Sycamore Lighting Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03603153 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

SYCAMORE LIGHTING LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

G Wilson

SECRETARY:

REGISTERED OFFICE:

Unit 6

Astley Lane Industrial Estate

Swillington

Leeds

West Yorkshire

LS26 8XT

REGISTERED NUMBER:

03603153 (England and Wales)

AUDITORS:

Lewis's Ltd (Statutory Auditors)

Windsor House

44 High Road

Balby

Doncaster

DN4 0PL

BANKERS:

HSBC

PO Box 105

33 Park Row

LEEDS

LS1 1LD

FIXED ASSETS

Tangible assets

5

101,815

101,611

CURRENT ASSETS

Stocks

1,167,969

1,329,986

Debtors

6

3,346,155

2,224,519

Cash at bank and in hand

1,294,465

1,232,509

5,808,589

4,787,014

CREDITORS

Amounts falling due within one year

7

1,003,982

942,793

NET CURRENT ASSETS

4,804,607

3,844,221

TOTAL ASSETS LESS CURRENT LIABILITIES

4,906,422

3,945,832

PROVISIONS FOR LIABILITIES

9

919

1,679

NET ASSETS

4,905,503

3,944,153

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

4,904,503

3,943,153

SHAREHOLDERS' FUNDS

4,905,503

3,944,153

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 Board of Directors on 13 June 2019 and were signed on its behalf by:

G Wilson - Director

1.	STATUTORY INFORMATION

Sycamore Lighting Limited is a private company, limited by shares, registered in England and Wales. The

company's registered number is 03603153 and the registered office address is Unit 6, Astley Lane Industrial

Estate, Swillington, Leeds LS26 8XT. The principal activity of the company is that of a wholesale lighting

supplier.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements of the Company are consolidated in the financial statements of GCH Corporation

Limited. The consolidated financial statements of GCH Corporation Limited are available from its registered

office, 2 Castle Business Village, Station Road, Hampton, Middlesex, TW12 2BX.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

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.

Plant and machinery

-

15% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

33% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost, on a first in first out basis, 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 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the

operating result.

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.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2017 - 22 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 January 2018

23,198

74,149

76,573

Additions

-

-

4,557

At 31 December 2018

23,198

74,149

81,130

DEPRECIATION

At 1 January 2018

7,903

39,699

48,835

Charge for year

2,189

5,168

4,844

At 31 December 2018

10,092

44,867

53,679

NET BOOK VALUE

At 31 December 2018

13,106

29,282

27,451

At 31 December 2017

15,295

34,450

27,738

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2018

6,522

74,814

255,256

Additions

-

18,447

23,004

At 31 December 2018

6,522

93,261

278,260

DEPRECIATION

At 1 January 2018

6,424

50,784

153,645

Charge for year

98

10,501

22,800

At 31 December 2018

6,522

61,285

176,445

NET BOOK VALUE

At 31 December 2018

-

31,976

101,815

At 31 December 2017

98

24,030

101,611

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

1,478,568

1,507,286

Amounts owed by group undertakings

1,500,000

500,000

Other debtors

367,587

217,233

3,346,155

2,224,519

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade creditors

280,287

313,392

Taxation and social security

392,242

330,400

Other creditors

331,453

299,001

1,003,982

942,793

8.	SECURED DEBTS

HSBC holds a fixed charge over all present freehold and leasehold property; a First Fixed Charge over book and

other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all

assets and undertakings both present and future dated 14 May 2004.

There is a guarantee dated 30 September 2003 in favour of H M Revenue & Customs for £16,000.

9.	PROVISIONS FOR LIABILITIES

31.12.18

31.12.17

£

£

Deferred tax

Accelerated capital allowances

919

1,679

Deferred

tax

£

Balance at 1 January 2018

1,679

Accelerated capital allowances

(760

)

Balance at 31 December 2018

919

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.18

31.12.17

value:

£

£

1,000

Ordinary

£1

1,000

1,000

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Paul Lewis (Senior Statutory Auditor)

for and on behalf of Lewis's Ltd (Statutory Auditors)

12.	RELATED PARTY DISCLOSURES

SPL Components Ltd, a company under the control of Mr. G P Baxter.

31.12.2018

31.12.2017

£

£

Sales

304,198

344,600

Purchases

16,161

14,529

Amounts due from related party

112,039

132,699

Amounts due to related party

6,640

6,264

Lighting Innovations Ltd, a company in which Mr. G. P. Baxter has a significant influence.

31.12.2018

31.12.2017

£

£

Sales

183,627

185,463

Purchases

418

6,009

Amounts due from related party

96,339

79,977

Amounts due to related party

-

30

Sycamore Products Ltd Retirement Benefits Scheme, in which Mr. G.P. Baxter is both a member and

managing trustee

31.12.2018

31.12.2017

£

£

Rent paid by Sycamore Lighting Ltd

47,541

45,425

Muneris Product by Design Ltd, a company in which Mr. G. P. Baxter has a significant influence.

31.12.2018

31.12.2017

£

£

Design and development costs included in cost of sales

49,350

60,000

Amounts due to related party

45,000

72,000

13.	ULTIMATE CONTROLLING PARTY

The controlling party is G F Hutchings.

The ultimate controlling party is G F Hutchings.