Registration number:
for the Period from 1 June 2016 to
RE:Worx Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
RE:Worx Limited
(Registration number: 04768648)
Balance Sheet as at 30 May 2017
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2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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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 period ending 30 May 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.
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.
Approved and authorised by the
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C J Rance
Director
Page 1 |
RE:Worx Limited
Notes to the Financial Statements for the Period from 1 June 2016 to 30 May 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:
United Kingdom
The principal place of business is:
Unit 1B
Shawcross Ind. Est.
Ackworth Road
Portsmouth
Hants
PO3 5JP
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the 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.
Tax
The tax expense for the period comprises current tax payable.
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.
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:
Page 2 |
RE:Worx Limited
Notes to the Financial Statements for the Period from 1 June 2016 to 30 May 2017
Asset class |
Depreciation method and rate |
Plant and equipment |
10-25% per annum on cost |
Office equipment |
10-25% per annum on cost |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Page 3 |
RE:Worx Limited
Notes to the Financial Statements for the Period from 1 June 2016 to 30 May 2017
Tangible assets |
Plant and machinery |
Office equipment |
Total |
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Cost or valuation |
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At 1 June 2016 |
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Additions |
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- |
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At 30 May 2017 |
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Depreciation |
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At 1 June 2016 |
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Charge for the period |
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At 30 May 2017 |
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Carrying amount |
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At 30 May 2017 |
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At 31 May 2016 |
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Stocks |
2017 |
2016 |
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Other inventories |
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Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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Page 4 |
RE:Worx Limited
Notes to the Financial Statements for the Period from 1 June 2016 to 30 May 2017
Creditors |
Creditors: amounts falling due within one year
2017 |
2016 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
- |
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Other creditors |
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Loans and borrowings |
2017 |
2016 |
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Current loans and borrowings |
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Bank overdrafts |
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Related party transactions |
Transactions with directors |
2017 |
At 1 June 2016 |
Advances to directors |
At 30 May 2017 |
C J Rance |
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Directors loan account |
(12,222) |
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( |
2016 |
Advances to directors |
At 31 May 2016 |
C J Rance |
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Directors loan account |
( |
( |
Page 5 |