false false false false false false false false false true false false false false false false false No description of principal activity 2017-09-01 Sage Accounts Production Advanced 2018 Update 1 - FRS xbrli:pure xbrli:shares iso4217:GBP 04514007 2017-09-01 2018-08-31 04514007 2018-08-31 04514007 2017-08-31 04514007 2016-09-01 2017-08-31 04514007 2017-08-31 04514007 core:PlantMachinery 2017-09-01 2018-08-31 04514007 core:FurnitureFittings 2017-09-01 2018-08-31 04514007 bus:LeadAgentIfApplicable 2017-09-01 2018-08-31 04514007 bus:Director5 2017-09-01 2018-08-31 04514007 core:WithinOneYear 2018-08-31 04514007 core:WithinOneYear 2017-08-31 04514007 core:AfterOneYear 2018-08-31 04514007 core:AfterOneYear 2017-08-31 04514007 core:ShareCapital 2018-08-31 04514007 core:ShareCapital 2017-08-31 04514007 core:SharePremium 2018-08-31 04514007 core:SharePremium 2017-08-31 04514007 core:OtherReservesSubtotal 2018-08-31 04514007 core:OtherReservesSubtotal 2017-08-31 04514007 core:RetainedEarningsAccumulatedLosses 2018-08-31 04514007 core:RetainedEarningsAccumulatedLosses 2017-08-31 04514007 bus:SmallEntities 2017-09-01 2018-08-31 04514007 bus:AuditExemptWithAccountantsReport 2017-09-01 2018-08-31 04514007 bus:AbridgedAccounts 2017-09-01 2018-08-31 04514007 bus:SmallCompaniesRegimeForAccounts 2017-09-01 2018-08-31 04514007 bus:PrivateLimitedCompanyLtd 2017-09-01 2018-08-31
STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS
All of the members of The Rack People Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 August 2018 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 04514007
THE RACK PEOPLE LIMITED
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 August 2018
THE RACK PEOPLE LIMITED
REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF THE RACK PEOPLE LIMITED
YEAR ENDED 31 AUGUST 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of The Rack People Limited for the year ended 31 August 2018, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
LANGARD LIFFORD HALL LIMITED Accountants and Registered Auditors
Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN
26 March 2019
THE RACK PEOPLE LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION
31 August 2018
2018
2017
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,067
1,804
Current assets
Stocks
15,979
15,902
Debtors
77,643
76,564
Cash at bank and in hand
41,248
38,367
------------
------------
134,870
130,833
Creditors: amounts falling due within one year
64,946
83,195
------------
------------
Net current assets
69,924
47,638
------------
------------
Total assets less current liabilities
70,991
49,442
Creditors: amounts falling due after more than one year
11,732
16,370
------------
------------
Net assets
59,259
33,072
------------
------------
Capital and reserves
Called up share capital
134
134
Share premium account
47,513
47,513
Other reserves
2,080
2,080
Profit and loss account
9,532
( 16,655)
------------
------------
Shareholders funds
59,259
33,072
------------
------------
These abridged 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 abridged statement of comprehensive income has not been delivered.
THE RACK PEOPLE LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
31 August 2018
For the year ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
These abridged financial statements were approved by the board of directors and authorised for issue on 26 March 2019 , and are signed on behalf of the board by:
H Bignell
Director
Company registration number: 04514007
THE RACK PEOPLE LIMITED
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2018
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lifford Hall, Lifford Lane, Kings Norton, Birmingham, B30 3JN.
2. Statement of Compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents the realisable value of goods and services provided during the year, net of discounts and exclusive of Value Added Tax.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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.
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:
Computer Equipment
-
33% straight line
Fixtures, Fittings & Equipment
-
15% reducing balance
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.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 3 (2017: 4 ).
5. Tangible Assets
£
Cost
At 1 September 2017 and 31 August 2018
22,046
------------
Depreciation
At 1 September 2017
20,242
Charge for the year
737
------------
At 31 August 2018
20,979
------------
Carrying amount
At 31 August 2018
1,067
------------
At 31 August 2017
1,804
------------
6. Financial Instruments at Fair Value
2018
2017
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
34,053
58,288
------------
------------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
58,930
76,291
------------
------------
7. Prior Period Errors
Due to the introduction of FRS 25 'Financial Instruments: Disclosure and Presentation' proposed dividends are no longer disclosed in the financial statements until they are paid. Therefore, the 2005 proposed dividends have been restated and shown as paid in 2006.
8. Related Party Transactions
At the balance sheet date the company was owed £24,879 by its parent company, H and A Enterprise Holdings Limited. There were no other related party transactions during the year that require disclosure.
9. Controlling Party
The company's ultimate parent undertaking is H and A Enterprise Holdings Limited , a company registered in England.