REGISTERED NUMBER: |
RUSHOUTER LIMITED |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
29 MARCH 2020 TO 26 MARCH 2021 |
REGISTERED NUMBER: |
RUSHOUTER LIMITED |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
29 MARCH 2020 TO 26 MARCH 2021 |
RUSHOUTER LIMITED (REGISTERED NUMBER: 02073091) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 29 MARCH 2020 TO 26 MARCH 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
RUSHOUTER LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 29 MARCH 2020 TO 26 MARCH 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
RUSHOUTER LIMITED (REGISTERED NUMBER: 02073091) |
BALANCE SHEET |
26 MARCH 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings | 13 | ( |
) | ( |
) |
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. |
RUSHOUTER LIMITED (REGISTERED NUMBER: 02073091) |
BALANCE SHEET - continued |
26 MARCH 2021 |
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 and authorised for issue on |
RUSHOUTER LIMITED (REGISTERED NUMBER: 02073091) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 29 MARCH 2020 TO 26 MARCH 2021 |
1. | STATUTORY INFORMATION |
RUSHOUTER LIMITED is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the directors have reviewed the balance sheet, the likely future cashflows of the business and has considered the facilities that are available to the company along with the continuing support of its shareholders, creditors and other stakeholders. |
The directors have considered the ongoing impact of Covid-19 on the operations of the entity and the entities ability to continue as a going concern. The directors have and continue to take a number of actions to financially safeguard the company and minimize the effects of the Covid 19. |
At the date of approving the financial statements the Directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Significant judgements and estimates |
In the application of the company's accounting policies, which are described in note 1, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on a ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Turnover |
Revenue is recognised when bar and food products are served to customers. |
Slot machines sales are recognised at net proceeds taken from the machines after deducting gaming duty. |
RUSHOUTER LIMITED (REGISTERED NUMBER: 02073091) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 29 MARCH 2020 TO 26 MARCH 2021 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Short leasehold | - |
Improvements to property | - |
Fixtures and fittings | - |
Computer equipment | - |
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Stocks |
Stocks are valued at the estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the period 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 period 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
RUSHOUTER LIMITED (REGISTERED NUMBER: 02073091) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 29 MARCH 2020 TO 26 MARCH 2021 |
2. | ACCOUNTING POLICIES - continued |
Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliable estimated. |
Government Grants |
Government grants are recognised at the fair value of the asset received or receivable when there is a reasonable assurance that the grant conditions will be met and the grants will be received. |
A grant that specifies performance conditions are 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 with deferred income. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Financial instruments |
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments". |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets are 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. |
Basic financial assets |
Basic financial assets, which include trade and other debtors, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
Basic financial liabilities |
Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
RUSHOUTER LIMITED (REGISTERED NUMBER: 02073091) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 29 MARCH 2020 TO 26 MARCH 2021 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
Short | to | and | Computer |
leasehold | property | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 29 March 2020 |
and 26 March 2021 |
DEPRECIATION |
At 29 March 2020 |
Charge for period |
At 26 March 2021 |
NET BOOK VALUE |
At 26 March 2021 |
At 28 March 2020 |
5. | STOCKS |
2021 | 2020 |
£ | £ |
Stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Other debtors |
S455 tax | 33 | 33 |
Directors' current accounts | 947 | 997 |
Prepayments |
RUSHOUTER LIMITED (REGISTERED NUMBER: 02073091) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 29 MARCH 2020 TO 26 MARCH 2021 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Trade creditors |
Corporation tax |
Other creditors |
S455 tax | 33 | 33 |
PAYE & Other Taxes | 62,642 | 56,643 |
Accruals | 23,666 | 24,637 |
Other loans | 3,413 | 32,770 |
Directors' current accounts | 20,427 | 20,427 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans (see note 9) |
9. | LOANS |
An analysis of the maturity of loans is given below: |
2021 | 2020 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans - over 1 year |
Other loans consist of a loan from a supplier and also a loan from a related party. The loans are interest free and amounts falling due in more than one year are to be repaid in 8 quarterly instalments and also 59 equal monthly instalments. A market value rate of interest has not been applied to these concessionary loans as the difference between the effective interest charge and the discounting rate applied to recognise the liability at its net present value is immaterial. |
RUSHOUTER LIMITED (REGISTERED NUMBER: 02073091) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 29 MARCH 2020 TO 26 MARCH 2021 |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2021 | 2020 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
11. | SECURED DEBTS |
Barclays bank holds limited guarantees of £80,000 from Mr A L Gretton. The bank also holds a debenture on the assets of the company. |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
Ordinary Shares | £1 | 100 | 100 |
13. | RESERVES |
Retained |
earnings |
£ |
At 29 March 2020 | ( |
) |
Deficit for the period | ( |
) |
At 26 March 2021 | ( |
) |
14. | CONTINGENT LIABILITIES |
During the period the company received grant funding in relation to Covid-19 support undertaken. The purpose of the grant is to support ongoing eligible expenditure. Should any conditions of the grant be contravened or unspent, then the grant could become repayable to the funder. |
RUSHOUTER LIMITED (REGISTERED NUMBER: 02073091) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 29 MARCH 2020 TO 26 MARCH 2021 |
15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following interest free loans from the directors subsisted during the period ended 26 March 2021 as follows:- |
2021 | 2020 |
£ | £ |
A L Gretton |
Balance brought forward | 10,868 | 10,868 |
Amounts withdrawn by director | - | - |
Amounts introduced into the company | - | - |
Balance carried forward | 10,868 | 10,868 |
Maximum balance outstanding during the year £10,868. |
S C Gretton |
Balance brought forward | (997) | 897 |
Amounts withdrawn by director | (100) | (250) |
Amounts introduced into the company | 150 | 150 |
Balance carried forward | (947) | (997) |
Maximum balance outstanding during the year (£947). |
J A Gretton |
Balance brought forward | 9,559 | 9,559 |
Amounts withdrawn by director | - | (5,000) |
Amounts introduced into the company | - | 5,000 |
Balance carried forward | 9,559 | 9,559 |
Maximum balance outstanding during the year £9,559. |
Loans by directors to the company are interest-free and repayable on demand. |
16. | RELATED PARTY DISCLOSURES |
The company is under the control of Mr A L Gretton, director and shareholder of the company. |
Included in Other creditors is £5,000 (2020 - £15,400) owed to Mrs G M Gretton, wife of A L Gretton. |
Included in Other loans is £17,350 (2020 - £18,650) owed to Gremer Chemicals Ltd in which the director A L Gretton has a controlling interest. |