Company Registration No. 08700410 (England and Wales)
REMEXX LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2018
PAGES FOR FILING WITH REGISTRAR
REMEXX LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
REMEXX LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2018
31 October 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
507
Tangible assets
4
44,291
48,797
Current assets
Stocks
38,476
32,407
Debtors
5
95,895
136,487
Cash at bank and in hand
26,254
30,965
160,625
199,859
Creditors: amounts falling due within one year
6
(133,244)
(184,696)
Net current assets
27,381
15,163
Total assets less current liabilities
71,672
64,467
Creditors: amounts falling due after more than one year
7
(22,049)
(75,201)
Net assets/(liabilities)
49,623
(10,734)
Capital and reserves
Called up share capital
8
90,000
100
Revaluation reserve
9
31,825
35,232
Profit and loss reserves
(72,202)
(46,066)
Total equity
49,623
(10,734)
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 year ended 31 October 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 year 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 2018
31 October 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 December 2018 and are signed on its behalf by:
Mr M C Lomas
Director
Company Registration No. 08700410
REMEXX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2018
- 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
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The financial statements have been drawn up for a 1
2
month period ending 31 October 201
8
. The prior period comparatives are for
a 10 month period to 31 October 2017.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
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
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost or value of the asset 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.
REMEXX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
1
Accounting policies
(Continued)
- 4 -
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
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs
.
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 YEAR ENDED 31 OCTOBER 2018
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors
and
bank loans are
recognised at transaction price
.
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
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2017 - 6).
3
Intangible fixed assets
Other
£
Cost
At 1 November 2017 and 31 October 2018
2,025
Amortisation and impairment
At 1 November 2017
1,518
Amortisation charged for the year
507
At 31 October 2018
2,025
Carrying amount
At 31 October 2018
-
At 31 October 2017
507
REMEXX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2017
67,804
Additions
119
At 31 October 2018
67,923
Depreciation and impairment
At 1 November 2017
19,008
Depreciation charged in the year
4,624
At 31 October 2018
23,632
Carrying amount
At 31 October 2018
44,291
At 31 October 2017
48,797
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
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
77,382
117,974
Other debtors
18,513
18,513
95,895
136,487
6
Creditors: amounts falling due within one year
2018
2017
Notes
£
£
Bank loans and overdrafts
44,384
88,018
Trade creditors
64,527
73,810
Other taxation and social security
9,322
11,362
Other creditors
12,701
9,264
Accruals and deferred income
2,310
2,242
133,244
184,696
REMEXX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
- 7 -
7
Creditors: amounts falling due after more than one year
2018
2017
Notes
£
£
Bank loans and overdrafts
22,049
32,391
Other creditors
-
42,810
22,049
75,201
The bank loan is secured by way of a personal guarantee from the directors.
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
90,000 Ordinary shares of £1 each
90,000
100
90,000
100
On 26 October 2018 the Company issued 89,900 £1 Ordinary shares for cash consideration.
All shares rank pari passu in all respects.
9
Revaluation reserve
2018
2017
£
£
At beginning of year
35,232
39,147
Transfer to retained earnings
(3,407)
(3,915)
At end of year
31,825
35,232
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:
2018
2017
£
£
-
27,472
REMEXX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
- 8 -
11
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
The maximum overdrawn balance relating to Mr D Sussex's loan during the year was £724.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr P Clark
-
(24,602)
41,696
(17,450)
(356)
Mr D Sussex
-
(27,472)
41,196
(13,000)
724
(52,074)
82,892
(30,450)
368