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COMPANY REGISTRATION NUMBER
04166237
REGENT DESIGNS LIMITED
UNAUDITED ABBREVIATED ACCOUNTS
31 August 2015
REGENT DESIGNS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTORS ON THE
PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF
REGENT DESIGNS LIMITED
YEAR ENDED 31 AUGUST 2015
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Regent Designs Limited for the year ended 31 August 2015 which comprise the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Regent Designs Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the abbreviated accounts of Regent Designs Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 02/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Regent Designs Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Regent Designs Limited has kept adequate accounting records and to prepare statutory abbreviated accounts that give a true and fair view of the assets, liabilities, financial position and profit of Regent Designs Limited. You consider that Regent Designs Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the abbreviated accounts of Regent Designs Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abbreviated accounts.
CBSL ACCOUNTANTS LIMITED
Chartered Accountants
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG
22 January 2016
REGENT DESIGNS LIMITED
ABBREVIATED BALANCE SHEET
31 August 2015
|
2015
|
2014
|
Note
|
£
|
£
|
£
|
FIXED ASSETS
|
2
|
|
|
|
Tangible assets
|
|
1,103,411
|
1,103,358
|
|
|
-------------
|
-------------
|
|
|
1,103,411
|
1,103,358
|
|
|
-------------
|
-------------
|
|
|
|
|
|
CURRENT ASSETS
Debtors
|
7,331
|
|
6,640
|
Cash at bank and in hand
|
61,424
|
|
18,775
|
|
---------
|
|
---------
|
|
68,755
|
|
25,415
|
CREDITORS: Amounts falling due within one year
|
49,795
|
|
34,630
|
|
---------
|
|
---------
|
NET CURRENT ASSETS/(LIABILITIES)
|
|
18,960
|
(
9,215)
|
|
|
-------------
|
-------------
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
1,122,371
|
1,094,143
|
|
|
-------------
|
-------------
|
|
|
|
|
CAPITAL AND RESERVES
Called up equity share capital
|
3
|
|
96
|
96
|
Revaluation reserve
|
|
590,137
|
590,137
|
Profit and loss account
|
|
532,138
|
503,910
|
|
|
-------------
|
-------------
|
SHAREHOLDERS' FUNDS
|
|
1,122,371
|
1,094,143
|
|
|
-------------
|
-------------
|
|
|
|
|
|
For the year ended 31 August 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.
These abbreviated accounts were approved by the directors and authorised for issue on
22 January 2016
, and are signed on their behalf by:
Mr W R Hammond
Director
Company Registration Number:
04166237
REGENT DESIGNS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
YEAR ENDED 31 AUGUST 2015
1.
ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), subject to the departures referred to below.
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant & Machinery - 20% reducing balance basis
Motor Vehicles - 4 years straight line
Investment properties
Certain of the company's investment properties are held for long term investment. Investment properties are accounted for in accordance with the FRSSE, as follows:
No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
This treatment as regards to the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of assets. However, these properties are not held for consumption but for investment and the directors consider the systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation is only one of the many factors reflected in the annual valuation and the amount that might otherwise have been shown cannot be separately identified or quantified.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
2.
FIXED ASSETS
COST OR VALUATION
At 1 September 2014
|
1,106,311
|
Additions
|
950
|
|
-------------
|
At 31 August 2015
|
1,107,261
|
|
-------------
|
|
|
DEPRECIATION
At 1 September 2014
|
2,953
|
Charge for year
|
897
|
|
-------
|
At 31 August 2015
|
3,850
|
|
-------
|
|
|
NET BOOK VALUE
At 31 August 2015
|
1,103,411
|
|
-------------
|
|
|
At 31 August 2014
|
1,103,358
|
|
-------------
|
|
|
3.
SHARE CAPITAL
Allotted, called up and fully paid:
|
2015
|
2014
|
|
No
|
£
|
No
|
£
|
|
Ordinary Class 2 shares of £ 1 each
|
38
|
38
|
38
|
38
|
|
Ordinary Class 3 shares of £ 1 each
|
36
|
36
|
36
|
36
|
|
Ordinary Class 4 shares of £ 1 each
|
22
|
22
|
22
|
22
|
|
|
----
|
----
|
----
|
----
|
|
|
96
|
96
|
96
|
96
|
|
|
----
|
----
|
----
|
----
|
|
|
|
|
|
|