Ryecroft Group Limited - Filleted accounts

Registered number

08573704

Ryecroft Group Limited

Filleted Accounts

30 June 2017

Ryecroft Group Limited
Registered number:		08573704
Balance Sheet
as at 30 June 2017

Notes			2017			2016
£				£
Fixed assets
Tangible assets	3		1,043			1,927

Current assets
Debtors	4	5,000			-
Cash at bank and in hand		1,511			3,672
		6,511			3,672

Creditors: amounts falling due within one year	5	(4,511)			(6,226)

Net current assets/(liabilities)			2,000			(2,554)

Net assets/(liabilities)			3,043			(627)

Capital and reserves
Called up share capital			1,000			1,000
Profit and loss account			2,043			(1,627)

Shareholders' funds			3,043			(627)

The directors are 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 directors acknowledge their 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 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.




Mr I Willis
Director
Approved by the board on 23 August 2017

Ryecroft Group Limited
Notes to the Accounts
for the year ended 30 June 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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Computer Equipment	over 3 years

	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.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	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.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

2	Employees		2017		2016
Number				Number

	Average number of persons employed by the company		2		1


3	Tangible fixed assets
					Computer Equipment
£
	Cost
	At 1 July 2016				2,651
	At 30 June 2017				2,651

	Depreciation
	At 1 July 2016				724
	Charge for the year				884
	At 30 June 2017				1,608

	Net book value
	At 30 June 2017				1,043
	At 30 June 2016				1,927



4	Debtors		2017		2016
£				£

	Other debtors		5,000		-


5	Creditors: amounts falling due within one year		2017		2016
£				£

	Trade creditors		143		76
	Corporation tax		4,188		-
	Other creditors		180		6,150
			4,511		6,226


6	Related party transactions

	Management fees of £44,262 (2016: £5,581) were received in the year from Abney and Baker Limited, a company which is owned by Mr I Willis, Director. Fees of £5,300 (2016: £nil) were received in the year from Abney and Baker (Bath) Limited, a company which is owned by Mr I Willis, Director. Mr I Willis (Director) owed the company £2,750 (2016: (£5,000)). Mrs L Willis (Director) owed the company £2,250 (2016: nil). These loans are non interest-bearing and repayable on demand.


7	Controlling party

	By virtue of their shareholdings, Mr I Willis and Mrs L Willis are the ultimate controlling parties.


8	Other information

	Ryecroft Group Limited is a private company limited by shares and incorporated in England. Its registered office is:
	6 Coburg Villas
	Camden Road
	Bath
	BA1 5JF