Sceneset Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 04053945

Sceneset Limited

Filleted Unaudited Abridged Financial Statements

28 February 2019

Sceneset Limited

Abridged Financial Statements

Year ended 28th February 2019

Contents	Page

Officers and professional advisers	1

Corporate accountants report to the director on the preparation of the unaudited statutory abridged financial statements	2

Abridged statement of financial position	3

Notes to the abridged financial statements	5

Sceneset Limited

Officers and Professional Advisers

Director	Mr P. Chamberlain

Company Secretary	Mr P. Chamberlain

Registered Office	Unit 11, Kelvin Way Trading Estate
	Kelvin Way
	West Bromwich
	West Midlands
	B70 7TN

Accountants	W H Audit Limited
	Corporate Accountants
	The White House
	Station Road
	West Hagley
	Stourbridge
	West Midlands
	DY9 ONU

Bankers	National Westminster Bank Plc
	309 High Street
	West Bromwich
	West Midlands
	B70 8LX

Sceneset Limited

Corporate Accountants Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of Sceneset Limited

Year ended 28th February 2019

As described on the abridged statement of financial position, the director of the company is responsible for the preparation of the abridged financial statements for the year ended 28th February 2019, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

W H Audit Limited Corporate Accountants

The White House Station Road West Hagley Stourbridge West Midlands DY9 ONU

17 May 2019

Sceneset Limited

Abridged Statement of Financial Position

28 February 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	6		29,247	28,335

Current assets

Stocks		1,000	1,000
Debtors	7	104,522	124,910
Cash at bank and in hand		99,159	105,664
		---------	---------
		204,681	231,574

Creditors: amounts falling due within one year	8	148,359		157,691
		---------		---------
Net current assets			56,322	73,883
			--------	---------
Total assets less current liabilities			85,569	102,218

Creditors: amounts falling due after more than one year	9		29,194	25,638

Provisions

Taxation including deferred tax	1,657	3,748
	--------	---------
Net assets	54,718	72,832
	--------	---------

Sceneset Limited

Abridged Statement of Financial Position (continued)

28 February 2019

	2019		2018
Note	£	£	£

Capital and reserves

Called up share capital	110	110
Profit and loss account	54,608	72,722
	--------	--------
Shareholders funds	54,718	72,832
	--------	--------

These abridged 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 28th February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 28th February 2019 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 17 May 2019 , and are signed on behalf of the board by:

Mr P. Chamberlain
Director

Company registration number: 04053945

Sceneset Limited

Notes to the Abridged Financial Statements

Year ended 28th February 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 11, Kelvin Way Trading Estate, Kelvin Way, West Bromwich, West Midlands, B70 7TN.

2. Statement of compliance

These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Leasehold Property	-	10% straight line
Equipment	-	25% reducing balance
Fixtures and Computer Equipment	-	33% straight line
Motor Vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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 9 (2018: 9 ).

5. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2019	2018
	£	£
Equity dividends paid on ordinary A shares	55,000	60,000
Equity dividends paid on ordinary B shares	10,522	13,888
	--------	--------
	65,522	73,888
	--------	--------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1st March 2018	2,468	42,651	42,234	30,719	118,072
Additions	–	5,420	–	11,700	17,120
Disposals	–	–	–	( 14,274)	( 14,274)
	-------	--------	--------	--------	---------
At 28th February 2019	2,468	48,071	42,234	28,145	120,918
	-------	--------	--------	--------	---------
Depreciation
At 1st March 2018	1,915	27,328	39,860	20,634	89,737
Charge for the year	79	5,188	1,833	4,226	11,326
Disposals	–	–	–	( 9,392)	( 9,392)
	-------	--------	--------	--------	---------
At 28th February 2019	1,994	32,516	41,693	15,468	91,671
	-------	--------	--------	--------	---------
Carrying amount
At 28th February 2019	474	15,555	541	12,677	29,247
	-------	--------	--------	--------	---------
At 28th February 2018	553	15,323	2,374	10,085	28,335
	-------	--------	--------	--------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery	Motor vehicles	Total
	£	£	£
At 28th February 2019	4,065	12,677	16,742
	-------	--------	--------
At 28th February 2018	–	5,023	5,023
	-------	--------	--------

7. Debtors

	2019	2018
	£	£
Trade debtors	90,656	105,315
Other debtors	13,866	19,595
	---------	---------
	104,522	124,910
	---------	---------

Other debtors includes an amount of £7,402 in connection with the rent deposit, and a rent deposit deed was registered at Companies House on 16th August 2012.

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	3,714	8,428
Trade creditors	46,713	48,448
Accruals and deferred income	3,000	3,550
Corporation tax	13,204	29,670
Social security and other taxes	64,851	59,460
Obligations under finance leases and hire purchase contracts	5,932	3,400
Other creditors	10,945	4,735
	---------	---------
	148,359	157,691
	---------	---------

The National Westminster Bank plc borrowing is secured by a mortgage debenture dated 12th April 2001 giving a fixed and floating charge over the company's assets.

9. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	20,121	23,938
Obligations under finance leases and hire purchase contracts	9,073	1,700
	--------	--------
	29,194	25,638
	--------	--------

The National Westminster Bank plc borrowing is secured by a mortgage debenture dated 12th April 2001 giving a fixed and floating charge over the company's assets.

10. Director's advances, credits and guarantees

The director's loan account was £1,918 (£8,351 - 2018) overdrawn at the year end.