Registered number:
10276030
REWD LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2018
MAGEE GAMMON
Chartered Accountants
Henwood House
Henwood
Ashford
Kent
TN24 8DH
|
|
|
|
REWD LIMITED
REGISTERED NUMBER:
10276030
|
BALANCE SHEET
AS AT
31 JULY 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 1
|
|
|
|
REWD LIMITED
REGISTERED NUMBER:
10276030
|
BALANCE SHEET
(CONTINUED)
AS AT
31 JULY 2018
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
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.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
24 April 2019
.
The notes on pages 3 to 7 form part of these financial statements.
Page 2
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
Rewd Limited is a private company incorporated in England and Wales.
The company is limited by shares and the address of the registered office is Henwood House, Henwood, Ashford, Kent, TN24 8DH.
The principal place of business is Charles Anthony House, Manston Road, Margate, Kent, CT9 4JW.
The registered number of the company is 10276030.
2.
Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙
the amount of revenue can be measured reliably;
∙
it is probable that the Company will receive the consideration due under the contract;
∙
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙
the costs incurred and the costs to complete the contract can be measured reliably.
All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.
Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Page 3
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
2.
Accounting policies (continued)
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
|
The average monthly number of employees, including directors, during the year was
3
(2017 -
3
)
.
|
|
|
Freehold investment property
|
|
|
|
|
|
|
|
|
|
|
|
|
The 2018 valuations were made by the directors, on an open market value for existing use basis.
|
If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|
|
|
|
|
|
|
Page 4
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
The following liabilities were secured:
|
|
|
|
|
|
|
|
|
Details of security provided:
|
Creditors falling due within one year include bank loans which are secured by a fixed charge over specific property owned by the company and a fixed and floating charge over all property and undertakings of the company.
Other creditors include £1,200,000 (2017: £Nil) which is secured by a fixed charge over specific property owned by the company.
Page 5
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
The following liabilities were secured:
|
|
|
|
|
|
|
|
|
Details of security provided:
|
Creditors falling due after more than one year comprise bank loans which are secured by a fixed charge over specific property owned by the company and a fixed and floating charge over all property and undertakings of the company.
|
|
|
Analysis of the maturity of loans is given below:
|
|
|
|
|
|
|
|
|
Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Amounts falling due 1-2 years
|
|
|
|
|
|
|
|
|
|
|
|
Amounts falling due 2-5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 6
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
50
(2017 -
50
)
ordinary A shares of £
1.00
each
|
|
|
|
|
50
(2017 -
50
)
ordinary B shares of £
1.00
each
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All classes of shares rank pari passu.
|
|
Related party transactions
|
|
Mr W Ray is a director of D.D.S (Demolition) Limited.
During the year, the company received goods and services totalling £3,930 (2017: £Nil) from D.D.S (Demolition) Limited. The amount due to D.D.S (Demolition) Limited at the Balance Sheet date was £Nil.
All transactions were at arms length and in the normal course of business.
|
Page 7
|