Regency Reeds Limited
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Notes to the Accounts |
for the year ended 31 March 2021
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1 |
Accounting policies |
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Basis of preparation |
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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).
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Turnover |
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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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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Tangible fixed assets |
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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:
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Fixtures, fittings, tools and equipment |
over 5 years |
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Stocks |
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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.
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Debtors |
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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.
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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. Current and deferred tax assets and liabilities are not discounted.
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2 |
Employees |
2021 |
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2020 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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Additions |
251 |
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At 31 March 2021 |
251 |
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Depreciation |
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Charge for the year |
50 |
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At 31 March 2021 |
50 |
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Net book value |
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At 31 March 2021 |
201 |
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4 |
Debtors |
2021 |
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2020 |
£ |
£ |
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Trade debtors |
1,002 |
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- |
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5 |
Creditors: amounts falling due within one year |
2021 |
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2020 |
£ |
£ |
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Taxation and social security costs |
628 |
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4,651 |
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Director's loan account |
22,357 |
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13,098 |
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Other creditors |
1,117 |
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974 |
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24,102 |
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18,723 |
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6 |
Related party transactions |
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During the year David Blyth received a salary of £8,784 (2020: £8,628) from the company. The company paid him dividends of £7,466 (2020: £12,000). At the year end the company owed David Blyth £22,357 (2020: £13,098).
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7 |
Controlling party |
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The company is controlled by David Blyth, sole director and shareholder.
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8 |
Other information |
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Regency Reeds Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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26 Himbleton Road |
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Worcester |
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WR2 6BB |