Salvatex Holdings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02971159 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2018

FOR

SALVATEX HOLDINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr MA Almond

SECRETARY:

Mrs AC Almond

REGISTERED OFFICE:

5 Pywell Road

Willowbrook Industrial Estate

Corby

Northamptonshire

NN17 5XJ

REGISTERED NUMBER:

02971159 (England and Wales)

ACCOUNTANTS:

Bewers Turner & Co Limited

Chartered Accountants

Portland House

11-13 Station Road

Kettering

Northamptonshire

NN15 7HH

FIXED ASSETS

Tangible assets

4

1,124,237

1,216,787

Investments

5

202

202

1,124,439

1,216,989

CURRENT ASSETS

Debtors

6

96,753

157,171

Cash at bank

272,931

306,677

369,684

463,848

CREDITORS

Amounts falling due within one year

7

170,970

205,739

NET CURRENT ASSETS

198,714

258,109

TOTAL ASSETS LESS CURRENT LIABILITIES

1,323,153

1,475,098

CREDITORS

Amounts falling due after more than one year

8

-

(80,800

)

PROVISIONS FOR LIABILITIES

-

(6,874

)

NET ASSETS

1,323,153

1,387,424

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

1,323,053

1,387,324

SHAREHOLDERS' FUNDS

1,323,153

1,387,424

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 4th March 2019 and were signed by:

Mr MA Almond - Director

1.	STATUTORY INFORMATION

Salvatex Holdings 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small

Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK

and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared

under the historical cost convention.

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.

Freehold property

-

Straight line over 50 years

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The company is party to only basic financial instruments such as cash, trade debtors and creditors,

and bank loans. Instruments such as trade debtors and creditors are initially recognised at their

transaction cost and reviewed at the year end for impairment. Debt instruments not repayable on

demand or due within one year, such as bank loans, are measured at amortised cost using the

effective interest rate.

Taxation

Taxation for the year 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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st January 2018

1,300,182

76,823

213,667

1,979

1,592,651

Additions

-

-

20,638

-

20,638

Disposals

-

(4,886

)

(195,067

)

-

(199,953

)

At 31st December 2018

1,300,182

71,937

39,238

1,979

1,413,336

DEPRECIATION

At 1st January 2018

192,303

65,573

117,221

767

375,864

Charge for year

22,004

1,573

7,026

494

31,097

Eliminated on disposal

-

(4,128

)

(113,734

)

-

(117,862

)

At 31st December 2018

214,307

63,018

10,513

1,261

289,099

NET BOOK VALUE

At 31st December 2018

1,085,875

8,919

28,725

718

1,124,237

At 31st December 2017

1,107,879

11,250

96,446

1,212

1,216,787

The cost of freehold buildings on which depreciation is charged amounted to £1,100,182 (2017:

£1,100,182).

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1st January 2018

140,600

Disposals

(122,000

)

At 31st December 2018

18,600

DEPRECIATION

At 1st January 2018

44,154

Charge for year

4,651

Eliminated on disposal

(40,667

)

At 31st December 2018

8,138

NET BOOK VALUE

At 31st December 2018

10,462

At 31st December 2017

96,446

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st January 2018

and 31st December 2018

202

NET BOOK VALUE

At 31st December 2018

202

At 31st December 2017

202

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

12,600

760

Other debtors

84,153

156,411

96,753

157,171

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

9,052

13,668

Trade creditors

4,397

6,074

Taxation and social security

17,566

5,430

Other creditors

139,955

180,567

170,970

205,739

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

-

80,800

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

9,052

94,468

The hire purchase liability is secured against the asset to which it relates.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

£1

100

100

11.	RELATED PARTY DISCLOSURES

All material related party transactions with owners holding a participating interest, companies in which

the entity has a participating interest and directors were all concluded under normal market conditions.