REYNOLDS & ARCHER (UK) LTD - Filleted accounts

Registered number

03464035

REYNOLDS & ARCHER (UK) LTD

Filleted Accounts

31 March 2018

REYNOLDS & ARCHER (UK) LTD
Registered number:		03464035
Balance Sheet
as at 31 March 2018

Notes			2018			2017
£				£
Fixed assets
Tangible assets	2		1,130			1,044

Current assets
Stocks		5,000			5,500
Debtors	3	1,230			1,318
Cash at bank and in hand		1,196			2,923
		7,426			9,741

Creditors: amounts falling due within one year	4	(10,447)			(11,565)

Net current liabilities			(3,021)			(1,824)

Net liabilities			(1,891)			(780)

Capital and reserves
Called up share capital			100			100
Profit and loss account			(1,991)			(880)

Shareholder's funds			(1,891)			(780)

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 member has 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 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.




Cornelius Dare Agoye
Director
Approved by the board on 22 August 2018

REYNOLDS & ARCHER (UK) LTD
Notes to the Accounts
for the year ended 31 March 2018


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:

	Office equipment	20% 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.


2	Tangible fixed assets
					Office equipment
£
	Cost
	At 1 April 2017				8,008
	Additions				368
	At 31 March 2018				8,376

	Depreciation
	At 1 April 2017				6,964
	Charge for the year				282
	At 31 March 2018				7,246

	Net book value
	At 31 March 2018				1,130
	At 31 March 2017				1,044


3	Debtors		2018		2017
£				£

	Trade debtors		1,007		1,147
	Other taxes and social security costs		223		171
			1,230		1,318


4	Creditors: amounts falling due within one year		2018		2017
£				£

	Bank loans and overdrafts		7,164		8,555
	Trade creditors		987		788
	Taxation and social security costs		1,570		1,564
	Accruals		726		658
			10,447		11,565


5	Related party transactions

	In the financial year the company paid a total of £6,000 in dividends to its shareholder (2017: £6,000).


6	Controlling party

	The ultimate controlling was Mr. Cornelius Dare Agoye, a director and the sole shareholder of the company.


7	Other information

	REYNOLDS & ARCHER (UK) LTD is a private company limited by shares and incorporated in England. Its registered office is:
	3rd Floor
	1 Winchester Place
	Hackney
	London
	E8 2PJ