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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2016 |
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ROUTEC (GB) LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2016 |
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FOR |
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ROUTEC (GB) LIMITED |
ROUTEC (GB) LIMITED (REGISTERED NUMBER: 05598956) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2016 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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ROUTEC (GB) LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 March 2016 |
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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 |
Beckside Court |
Annie Reed Road |
Beverley |
East Yorkshire |
HU17 0LF |
ROUTEC (GB) LIMITED (REGISTERED NUMBER: 05598956) |
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BALANCE SHEET |
31 March 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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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 |
7 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
ROUTEC (GB) LIMITED (REGISTERED NUMBER: 05598956) |
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BALANCE SHEET - continued |
31 March 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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ROUTEC (GB) LIMITED (REGISTERED NUMBER: 05598956) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2016 |
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1. | STATUTORY INFORMATION |
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Routec (GB) Limited is a private company, limited by shares, incorporated and domiciled in England and has its |
registered office and principal place of business at Borwick Drive, Grovehill Road, Beverley, East Yorkshire. |
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The principal activity of the company is the manufacture of furniture. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the |
going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material |
uncertainties related to events or conditions that may cast significant doubt about the ability of the company to |
continue as a going concern. |
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This is the first year in which the financial statements have been prepared under FRS102. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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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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Tangible fixed assets |
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Plant and machinery etc | - | 33% on cost, 25% on cost, 20% on cost and 10% on cost |
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Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance |
for obsolete and slow moving items. |
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Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
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ROUTEC (GB) LIMITED (REGISTERED NUMBER: 05598956) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2016 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Income tax expense represents the sum of the tax currently payable and deferred tax. |
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The tax currently payable is based on the taxable profit for the year. Taxable profit differs from profit as |
reported in the statement of comprehensive income because of items of income or expense that are taxable or |
deductible in other years and items that are never taxable or deductible. The company's liability for the current |
tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting |
period. |
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Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the |
financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax |
liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally |
recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be |
available against which those deductible timing differences can be utilised. The carrying amount of deferred tax |
is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that |
sufficient taxable profits will be available to allow all or part of the asset to be recovered. |
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Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which |
the liability is settled or the asset realised, based on the tax rates (and tax laws) that have been enacted or |
substantively enacted by the end of the reporting period. |
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Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are |
recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is |
also recognised in other comprehensive income or directly in equity respectively. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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ROUTEC (GB) LIMITED (REGISTERED NUMBER: 05598956) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2016 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 April 2015 |
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Additions |
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At 31 March 2016 |
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DEPRECIATION |
At 1 April 2015 |
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Charge for year |
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At 31 March 2016 |
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NET BOOK VALUE |
At 31 March 2016 |
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At 31 March 2015 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Plant and |
machinery |
etc |
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COST |
At 1 April 2015 |
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Additions |
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Transfer to ownership | (156,918 | ) |
At 31 March 2016 |
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DEPRECIATION |
At 1 April 2015 |
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Charge for year |
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Transfer to ownership | (63,472 | ) |
At 31 March 2016 |
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NET BOOK VALUE |
At 31 March 2016 |
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At 31 March 2015 |
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ROUTEC (GB) LIMITED (REGISTERED NUMBER: 05598956) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Hire purchase contracts (see note 8) |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2016 | 2015 |
£ | £ |
Hire purchase contracts (see note 8) |
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Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Other loans more 5yrs instal | 909,883 | 961,961 |
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8. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2016 | 2015 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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ROUTEC (GB) LIMITED (REGISTERED NUMBER: 05598956) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2016 |
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8. | LEASING AGREEMENTS - continued |
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Non-cancellable operating |
leases |
2016 | 2015 |
£ | £ |
Within one year | 1,701 | 727 |
Between one and five years | 7,980 | 11,690 |
9,681 | 12,417 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2016 | 2015 |
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Other loans |
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Hire purchase contracts | 410,199 | 268,778 |
Sales ledger financing | 519,301 | 702,236 |
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The hire purchase creditors are secured on the relevant assets that they are financing. |
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The sales ledger financing, provided by Barclays Bank plc, is secured via a fixed and floating charge on the |
assets of the company. |
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Other loans represent the mortgage obtained to acquire the company's premises. They are secured upon the |
freehold property of the company. |
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10. | RELATED PARTY DISCLOSURES |
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At the year end the company owed its director D M Coleman £2,568 (2015: £3,196 owing to the company). |
At the year end the company owed its director M D Lawson £218 (2015: £5,686 owing to the company). |
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Neither balance is subject to interest and both are repayable on demand. |