REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st March 2018 |
for |
RIMMERS MUSIC LTD. |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st March 2018 |
for |
RIMMERS MUSIC LTD. |
RIMMERS MUSIC LTD. (REGISTERED NUMBER: 01405070) |
Contents of the Financial Statements |
for the Year Ended 31st March 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
RIMMERS MUSIC LTD. |
Company Information |
for the Year Ended 31st March 2018 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
41 St Thomas's Road |
Chorley |
Lancashire |
PR7 1JE |
RIMMERS MUSIC LTD. (REGISTERED NUMBER: 01405070) |
Balance Sheet |
31st March 2018 |
31.3.18 | 31.3.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
RIMMERS MUSIC LTD. (REGISTERED NUMBER: 01405070) |
Balance Sheet - continued |
31st March 2018 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on by: |
RIMMERS MUSIC LTD. (REGISTERED NUMBER: 01405070) |
Notes to the Financial Statements |
for the Year Ended 31st March 2018 |
1. | STATUTORY INFORMATION |
Rimmers Music Ltd. is a |
registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts |
receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. |
Rent received is the amount of rent received during the year. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of businesses in 2004, 2009 and 2010, is |
being amortised over its estimated useful life of five years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investment property |
Investment properties are properties held to earn rentals, they are initially measured at cost, including transaction |
costs. Subsequently they are then measured at fair value on an open market basis. Deferred tax is provided on |
these movements. Gains and losses arising from changes in fair value are included in the Statement of Income |
and Retained Earnings in the period in which they arise. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 |
'Other Financial Instruments' of FRS 102 to all its financial instruments. |
Financial instruments are recognised in the company's balance sheet 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. |
RIMMERS MUSIC LTD. (REGISTERED NUMBER: 01405070) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2018 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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. |
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. |
Pension costs and other post-retirement benefits |
The company makes payments to the director's and employees own private pension plans. Contributions into the |
pension plans are charged to the profit and loss account in the period to which they relate. |
Cash at bank and in hand |
Cash and cash equivalents includes cash in hand, deposits held with banks and bank overdrafts. Bank |
overdrafts, when applicable, are shown within borrowings in current liabilities. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st April 2017 |
and 31st March 2018 |
AMORTISATION |
At 1st April 2017 |
and 31st March 2018 |
NET BOOK VALUE |
At 31st March 2018 |
At 31st March 2017 |
RIMMERS MUSIC LTD. (REGISTERED NUMBER: 01405070) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2018 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
Freehold | to | and |
property | property | fittings |
£ | £ | £ |
COST |
At 1st April 2017 |
Additions |
At 31st March 2018 |
DEPRECIATION |
At 1st April 2017 |
Charge for year |
Eliminated on disposal |
At 31st March 2018 |
NET BOOK VALUE |
At 31st March 2018 |
At 31st March 2017 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1st April 2017 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st March 2018 |
DEPRECIATION |
At 1st April 2017 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st March 2018 |
NET BOOK VALUE |
At 31st March 2018 |
At 31st March 2017 |
RIMMERS MUSIC LTD. (REGISTERED NUMBER: 01405070) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2018 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st April 2017 |
and 31st March 2018 |
NET BOOK VALUE |
At 31st March 2018 |
At 31st March 2017 |
Fair value at 31st March 2018 is represented by: |
£ |
Valuation in 2017 | 181,507 |
Cost | 43,493 |
225,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
31.3.18 | 31.3.17 |
£ | £ |
Cost | 87,057 | 87,057 |
Aggregate depreciation | (43,564 | ) | (43,564 | ) |
Investment property was valued on an open market basis on 18th July 2017 by HDAK valuers . |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Trade debtors |
Other debtors |
Directors' loan accounts | - | 83,813 |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Social security and other taxes |
Directors' loan accounts | 3,166 | - |
Accruals and deferred income |
RIMMERS MUSIC LTD. (REGISTERED NUMBER: 01405070) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2018 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 111,776 | 180,984 |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.18 | 31.3.17 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.18 | 31.3.17 |
£ | £ |
Bank overdrafts |
Bank loans |
The bank holds a legal charge over the assets of the company. |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.18 | 31.3.17 |
value: | £ | £ |
Ordinary | £1 | 10,000 | 10,000 |
RIMMERS MUSIC LTD. (REGISTERED NUMBER: 01405070) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2018 |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31st March 2018 and |
31st March 2017: |
31.3.18 | 31.3.17 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
Interest has been charged on the loan at 2.5%. |
14. | RELATED PARTY DISCLOSURES |
Mr G Tate SIPP |
The pension scheme owes the company £123,375 (2017 £158,625) at the year end this is included in other |
debtors. |
15. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
Throughout the year, Mr G Tate, a director controlled the company by virtue of holding the majority of the |
issued share capital. |