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COMPANY REGISTRATION NUMBER: 06350518
RYCO Hydraulics Limited
Filleted Financial Statements
30 June 2018
RYCO Hydraulics Limited
Statement of Financial Position
30 June 2018
2018
2017
Note
£
£
Current assets
Debtors
5
7,303
8,127
Cash at bank and in hand
16,252
14,999
--------
--------
23,555
23,126
Creditors: amounts falling due within one year
6
79,031
76,031
--------
--------
Net current liabilities
55,476
52,905
--------
--------
Total assets less current liabilities
( 55,476)
( 52,905)
--------
--------
Net liabilities
( 55,476)
( 52,905)
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 55,477)
( 52,906)
--------
--------
Shareholders deficit
( 55,476)
( 52,905)
--------
--------
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 16 October 2018 , and are signed on behalf of the board by:
Mr G Duff
Director
Company registration number: 06350518
RYCO Hydraulics Limited
Notes to the Financial Statements
year ended 30th June 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Pendragon House, 65 London Road, St Albans, Hertfordshire, AL1 1LJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on the going concern basis, on the understanding that the the parent company will continue to financially support the company for the foreseeable future.
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:
Equipment
-
25% straight line
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2017: 3 ).
5. Debtors
2018
2017
£
£
Trade debtors
1,217
1,217
Other debtors
6,086
6,910
-------
-------
7,303
8,127
-------
-------
6. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
15,992
16,022
Amounts owed to group undertakings and undertakings in which the company has a participating interest
61,439
58,409
Other creditors
1,600
1,600
--------
--------
79,031
76,031
--------
--------
7. Summary audit opinion
The auditor's report for the year dated 16 October 2018 was unqualified.
The senior statutory auditor was Amanda Ruggles , for and on behalf of Gilberts .
8. Related party transactions
During the year the company invoiced £nil (2017 - £13,766) to Ryco Hydraulics Pty, a fellow group undertaking, for recharged services. The balance outstanding to this company at the year end was £61,439 (2017 - £58,409).
9. Controlling party
The Company's immediate and ultimate parent undertaking is Australasian Steel Products Pty. Limited, a company registered in Australia.