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Company registration number: 09962652
Step Forward RP Limited
Company limited by guarantee
Unaudited filleted financial statements
30 June 2018
Step Forward RP Limited
Company limited by guarantee
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Step Forward RP Limited
Company limited by guarantee
Directors and other information
Directors Mr K Hutchings
Mr G Metcalf (Appointed 4 July 2017)
Company number 09962652
Registered office Suite 1eb Booths Hall, Booths Park
Chelford Road
Knutsford
England
WA16 8QZ
Business address Suite 1eb Booths Hall, Booths Park
Chelford Road
Knutsford
WA16 8QZ
Accountants Leonherman
7 Christie Way
Christie Fields
Manchester
M21 7QY
Step Forward RP Limited
Company limited by guarantee
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Step Forward RP Limited
Year ended 30 June 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Step Forward RP Limited for the year ended 30 June 2018 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of Step Forward RP Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Step Forward RP Limited and state those matters that we have agreed to state to the board of directors of Step Forward RP Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Step Forward RP Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Step Forward RP Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Step Forward RP Limited. You consider that Step Forward RP Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Step Forward RP Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Leonherman
Chartered Accountants
7 Christie Way
Christie Fields
Manchester
M21 7QY
10 September 2018
Step Forward RP Limited
Company limited by guarantee
Statement of financial position
30 June 2018
Note £ £ £ £
Fixed assets
Intangible assets 6 3,231 4,308
Tangible assets 7 1,821 -
_______ _______
5,052 4,308
Current assets
Stocks 8 790,035 1,192,837
Debtors 9 1,214,746 327,602
Cash at bank and in hand 256,023 608,180
_______ _______
2,260,804 2,128,619
Creditors: amounts falling due
within one year 10 ( 2,062,303) ( 1,918,187)
_______ _______
Net current assets 198,501 210,432
_______ _______
Total assets less current liabilities 203,553 214,740
Creditors: amounts falling due
after more than one year 11 - ( 332,441)
Provisions for liabilities ( 859) -
_______ _______
Net assets/(liabilities) 202,694 ( 117,701)
_______ _______
Capital and reserves
Profit and loss account 202,694 ( 117,701)
_______ _______
Members funds/(deficit) 202,694 ( 117,701)
_______ _______
For the year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 September 2018 , and are signed on behalf of the board by:
Mr G Metcalf
Director
Company registration number: 09962652
Step Forward RP Limited
Company limited by guarantee
Statement of changes in equity
Year ended 30 June 2018
Profit and loss account Total
£ £
At 1 July 2016 - -
Profit/(loss) for the year ( 117,701) ( 117,701)
_______ _______
Total comprehensive income for the year ( 117,701) ( 117,701)
_______ _______
At 30 June 2017 and 1 July 2017 ( 117,701) ( 117,701)
Profit/(loss) for the year 320,395 320,395
_______ _______
Total comprehensive income for the year 320,395 320,395
_______ _______
At 30 June 2018 202,694 202,694
_______ _______
Step Forward RP Limited
Company limited by guarantee
Notes to the financial statements
Year ended 30 June 2018
1. General information
The company is a private company limited by guarantee, registered in England. The address of the registered office is Suite 1eb Booths Hall, Booths Park, Chelford Road, Knutsford, England, WA16 8QZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on a historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Revenue derived from the sale of speculative developments is recognised upon the transfer of risks andrewards of ownership to the buyer, when there is an exchange of unconditional contracts.Revenue from rental income is recognised in the period to which that rental income relates.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Limited by guarantee
Every member of the company undertakes to contribute such amount as may be required, not exceeding £1, to the Company's assets if it should be wound up while he is a member or within one year after he ceases to be a member.
5. Staff costs
The average number of persons employed by the company during the year amounted to 5 (2017: 3 ).
6. Intangible assets
Website Total
£ £
Cost
At 1 July 2017 and 30 June 2018 5,385 5,385
_______ _______
Amortisation
At 1 July 2017 1,077 1,077
Charge for the year 1,077 1,077
_______ _______
At 30 June 2018 2,154 2,154
_______ _______
Carrying amount
At 30 June 2018 3,231 3,231
_______ _______
At 30 June 2017 4,308 4,308
_______ _______
7. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 July 2017 - -
Additions 2,080 2,080
_______ _______
At 30 June 2018 2,080 2,080
_______ _______
Depreciation
At 1 July 2017 - -
Charge for the year 259 259
_______ _______
At 30 June 2018 259 259
_______ _______
Carrying amount
At 30 June 2018 1,821 1,821
_______ _______
At 30 June 2017 - -
_______ _______
8. Stocks
£ £
Finished goods and goods for resale 790,035 1,192,837
_______ _______
9. Debtors
£ £
Trade debtors 76,189 -
Amounts owed by group undertakings and undertakings in which the company has a participating interest 337,947 23,905
Other debtors 800,610 303,697
_______ _______
1,214,746 327,602
_______ _______
10. Creditors: amounts falling due within one year
£ £
Trade creditors 15,574 83,628
Corporation tax 48,566 -
Social security and other taxes 7,949 944
Other creditors 1,990,214 1,833,615
_______ _______
2,062,303 1,918,187
_______ _______
Included within other creditors is a loan from Rehab (1995) Limited totalling £540,000 which is secured by way of a fixed and floating charge over the property or undertaking of the company, which includes a negative pledge.
11. Creditors: amounts falling due after more than one year
£ £
Other creditors - 332,441
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ - (2017 £ 332,441 ) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.