SME Performance Coaching (Europe) Limited - Period Ending 2018-10-31

Registration number: 05594425

SME Performance Coaching (Europe) Limited

trading as Salesupply UK

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2018

SME Performance Coaching (Europe) Limited
trading as Salesupply UK

Contents

 

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

SME Performance Coaching (Europe) Limited
trading as Salesupply UK

Registration number: 05594425

Balance Sheet as at 31 October 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	2,174	-
Current assets
Debtors	5	241,331	146,645
Cash at bank and in hand		348,669	194,394
		590,000	341,039
Creditors: Amounts falling due within one year	6	(520,715)	(274,796)
Net current assets		69,285	66,243
Total assets less current liabilities		71,459	66,243
Provisions for liabilities		(413)	-
Net assets		71,046	66,243
Capital and reserves
Called up share capital		10	10
Profit and loss account		71,036	66,233
Total equity		71,046	66,243

The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 1

SME Performance Coaching (Europe) Limited
trading as Salesupply UK

Registration number: 05594425

Balance Sheet as at 31 October 2018 (continued)

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 July 2019 and signed on its behalf by:
 

 

F J M Van Den Berg

Director

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

SME Performance Coaching (Europe) Limited
trading as Salesupply UK

Notes to the Financial Statements for the Year Ended 31 October 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Blenheim House
Buckenham Road
Attleborough
Norfolk
NR17 1NQ
England

The principal place of business is:
5 Station Court
Station Lane
Hethersett
Norfolk
NR9 3AY

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Page 3

SME Performance Coaching (Europe) Limited
trading as Salesupply UK

Notes to the Financial Statements for the Year Ended 31 October 2018 (continued)

2	Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	25% Reducing balance method

Page 4

SME Performance Coaching (Europe) Limited
trading as Salesupply UK

Notes to the Financial Statements for the Year Ended 31 October 2018 (continued)

2	Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2017 - 8).

Page 5

SME Performance Coaching (Europe) Limited
trading as Salesupply UK

Notes to the Financial Statements for the Year Ended 31 October 2018 (continued)

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 November 2017	1,268	1,268
Additions	2,899	2,899
At 31 October 2018	4,167	4,167
Depreciation
At 1 November 2017	1,268	1,268
Charge for the year	725	725
At 31 October 2018	1,993	1,993
Carrying amount
At 31 October 2018	2,174	2,174

5

Debtors

	Note	2018 £	2017 £
Trade debtors		225,035	117,723
Amounts owed by group undertakings and undertakings in which the company has a participating interest	8	14,972	3,844
Other debtors		1,324	25,078
Total current trade and other debtors		241,331	146,645

Page 6

SME Performance Coaching (Europe) Limited
trading as Salesupply UK

Notes to the Financial Statements for the Year Ended 31 October 2018 (continued)

6

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Trade creditors		287,719	65,821
Directors loan accounts	8	152,712	137,122
Taxation and social security		79,121	62,524
Other creditors		1,163	9,329
		520,715	274,796

7	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary £1 shares of £1 each	10	10	10	10

8	Related party transactions

Summary of transactions with entities with joint control or significant interest

During the year the company loaned various amounts to Infinity Blue Group Limited, a company also under the control of Mr F Van Den Berg. As at 31st October 2018 the company was owed £14,972 (2017 - £3,844) by them.
 

Page 7