Registration number:
Regent Designs Limited
for the Year Ended 31 August 2017
Regent Designs Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Regent Designs Limited
Company Information
Directors |
W R Hammond C M Hammond |
Company secretary |
W R Hammond |
Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Regent Designs Limited
for the Year Ended 31 August 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Regent Designs Limited for the year ended 31 August 2017 as set out on pages 3 to 8 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
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
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 accounts of Regent Designs Limited and state those matters that we have agreed to state to the Board of Directors of Regent Designs Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. 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 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 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 accounts.
Chartered Accountants
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG
Page 2 |
Regent Designs Limited
(Registration number: 04166237)
Balance Sheet as at 31 August 2017
Note |
2017 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Investment property |
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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 assets |
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Total assets less current liabilities |
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Provisions for 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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Revaluation reserve |
- |
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Other reserves |
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- |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their 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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 3 |
Regent Designs Limited
(Registration number: 04166237)
Balance Sheet as at 31 August 2017
Approved and authorised by the
W R Hammond
Company secretary and director
Page 4 |
Regent Designs Limited
Notes to the Financial Statements for the Year Ended 31 August 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:
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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These 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.
Prior period adjustments
The financial statements have been restated to correctly reclassify properties previously held as Freehold Property as Investment Property.
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.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant & machinery |
20% reducing balance |
Motor vehicles |
25% straight line |
Investment property
Page 5 |
Regent Designs Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 September 2016 |
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At 31 August 2017 |
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Depreciation |
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At 1 September 2016 |
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Charge for the year |
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At 31 August 2017 |
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Carrying amount |
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At 31 August 2017 |
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At 31 August 2016 |
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Investment properties |
2017 |
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Additions |
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Fair value adjustments |
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At 31 August 2017 |
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The Investment Properties were valued on an open market basis on 16th January 2017 by Andrew Dixon & Company, Chartered Surveyors & Commercial Property Consultants.
The historic cost of the Investment Properties is £509,863.
Page 6 |
Regent Designs Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
2017 |
2016 |
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Due within one year |
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Trade creditors |
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Other creditors |
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Taxation and social security |
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Page 7 |
Regent Designs Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
Transition to FRS 102 |
The following changes were made for FRS 102 adoption :-
Deferred taxation has been provided on the fair value increases attributable to investment property and disclosed within non-distributable reserves.
The accumulated revaluation reserve has been transferred to non-distributable reserves.
Balance Sheet at 1 September 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
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Fixed assets |
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Tangible assets |
3,411 |
- |
- |
3,411 |
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Investment property |
1,100,000 |
- |
- |
1,100,000 |
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1,103,411 |
- |
- |
1,103,411 |
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Current assets |
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Debtors |
7,331 |
- |
- |
7,331 |
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Cash at bank and in hand |
61,424 |
- |
- |
61,424 |
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68,755 |
- |
- |
68,755 |
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Creditors: Amounts falling due within one year |
(49,795) |
- |
- |
(49,795) |
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Net current assets |
18,960 |
- |
- |
18,960 |
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Total assets less current liabilities |
1,122,371 |
- |
- |
1,122,371 |
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Provisions for liabilities |
- |
(73,903) |
- |
(73,903) |
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Net assets/(liabilities) |
1,122,371 |
(73,903) |
- |
1,048,468 |
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Capital and reserves |
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Called up share capital |
(96) |
- |
- |
(96) |
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Revaluation reserve |
(590,137) |
590,137 |
- |
- |
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Other reserves |
- |
(516,234) |
- |
(516,234) |
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Profit and loss account |
(532,138) |
- |
- |
(532,138) |
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Total equity |
(1,122,371) |
73,903 |
- |
(1,048,468) |
Page 8 |