Company Registration No. 05191276 (England and Wales)
DISABILITY RESOURCE TEAM LIMITED
Unaudited financial statements
For the year ended 31 March 2018
Pages for filing with registrar
DISABILITY RESOURCE TEAM LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
DISABILITY RESOURCE TEAM LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Current assets
Trade and other receivables
4
8,325
10,635
Cash and cash equivalents
6,159
6,609
14,484
17,244
Current liabilities
5
(7,795)
(6,816)
Net current assets
6,689
10,428
Equity
Called up share capital
6
1
1
Retained earnings
6,688
10,427
Total equity
6,689
10,428
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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
.
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 21 December 2018
Mr M Press
Director
Company Registration No. 05191276
DISABILITY RESOURCE TEAM LIMITED
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2018
- 2 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 April 2016
1
10,705
10,706
Year ended 31 March 2017:
Profit and total comprehensive income for the year
-
13,222
13,222
Dividends
-
(13,500)
(13,500)
Balance at 31 March 2017
1
10,427
10,428
Year ended 31 March 2018:
Profit and total comprehensive income for the year
-
1,261
1,261
Dividends
-
(5,000)
(5,000)
Balance at 31 March 2018
1
6,688
6,689
DISABILITY RESOURCE TEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2018
- 3 -
1
Accounting policies
Company information
Disability Resource Team Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2nd Floor
,
6 Park Road
,
Teddington
,
Middlesex
,
TW11 0AA
.
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.
1.2
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Property, plant and equipment
Property, plant and equipment
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:
Fixtures, fittings & equipment
25% on cost
Plant and machinery
25% on cost
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
.
1.4
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.
DISABILITY RESOURCE TEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2018
1
Accounting policies
(Continued)
- 4 -
1.5
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 statement of financial position 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 trade and other receivables 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.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, 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
paymen
ts 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 payables
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 payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
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 income statement 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.
DISABILITY RESOURCE TEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2018
1
Accounting policies
(Continued)
- 5 -
1.8
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 non-current 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2017 - 1
).
3
Property, plant and equipment
Fixtures, fittings & equipment
Plant and machinery
Total
£
£
£
Cost
At 1 April 2017 and 31 March 2018
2,016
23,540
25,556
Depreciation and impairment
At 1 April 2017 and 31 March 2018
2,016
23,540
25,556
Carrying amount
At 31 March 2018
-
-
-
At 31 March 2017
-
-
-
4
Trade and other receivables
2018
2017
Amounts falling due within one year:
£
£
Trade receivables
5,950
8,237
Other receivables
2,375
2,398
8,325
10,635
DISABILITY RESOURCE TEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2018
- 6 -
5
Current liabilities
2018
2017
£
£
Corporation tax
409
2,967
Other payables
4,386
349
Accruals and deferred income
3,000
3,500
7,795
6,816
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
1
1
1
1
7
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:
2018
2017
£
£
13,067
14,110
8
Directors' transactions
During the year the director incurred personal expenditure on the company credit card totalling £1,717 (2017: £2,095) which was subsequently reimbursed to the company.