| Rangemaster Precision Arms Limited |
| Registered number: |
04220002 |
| Balance Sheet |
| as at 31 March 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
3 |
|
|
5,421 |
|
|
6,969 |
| Tangible assets |
4 |
|
|
17,922 |
|
|
21,961 |
|
|
|
|
23,343 |
|
|
28,930 |
|
| Current assets |
| Stocks |
|
|
100,000 |
|
|
70,142 |
| Debtors |
5 |
|
265,887 |
|
|
33,375 |
| Cash at bank and in hand |
|
|
106,936 |
|
|
12,028 |
|
|
|
472,823 |
|
|
115,545 |
|
| Creditors: amounts falling due within one year |
6 |
|
(1,636,977) |
|
|
(1,629,374) |
|
| Net current liabilities |
|
|
|
(1,164,154) |
|
|
(1,513,829) |
|
| Net liabilities |
|
|
|
(1,140,811) |
|
|
(1,484,899) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
2 |
| Profit and loss account |
|
|
|
(1,140,911) |
|
|
(1,484,901) |
|
| Shareholders' funds |
|
|
|
(1,140,811) |
|
|
(1,484,899) |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| H M Markham |
| Director |
| Approved by the board on 19 December 2017 |
|
| Rangemaster Precision Arms Limited |
| Notes to the Accounts |
| for the year ended 31 March 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover comprises the value of sales (excluding VAT, similar taxes and trade discounts) of goods provided in the normal course of business. Revenue is recognized when goods have been provided and are due for payment. |
|
|
Going concern |
|
The accounts have been prepared on a going concern basis which assumes that the company will continue to trade. The director considers it appropriate to prepare the financial statements on this basis as they provide sufficient funds to enable the company to meet its day to day working capital requirements. The financial statements do not include any adjustments that would result from a withdrawal of the support provided by the company directors. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Goodwill 10% straight line |
|
|
Tangible fixed assets |
|
Tangible fixed assets are stated at costs less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life. |
|
|
Plant and machinery |
10% reducing balance |
|
Fixtures, fittings, tools and equipment |
25% reducing balance |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
| 2 |
Employees |
2017 |
|
2016 |
| Number |
Number |
|
|
Average number of persons employed by the company |
6 |
|
6 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
At 1 April 2016 |
15,487 |
|
At 31 March 2017 |
15,487 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 April 2016 |
8,518 |
|
Provided during the year |
1,548 |
|
At 31 March 2017 |
10,066 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2017 |
5,421 |
|
At 31 March 2016 |
6,969 |
|
|
|
|
|
|
|
|
|
|
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years. |
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 April 2016 |
52,376 |
|
6,250 |
|
58,626 |
|
Additions |
1,508 |
|
- |
|
1,508 |
|
Disposals |
(20,319) |
|
- |
|
(20,319) |
|
At 31 March 2017 |
33,565 |
|
6,250 |
|
39,815 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2016 |
30,415 |
|
6,250 |
|
36,665 |
|
Charge for the year |
2,243 |
|
- |
|
2,243 |
|
On disposals |
(17,015) |
|
- |
|
(17,015) |
|
At 31 March 2017 |
15,643 |
|
6,250 |
|
21,893 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2017 |
17,922 |
|
- |
|
17,922 |
|
At 31 March 2016 |
21,961 |
|
- |
|
21,961 |
|
|
| 5 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade debtors |
223,302 |
|
15,523 |
|
Other debtors |
42,585 |
|
17,852 |
|
|
|
|
|
|
265,887 |
|
33,375 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Bank loans and overdrafts |
- |
|
3,341 |
|
Trade creditors |
18,690 |
|
63,470 |
|
Taxation and social security costs |
- |
|
3,048 |
|
Other creditors |
1,618,287 |
|
1,559,515 |
|
|
|
|
|
|
1,636,977 |
|
1,629,374 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Other information |
|
|
Rangemaster Precision Arms Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
3 Shipston Business Village |
|
Tilemans Lane Industrial Estate |
|
Shipston on Stour |
|
Warwickshire |
|
CV36 4FF |