Company Registration No. 9918923 (England and Wales)
REYNOLDS - MACLEAN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
REYNOLDS - MACLEAN LIMITED
COMPANY INFORMATION
Director
H Reynolds Maclean
(Appointed 16 December 2015)
Company number
9918923
Registered office
Kings Arms Vaults
The Watton
Brecon
Powys
LD3 7EF
Accountants
King Morter Proud & Co Ltd
Kings Arms Vaults
The Watton
Brecon
Powys
LD3 7EF
Business address
1C Farleigh Road
London
N16 7SU
REYNOLDS - MACLEAN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
REYNOLDS - MACLEAN LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 1 -
2016
Notes
£
£
Fixed assets
Tangible assets
3
959
Current assets
Debtors
4
24,419
Cash at bank and in hand
7,946
32,365
Creditors: amounts falling due within one year
5
(20,365)
Net current assets
12,000
Total assets less current liabilities
12,959
Capital and reserves
Called up share capital
6
1
Profit and loss reserves
12,958
Total equity
12,959
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 2016 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .
he member has 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 11 August 2017
H Reynolds Maclean
Director
Company Registration No. 9918923
REYNOLDS - MACLEAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 2 -
1
Accounting policies
Company information
Reynolds - Maclean Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Kings Arms Vaults, The Watton, Brecon, Powys, LD3 7EF.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover 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. The company recognises revenue when the amount can be reliably measured and that it is probable that future economic benefits will flow to the entity.
, 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.
The company recognises revenue when the amount can be reliably measured and that it is probable that future economic benefits will flow to the entity.
1.3
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:
Computers
20% per annum on cost
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.
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.
Financial liabilities
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.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
REYNOLDS - MACLEAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 3 -
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.
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.
1.6
These financial statements represent the trading activity of the company since incorporation on 16th December 2015 through to 31st December 2016, therefore, no comparative figures are available.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1.
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 16 December 2015
-
Additions
1,199
At 31 December 2016
1,199
Depreciation and impairment
At 16 December 2015
-
Depreciation charged in the year
240
At 31 December 2016
240
Carrying amount
At 31 December 2016
959
4
Debtors
2016
Amounts falling due within one year:
£
Trade debtors
24,419
REYNOLDS - MACLEAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 4 -
5
Creditors: amounts falling due within one year
2016
£
Trade creditors
750
Corporation tax
16,000
Other taxation and social security
2,654
Other creditors
961
20,365
Other creditors of £961 is an interest free loan from the director with no formal terms for repayment.
6
Called up share capital
2016
£
Ordinary share capital
Issued and fully paid
100 ordinary of 1p each
1