Company Registration No. 08700410 (England and Wales)
REMEXX LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2017
PAGES FOR FILING WITH REGISTRAR
REMEXX LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
REMEXX LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2017
31 October 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
3
507
1,013
Tangible assets
4
48,797
49,506
49,304
50,519
Current assets
Stocks
32,407
24,607
Debtors
5
136,487
45,700
Cash at bank and in hand
30,965
10,247
199,859
80,554
Creditors: amounts falling due within one year
6
(184,696)
(73,864)
Net current assets
15,163
6,690
Total assets less current liabilities
64,467
57,209
Creditors: amounts falling due after more than one year
7
(75,201)
(46,337)
Net (liabilities)/assets
(10,734)
10,872
Capital and reserves
Called up share capital
8
100
100
Revaluation reserve
9
35,232
39,147
Profit and loss reserves
(46,066)
(28,375)
Total equity
(10,734)
10,872
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
REMEXX LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2017
31 October 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 February 2018 and are signed on its behalf by:
Mr D Sussex
Mr P Clark
Director
Director
Company Registration No. 08700410
REMEXX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2017
- 3 -
1
Accounting policies
Company information
Remexx Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Mentor House, Ainsworth Street, Blackburn, Lancashire, BB1 6AY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. Certain fixed assets were revalued on 31 December 2014. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is reliant upon the support of its bankers and its directors. The financial statements have been prepared on a going concern basis on the assumption that this financial support will continue to be made available to the company. The directors have no reason to believe that such financial support will not continue for the foreseeable future.
1.3
Reporting period
The financial statements have been drawn up for a 10 month period ending 31 October 2017. The prior period comparatives are for the year ended 31 December 2016.
1.4
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Web site
20% straight line
1.6
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10% reducing balance
Fixtures, fittings & equipment
33% reducing balance and 15% reducing balance
REMEXX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2017
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
REMEXX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2017
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
REMEXX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2017
1
Accounting policies
(Continued)
- 6 -
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 6 (2016 - 6).
3
Intangible fixed assets
Other
£
Cost
At 1 January 2017 and 31 October 2017
2,025
Amortisation and impairment
At 1 January 2017
1,012
Amortisation charged for the period
506
At 31 October 2017
1,518
Carrying amount
At 31 October 2017
507
At 31 December 2016
1,013
REMEXX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2017
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2017
62,790
Additions
5,014
At 31 October 2017
67,804
Depreciation and impairment
At 1 January 2017
13,284
Depreciation charged in the period
5,723
At 31 October 2017
19,007
Carrying amount
At 31 October 2017
48,797
At 31 December 2016
49,506
On 31 December 2014, the directors revalued the company's plant and machinery and fixtures, fittings and equipment at a market value of £48,900. The historical cost of the equipment is £Nil (2016 - £Nil).
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
117,974
31,407
Other debtors
18,513
14,293
136,487
45,700
6
Creditors: amounts falling due within one year
2017
2016
Notes
£
£
Bank loans and overdrafts
88,018
28,839
Obligations under finance leases
-
1,503
Trade creditors
73,810
17,052
Other taxation and social security
11,362
249
Other creditors
9,264
12,525
Accruals and deferred income
2,242
13,696
184,696
73,864
REMEXX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2017
- 8 -
7
Creditors: amounts falling due after more than one year
2017
2016
Notes
£
£
Bank loans and overdrafts
32,391
11,307
Other creditors
42,810
35,030
75,201
46,337
The bank loan is secured by way of a personal guarantee from the directors.
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
9
Revaluation reserve
2017
2016
£
£
At beginning of period
39,147
43,497
Transfer to retained earnings
(3,915)
(4,350)
At end of period
35,232
39,147
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
27,472
54,944
REMEXX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2017
- 9 -
11
Directors' transactions
The directors have provided the company with interest free loans. The amounts due to the directors as at 31 October 2017 were as follows:
Mr P Clark - £24,602 (2016 - £17,462)
Mr D Sussex - £27,472 (2016 - £26,832)
Of the amounts due to directors, £42,810 has been classified as due within more than one year.