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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
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READY RAGS UK LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
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FOR |
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READY RAGS UK LIMITED |
READY RAGS UK LIMITED (REGISTERED NUMBER: 03045181) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 MARCH 2019 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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READY RAGS UK LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 MARCH 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
and Statutory Auditor |
61 Queen Square |
Bristol |
BS1 4JZ |
READY RAGS UK LIMITED (REGISTERED NUMBER: 03045181) |
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STATEMENT OF FINANCIAL POSITION |
31 MARCH 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
8 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET LIABILITIES | ( |
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READY RAGS UK LIMITED (REGISTERED NUMBER: 03045181) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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( |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and
387 of the Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the
company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
signed on its behalf by: |
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READY RAGS UK LIMITED (REGISTERED NUMBER: 03045181) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 MARCH 2019 |
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1. | STATUTORY INFORMATION |
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Ready Rags UK Limited is a
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Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Critical accounting 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. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
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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. |
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Goodwill |
Goodwill arises on business acquisitions and represents the excess of the cost of the |
acquisition over the company's interest in the net amount of the identifiable assets, liabilities |
and contingent liabilities of the acquired business. |
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Goodwill is measured at cost less accumulated amortisation and accumulated impairment |
losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of |
the useful life of goodwill or intangible assets cannot be made, the life is presumed not to |
exceed ten years. |
READY RAGS UK LIMITED (REGISTERED NUMBER: 03045181) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed 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. |
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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. |
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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: |
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Plant and machinery - 15% reducing balance |
Motor vehicles - 25% reducing balance |
Equipment - 33% reducing balance |
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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. |
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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. |
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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. |
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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. |
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READY RAGS UK LIMITED (REGISTERED NUMBER: 03045181) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2019 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement |
of Income and Retained Earnings, except to the extent that it relates to items recognised in |
other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that |
have been enacted or substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not |
reversed at the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in |
periods different from those in which they are recognised in financial statements. Deferred |
tax is measured using tax rates and laws that have been enacted or substantively enacted |
by the year end and that are expected to apply to the reversal of the timing difference. |
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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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the |
balance sheet. Those held under hire purchase contracts are depreciated over their |
estimated useful lives. Those held under finance leases are depreciated over their |
estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. |
The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over |
the period of the lease. |
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Provisions |
Provisions are recognised when the entity has an obligation at the reporting date as a result |
of a past event, it is probable that the entity will be required to transfer economic benefits in |
settlement and the amount of the obligation can be estimated reliably. Provisions are |
recognised as a liability in the statement of financial position and the amount of the provision |
as an expense. |
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Provisions are initially measured at the best estimate of the amount required to settle the |
obligation at the reporting date and subsequently reviewed at each reporting date and |
adjusted to reflect the current best estimate of the amount that would be required to settle |
the obligation. Any adjustments to the amounts previously recognised are recognised in |
profit or loss unless the provision was originally recognised as part of the cost of an asset. |
When a provision is measured at the present value of the amount expected to be required to |
settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or |
loss in the period it arises. |
READY RAGS UK LIMITED (REGISTERED NUMBER: 03045181) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2019 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2018 |
and 31 March 2019 |
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AMORTISATION |
At 1 April 2018 |
and 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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5. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2018 |
and 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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READY RAGS UK LIMITED (REGISTERED NUMBER: 03045181) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2019 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as |
follows: |
Motor |
vehicles |
£ |
COST |
At 1 April 2018 |
and 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Directors' current accounts | 16,281 | 16,835 |
Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 2,972 | 6,275 |
Other creditors |
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Sales ledger factoring | 28,090 | 22,470 |
Accruals and deferred income |
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READY RAGS UK LIMITED (REGISTERED NUMBER: 03045181) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2019 |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Hire purchase contracts |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended |
31 March 2019 and 31 March 2018: |
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2019 | 2018 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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