A.G.Salter & Son (Rugby) Limited Company Accounts

COMPANY REGISTRATION NUMBER: 00531769

A.G.SALTER & SON (RUGBY) LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

5 August 2017

A.G.SALTER & SON (RUGBY) LIMITED

FINANCIAL STATEMENTS

PERIOD FROM 6 FEBRUARY 2016 TO 5 AUGUST 2017

Contents	Pages

Officers and professional advisers	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 7

The following pages do not form part of the financial statements

Accountants report to the director on the preparation of the unaudited statutory financial statements	9

A.G.SALTER & SON (RUGBY) LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

Director	Mr A G Salter

Company secretary	Ms E H Clarke

Registered office	6-7 High Street
	Rugby
	Warwickshire
	CV21 3BG

Accountants	Sawford Bullard
	Accountants
	The Old Mill
	Blisworth Hill Farm
	Stoke Road
	Blisworth
	Northampton
	NN7 3DB

Bankers	National Westminster Bank Plc
	9 North Street
	Rugby
	Warwickshire
	CV21 2FB

A.G.SALTER & SON (RUGBY) LIMITED

STATEMENT OF FINANCIAL POSITION

5 August 2017

	5 Aug 17		5 Feb 16
Note	£	£	£

Fixed assets

Tangible assets	5		–	1,225

Current assets

Stocks		–	84,230
Debtors	6	6,907	5,280
Cash at bank and in hand		4,531	14,691
		--------	---------
		11,438	104,201

Creditors: amounts falling due within one year	7	3,729		31,520
		--------		---------
Net current assets			7,709	72,681
			-------	--------
Total assets less current liabilities			7,709	73,906
			-------	--------
Net assets			7,709	73,906
			-------	--------

Capital and reserves

Called up share capital	5,000	5,000
Other reserves	4,516	4,516
Profit and loss account	( 1,807)	64,390
	-------	--------
Shareholders funds	7,709	73,906
	-------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the period ending 5 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

A.G.SALTER & SON (RUGBY) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

5 August 2017

These financial statements were approved by the board of directors and authorised for issue on 2 February 2018 , and are signed on behalf of the board by:

Mr A G Salter
Director

Company registration number: 00531769

A.G.SALTER & SON (RUGBY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

PERIOD FROM 6 FEBRUARY 2016 TO 5 AUGUST 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6-7 High Street, Rugby, Warwickshire, CV21 3BG.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures & fittings	-	20% reducing balance
Motor vehicles	-	25% reducing balance
Office equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 5 (2016: 5 ).

5. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 6 February 2016	35,350	1,725	14,489	51,564
Disposals	( 35,350)	( 1,725)	( 14,489)	( 51,564)
	--------	-------	--------	--------
At 5 August 2017	–	–	–	–
	--------	-------	--------	--------
Depreciation
At 6 February 2016	34,534	1,316	14,489	50,339
Charge for the period	109	68	–	177
Disposals	( 34,643)	( 1,384)	( 14,489)	( 50,516)
	--------	-------	--------	--------
At 5 August 2017	–	–	–	–
	--------	-------	--------	--------
Carrying amount
At 5 August 2017	–	–	–	–
	--------	-------	--------	--------
At 5 February 2016	816	409	–	1,225
	--------	-------	--------	--------

6. Debtors

	5 Aug 17	5 Feb 16
	£	£
Trade debtors	2,241	453
Other debtors	4,666	4,827
	-------	-------
	6,907	5,280
	-------	-------

7. Creditors: amounts falling due within one year

	5 Aug 17	5 Feb 16
	£	£
Trade creditors	–	17,810
Social security and other taxes	–	7,335
Other creditors	3,729	6,375
	-------	--------
	3,729	31,520
	-------	--------

A.G.SALTER & SON (RUGBY) LIMITED

MANAGEMENT INFORMATION

PERIOD FROM 6 FEBRUARY 2016 TO 5 AUGUST 2017

The following pages do not form part of the financial statements.

A.G.SALTER & SON (RUGBY) LIMITED

ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF A.G.SALTER & SON (RUGBY) LIMITED

PERIOD FROM 6 FEBRUARY 2016 TO 5 AUGUST 2017

As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the period ended 5 August 2017, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Sawford Bullard Accountants

The Old Mill Blisworth Hill Farm Stoke Road Blisworth Northampton NN7 3DB

2 February 2018