Company Registration No. 03958513 (England and Wales)
ALL RIGHT NOW LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
PAGES FOR FILING WITH REGISTRAR
ALL RIGHT NOW LIMITED
BALANCE SHEET
AS AT
30 APRIL 2017
30 April 2017
- 1 -
2017
2016
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
48,341
13,867
Tangible assets
6
12,488
21,698
Current assets
Stocks
70,539
75,611
Debtors
7
205,941
399,128
Cash at bank and in hand
110,739
35,547
387,219
510,286
Creditors: amounts falling due within one year
8
(307,871)
(341,638)
Net current assets
79,348
168,648
Total assets less current liabilities
140,177
204,213
Creditors: amounts falling due after more than one year
9
(3,611)
(7,191)
Provisions for liabilities
(2,311)
(4,259)
Net assets
134,255
192,763
Capital and reserves
Called up share capital
10
96
96
Profit and loss reserves
11
134,159
192,667
Total equity
134,255
192,763
ALL RIGHT NOW LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2017
30 April 2017
- 2 -
In accordance with section 444 of the Companies Act 2006 all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 4 December 2017
Mr G L Bruce
Director
Company Registration No. 03958513
ALL RIGHT NOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
- 3 -
1
Accounting policies
Company information
All Right Now Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Long Barn, Manor Farm Business Park, Appletree Road, Chipping Warden, Oxon, OX17 1LH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 April 2017 are the first financial statements of All Right Now Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 May 2015.
are the
first
financial statements of All Right Now Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 May 2015.
1.2
Prior period adjustment
The financial statements for the prior year have been adjusted to reflect a material change in accounting policy, whereby development costs are now capitalised rather than expensed to the profit and loss account. Therefore the effect of the prior period adjustment is that of: Profit and Loss account: Purchases (£8,058) Advertising (£2,331) Director's remuneration (£3,478) Corporation tax: (£2,817) Total profit and loss effect is a credit of (£16,684). Balance Sheet Development costs £13,867 Corporation tax: £2,817
Therefore the effect of the prior period adjustment is that of:
Profit and Loss account:
Purchases (£8,058)
Advertising (£2,331)
Director's remuneration (£3,478)
Corporation tax: (£2,817)
Total profit and loss effect is a credit of (£16,684).
Balance Sheet
Development costs £13,867
Corporation tax: £2,817
1.3
Turnover
Turnover represents the value, net of Value Added Tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. Turnover is recognised when the goods are physically delivered to customers and when services are provided.
ALL RIGHT NOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 4 -
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated .
.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% and 33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
period
end date, the
company
reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
ALL RIGHT NOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 5 -
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ALL RIGHT NOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the financial statements and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing difference will reverse.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
The company operates a defined contribution scheme for the benefit of its director . Contributions payable are charged to the profit and loss account in the year they are payable.
director
. Contributions payable are charged to the profit and loss account in the year they are payable.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Operating profit
2017
2016
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
12,192
12,748
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2016 - 4).
4
Taxation
Restated
2017
2016
£
£
Current tax
UK corporation tax on profits for the current period
(10,641)
28,436
Deferred tax
Origination and reversal of timing differences
(1,948)
(1,774)
Total tax (credit)/charge
(12,589)
26,662
ALL RIGHT NOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 7 -
5
Intangible fixed assets
Restated
Development costs
£
Cost
At 1 May 2016
13,867
Additions - internally developed
34,474
At 30 April 2017
48,341
Amortisation and impairment
At 1 May 2016 and 30 April 2017
-
Carrying amount
At 30 April 2017
48,341
At 30 April 2016
13,867
6
Tangible fixed assets
Plant and machinery
£
Cost
At 1 May 2016
68,717
Additions
2,982
At 30 April 2017
71,699
Depreciation and impairment
At 1 May 2016
47,019
Depreciation charged in the year
12,192
At 30 April 2017
59,211
Carrying amount
At 30 April 2017
12,488
At 30 April 2016
21,698
ALL RIGHT NOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 8 -
7
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
139,793
328,481
Corporation tax recoverable
13,458
17,407
Other debtors
-
4,124
Prepayments and accrued income
52,690
49,116
205,941
399,128
8
Creditors: amounts falling due within one year
Restated
2017
2016
Notes
£
£
Bank loans and overdrafts
1,222
5,980
Trade creditors
191,396
188,164
Corporation tax
-
28,436
Other taxation and social security
3,487
31,193
Director loans
90
6,921
Other creditors
11,182
9,836
Accruals and deferred income
100,494
71,108
307,871
341,638
9
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
3,611
7,191
10
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
96 Ordinary shares of £1 each
96
96
ALL RIGHT NOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 9 -
11
Profit and loss reserves
2017
2016
as restated
£
£
At the beginning of the year
175,984
186,350
Prior year adjustment
16,683
-
As restated
192,667
186,350
Profit for the year
23,492
134,365
Dividends
(82,000)
(128,048)
At the end of the year
134,159
192,667
12
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
Within one year
12,994
23,268
Between two and five years
17,326
-
30,320
23,268
13
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr G L Bruce - Loan
-
(6,921)
(86,654)
93,485
(90)
(6,921)
(86,654)
93,485
(90)
14
Prior period adjustment
Changes to the balance sheet
At 30 April 2016
Restated balances due to prior period adjustment:
As previously reported
Adjustment
As restated
£
£
£
Fixed assets
Other intangibles
-
13,867
13,867
Creditors due within one year
Taxation
(62,446)
2,817
(59,629)
ALL RIGHT NOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
14
Prior period adjustment
At 30 April 2016
Restated balances due to prior period adjustment:
As previously reported
Adjustment
As restated
£
£
£
(Continued)
- 10 -
Net assets
176,079
16,684
192,763
Capital and reserves
Profit and loss
175,984
16,683
192,667
Changes to the profit and loss account
Period ended 30 April 2016
Restated balances due to prior period adjustment:
As previously reported
Adjustment
As restated
£
£
£
Cost of sales
(646,893)
8,058
(638,835)
Administrative expenses
(303,898)
5,809
(298,089)
Taxation
(29,479)
2,817
(26,662)
Profit for the financial period
117,681
16,684
134,365