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REGISTERED NUMBER:
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RST MIDLANDS LTD |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2018 |
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REGISTERED NUMBER:
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RST MIDLANDS LTD |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2018 |
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RST MIDLANDS LTD (REGISTERED NUMBER: 07950217) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 MAY 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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RST MIDLANDS LTD |
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COMPANY INFORMATION |
for the Year Ended 31 MAY 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Wallace House |
20 Birmingham Road |
Walsall |
West Midlands |
WS1 2LT |
RST MIDLANDS LTD (REGISTERED NUMBER: 07950217) |
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BALANCE SHEET |
31 MAY 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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RST MIDLANDS LTD (REGISTERED NUMBER: 07950217) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 MAY 2018 |
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1. | STATUTORY INFORMATION |
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RST Midlands Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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This may not be appropriate because at 31 May 2018 the company's liabilities exceeded its assets by £19,575 . |
The Directors however believe that with the ongoing support of the company's shareholders, that it is appropriate |
to prepare the financial statements on the going concern basis which assumed that the company will continue in |
operational existence for the foreseeable future. |
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If the company were unable to continue in operational existence for the foreseeable future, adjustments would |
have to be made to reduce balance sheet values of assets to their recoverable amounts, and to provide for |
further liabilities that might arise, and to reclassify fixed assets and long term liabilities as current assets and |
liabilities. |
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The company's financial statements are individual entity financial statements. |
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The company's financial statements are presented in Sterling and all values are rounded to the nearest pound. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery | - |
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Motor vehicles | - |
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Computer equipment | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal |
of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
RST MIDLANDS LTD (REGISTERED NUMBER: 07950217) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MAY 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance |
leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 June 2017 |
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Additions |
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Disposals |
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( |
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At 31 May 2018 |
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DEPRECIATION |
At 1 June 2017 |
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Charge for year |
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Eliminated on disposal |
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At 31 May 2018 |
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NET BOOK VALUE |
At 31 May 2018 |
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At 31 May 2017 |
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Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as |
follows: |
Motor |
vehicles |
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COST |
At 1 June 2017 |
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Disposals | ( |
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At 31 May 2018 |
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DEPRECIATION |
At 1 June 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 May 2018 |
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NET BOOK VALUE |
At 31 May 2018 |
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At 31 May 2017 |
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RST MIDLANDS LTD (REGISTERED NUMBER: 07950217) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MAY 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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Directors' current accounts | 49,628 | 1,164 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts and finance leases |
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Trade creditors |
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Social security and other taxes |
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VAT | 40,302 | 34,692 |
Other creditors |
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Accruals and deferred income |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts and finance leases |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Hire purchase contracts and finance leases | 70,151 | 91,225 |
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The hire purchase liabilities are secured against the assets to which the finance relates. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
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10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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During the year the director was loaned £101,058 (2017: £74,399) by the company and the director repaid |
£52,594 (2017: £72,360) to the company. The loans were issued interest free and were repayable on demand. |
At the year end the director owed £49,628 (2017: £1,164) to the company. |