounting policies
(Continued)
- 3 -
1.6
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 statement of financial position 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 cash and bank balances, are
all receivable within one year and are therefore
measured at transaction price including transaction
costs.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans
and
loans from
fellow group companies
,
are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
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
all payable within one year and are therefore
recognised at transaction price.
1.7
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 income statement 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
S RIDDLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 39 (2017 - 40).
3
Tangible fixed assets
Plant & machinery
£
Cost
At 1 December 2017
822,592
Additions
1,590
At 30 November 2018
824,182
Depreciation and impairment
At 1 December 2017
764,068
Depreciation charged in the year
17,672
At 30 November 2018
781,740
Carrying amount
At 30 November 2018
42,442
At 30 November 2017
58,524
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
860,820
709,364
Amounts owed by group undertakings
478,034
587,096
Other debtors
305,886
31,300
1,644,740
1,327,760
Deferred tax asset
18,829
24,077
1,663,569
1,351,837
S RIDDLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 5 -
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
634,157
371,883
Corporation tax
57,219
21,864
Other taxation and social security
32,267
25,780
Other creditors
148,525
166,996
872,168
586,523
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Jane Webb .
The auditor was Phillips Frith LLP.
8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Directors Loan
-
-
185,000
185,000
-
185,000
185,000
This was an interest free loan to the director repayable on demand,
9
Parent company
The ultimate controlling party is Vistgate Limited which owns 100% of the issued share capital of the company. This is the parent company and its registered office is Unit 2a/2b, Victoria Industrial Estate, Roche, St Austell, Cornwall PL26 8LX.
The company is consolidated into the group accounts of Vistgate Limited.