Satin Design Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05849644 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

FOR

SATIN DESIGN LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

F Nagree

Z Sardar

SECRETARY:

F Nagree

REGISTERED OFFICE:

Rays House

North Circular Road

East of Hanger Lane Roundabout

London

NW10 7XP

REGISTERED NUMBER:

05849644 (England and Wales)

ACCOUNTANTS:

Mehta & Tengra

Chartered Accountants

24 Bedford Row

London

WC1R 4TQ

FIXED ASSETS

Tangible assets

4

56,674

35,441

CURRENT ASSETS

Stocks

182,121

192,642

Debtors

653,697

1,061,759

Cash at bank

218,767

90,679

1,054,585

1,345,080

CREDITORS

Amounts falling due within one year

(1,052,883

)

(1,174,247

)

NET CURRENT ASSETS

1,702

170,833

TOTAL ASSETS LESS CURRENT LIABILITIES

58,376

206,274

CREDITORS

Amounts falling due after more than one year

(16,990

)

(9,333

)

PROVISIONS FOR LIABILITIES

5

(4,946

)

(3,030

)

NET ASSETS

36,440

193,911

CAPITAL AND RESERVES

Called up share capital

6

100

100

Retained earnings

7

36,340

193,811

SHAREHOLDERS' FUNDS

10

36,440

193,911

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2018 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 15 August 2019 and were signed on its behalf by:

Z Sardar - Director

1.	STATUTORY INFORMATION

Satin Design Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared in accordance with applicable Accounting Standards in the United

Kingdom.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

over the term of the lease

Fixtures, fittings and equipment

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account,

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 year 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - 24 ).

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2017

94,498

Additions

36,857

Disposals

(4,838

)

At 30 June 2018

126,517

DEPRECIATION

At 1 July 2017

59,057

Charge for year

14,124

Eliminated on disposal

(3,338

)

At 30 June 2018

69,843

NET BOOK VALUE

At 30 June 2018

56,674

At 30 June 2017

35,441

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as

follows:

Totals

£

COST

At 1 July 2017

9,800

Additions

11,823

At 30 June 2018

21,623

DEPRECIATION

At 1 July 2017

2,450

Charge for year

1,775

At 30 June 2018

4,225

NET BOOK VALUE

At 30 June 2018

17,398

At 30 June 2017

7,350

5.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

Accelerated capital allowances

4,946

-

Deferred tax

-

3,030

4,946

3,030

Deferred

tax

£

Balance at 1 July 2017

3,030

Provided during year

1,916

Balance at 30 June 2018

4,946

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

£1

100

100

7.

RESERVES

Retained

earnings

£

At 1 July 2017

193,811

Deficit for the year

(157,471

)

At 30 June 2018

36,340

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2018 and

30 June 2017:

2018

2017

£

£

F Nagree

Balance outstanding at start of year

(6,390

)

-

Amounts advanced

16,397

-

Amounts repaid

-

(6,390

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

10,007

(6,390

)

Interest of £312 has been charged.

9.	RELATED PARTY DISCLOSURES

Mr A & B are also directors of Company C Limited. At the balance sheet date the amounts due from the

Company C was £152,007. (2017 £58,458).

10.	RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

2018

2017

£

£

(Loss)/profit for the financial year

(157,471

)

79,638

Opening shareholders funds

Net (reduction)/addition to shareholders' funds

(157,471

)

79,638

Opening shareholders' funds

193,911

114,273

Closing shareholders' funds

36,440

193,911