Registration number:
Raymac Properties Ltd
for the Year Ended 31 January 2017
Chartered Certified Accountants
5 Ducketts Wharf
South Street
Bishops Stortford
Hertfordshire
CM23 3AR
Raymac Properties Ltd
Contents
Company Information |
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Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
Raymac Properties Ltd
Company Information
Director |
R McCormack |
Company secretary |
VM McCormack |
Registered office |
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Accountants |
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Raymac Properties Ltd
(Registration number: 03640187)
Abridged Balance Sheet as at 31 January 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
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Raymac Properties Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 January 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
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Raymac Properties Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 January 2017
Depreciation
No depreciation is provided on the freehold land and buildings. It is company policy to maintain its buildings to a high standard and because of this they maintain a residual disposal value, based on prices prevailing at the date of purchase or subsequent valuation, at least equal to their book value and accordingly no provision for depreciation is made.
Asset class |
Depreciation method and rate |
Land and Buildings |
Not depreciated |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Raymac Properties Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 January 2017
Tangible assets |
Total |
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Cost or valuation |
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At 1 February 2016 |
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At 31 January 2017 |
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Depreciation |
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Carrying amount |
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At 31 January 2017 |
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At 31 January 2016 |
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Included within the net book value of land and buildings above is £706,351 (2016 - £706,351) in respect of freehold land and buildings.
Related party transactions |
Transactions with directors |
2016 |
Other transactions with directors |
During the year the company sold services to the value of £12,000 (2016 - £12,000) to Raymech Limited, a company in which Mr R McCormack, director, is a director and has a material interest. All transactions were at market rates and subject to normal commercial terms. At the year end £1,000 was owed by ( 2016 - £73,915 was owed to) Raymech Limited.
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