RETHINK Print & Marketing Services Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 December 2020
Company Registration No. 09342678 (England and Wales)
RETHINK Print & Marketing Services Limited
Company Information
Director
J R Drayton
Company number
09342678
Registered office
Office 501, Floor 5
Kingsgate
62 High Street
Redhill
Surrey
RH1 1SG
Accountants
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
RETHINK Print & Marketing Services Limited
Balance Sheet
As at 31 December 2020
Page 1
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
5
2,143
1,508
Current assets
Debtors
6
52,575
49,194
Cash at bank and in hand
82,255
63,531
134,830
112,725
Creditors: amounts falling due within one year
7
(33,992)
(26,292)
Net current assets
100,838
86,433
Total assets less current liabilities
102,981
87,941
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
102,881
87,841
Total equity
102,981
87,941
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 31 December 2020 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.
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 29 April 2021
J R Drayton
Director
Company Registration No. 09342678
RETHINK Print & Marketing Services Limited
Notes to the Financial Statements
For the year ended 31 December 2020
Page 2
1
Accounting policies
Company information
RETHINK Print & Marketing Services Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Office 501, Floor 5, Kingsgate, 62 High Street, Redhill, Surrey, RH1 1SG.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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 pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future.
During the year the company was impacted by the COVID-19 pandemic and nationwide lockdown which has resulted in a slight decrease in turnover. The company has continued to trade during the year and has utilised a government grant in order to ensure that the company has sufficient cash reserves to whether any potential economic downturns.
Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover
represents amounts receivable for goods and services net of VAT.
1.4
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.
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 and fittings
25% 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
.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and balances held at call with banks.
1.6
Financial instruments
The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as ‘other’ or basic instruments measured at fair value.
RETHINK Print & Marketing Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
1
Accounting policies
(Continued)
Page 3
1.7
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.
1.8
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
expenditure
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.11
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.
RETHINK Print & Marketing Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
Page 4
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1
(2019 - 1).
3
Taxation
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
8,913
6,683
Adjustments in respect of prior periods
(25)
-
Total current tax
8,888
6,683
4
Dividends
2020
2019
£
£
Final paid
23,191
21,748
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2020
4,355
Additions
1,247
At 31 December 2020
5,602
Depreciation and impairment
At 1 January 2020
2,847
Depreciation charged in the year
612
At 31 December 2020
3,459
Carrying amount
At 31 December 2020
2,143
At 31 December 2019
1,508
RETHINK Print & Marketing Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
Page 5
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
51,915
48,534
Other debtors
660
660
52,575
49,194
7
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
18,894
13,073
Corporation tax
8,913
6,683
Other taxation and social security
3,665
4,016
Other creditors
2,520
2,520
33,992
26,292
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
9
Related party transactions
Included within other creditors at the year end is £620 (2019: £620) owed to the director of the company.