Registered Number 08500813
RETAIL DISTRIBUTION SERVICES (NW) LIMITED
Abbreviated Accounts
30 April 2016
Notes | 2016 | 2015 | |
---|---|---|---|
£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
|
|
|
|
||
Current assets | |||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Prepayments and accrued income |
|
|
|
Creditors: amounts falling due within one year |
( |
( |
|
Net current assets (liabilities) |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Accruals and deferred income |
( |
( |
|
Total net assets (liabilities) |
|
|
|
Capital and reserves | |||
Called up share capital | 3 |
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A for small entities and the Companies Act 2006.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year and have also been consistently applied within the same accounts.
These financial statements for the year ended 30 April 2016 are the first financial statements that comply with FRS102 Section 1A small entities. The date of transition was 1 May 2015.
The transition to FRS102 Section 1A for small entities has resulted in a small number of changes in accounting policies to those used previously.
Although there has been changes these have not impacted on the shareholders funds at the transition date, as explained in the notes.
The financial statements have been prepared under the historical cost convention, except for modification to a fair value basis for certain fixed assets, as specified in the accounting policies below.
The company's presentational currency is pounds sterling.
Turnover policy
Tangible assets depreciation policy
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
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:
Computer Equipment 25% on cost
Fixtures and Fittings 20% on reducing balance
Other accounting policies
The accounts have been prepared on a going concern basis.
Judgements
No significant judgements have had to be made by management and directors in preparing these financial statements.
Key sources of estimation uncertainty
Tangible fixed assets, other than investment properties, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. The carrying amount is £Nil (2015 -£Nil).
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Leases
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
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.
Defined contribution pension obligation
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Staff numbers
The average number of persons employed by the company (including directors) during the year was 5 (2015- 6).
Related party disclosures
The controlling party is Mr P Jackson and Mrs J E Bentley.
First Year Adoption
The company has adopted FRS102 (Section 1A) for the year end 31st March 2016. The directors have considered the requirements of FRS102 (Section 1A) and confirm that there are no adjustments to the comparative prior year amount as a result of this.
£ | |
---|---|
Cost | |
At 1 May 2015 |
|
Additions |
|
Disposals |
|
Revaluations |
|
Transfers |
|
At 30 April 2016 |
|
Depreciation | |
At 1 May 2015 |
|
Charge for the year |
|
On disposals |
|
At 30 April 2016 |
|
Net book values | |
At 30 April 2016 | 11,541 |
At 30 April 2015 | 16,319 |