Seating Direct (International) Ltd Company accounts

SEATING DIRECT (INTERNATIONAL) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03528141

Seating Direct (International) Ltd

Unaudited Financial Statements

31 March 2019

Seating Direct (International) Ltd

Financial Statements

Year ended 31 March 2019

Contents	Pages

Officers and professional advisers	1

Directors' report	2

Statement of income and retained earnings	3

Statement of financial position	4 to 5

Notes to the financial statements	6 to 9

Seating Direct (International) Ltd

Officers and Professional Advisers

The Board of Directors	Mr S R Jones
	Mr R Weatherston

Registered Office	Unit 6 Beaufort Trading Park
	Pucklechurch Trading Estate
	Pucklechurch
	Bristol
	BS16 9QH

Accountants	Garratts Wolverhampton Limited
	Chartered accountants
	29 Waterloo Road
	Wolverhampton
	WV1 4DJ

Seating Direct (International) Ltd

Directors' Report

Year ended 31 March 2019

The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2019 .

Directors

The directors who served the company during the year were as follows:

Mr S R Jones
Mr R Weatherston

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 30 September 2019 and signed on behalf of the board by:

Mr S R Jones

Director

Seating Direct (International) Ltd

Statement of Income and Retained Earnings

Year ended 31 March 2019

	2019	2018
Note	£	£
Turnover	1,447,646	1,147,711

Cost of sales	572,503	485,257
	------------	------------
Gross profit	875,143	662,454

Distribution costs	128,034	97,482
Administrative expenses	201,465	186,384
	---------	---------
Operating profit	545,644	378,588

Interest payable and similar expenses		4,384	4,208
		---------	---------
Profit before taxation	5	541,260	374,380

Tax on profit	103,001	71,213
	---------	---------
Profit for the financial year and total comprehensive income	438,259	303,167
	---------	---------

Dividends paid and payable	( 289,150)	( 54,000)

Retained earnings at the start of the year	1,178,283	929,115
	------------	------------
Retained earnings at the end of the year	1,327,392	1,178,282
	------------	------------

All the activities of the company are from continuing operations.

Seating Direct (International) Ltd

Statement of Financial Position

31 March 2019

	2019	2018
Note	£	£

Fixed assets

Tangible assets	6	66,722	32,500

Current assets

Stocks		142,930	115,473
Debtors	7	1,304,977	1,202,660
Cash at bank and in hand		139,358	83,417
		------------	------------
		1,587,265	1,401,550

Creditors: amounts falling due within one year	8	217,340	157,880
		------------	------------
Net current assets		1,369,925	1,243,670
		------------	------------
Total assets less current liabilities		1,436,647	1,276,170

Creditors: amounts falling due after more than one year	9	101,129	94,119

Provisions

Taxation including deferred tax	8,122	3,765
	------------	------------
Net assets	1,327,396	1,178,286
	------------	------------

Capital and reserves

Called up share capital	4	4
Profit and loss account	1,327,392	1,178,282
	------------	------------
Shareholders funds	1,327,396	1,178,286
	------------	------------

These financial statements have been prepared 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'.

For the year ending 31 March 2019 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Seating Direct (International) Ltd

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 30 September 2019 , and are signed on behalf of the board by:

Mr S R Jones

Director

Company registration number: 03528141

Seating Direct (International) Ltd

Notes to the Financial Statements

Year ended 31 March 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 6 Beaufort Trading Park, Pucklechurch Trading Estate, Pucklechurch, Bristol, BS16 9QH.

2. Statement of compliance

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

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

Defered tax

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

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Plant and Machinery	-	15% reducing balance
Fixtures and Fittings	-	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.

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.

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 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 liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2018: 7 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2019	2018
	£	£
Depreciation of tangible assets	9,318	5,396
	---------	---------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Total
	£	£	£
Cost
At 1 April 2018	42,495	3,819	46,314
Additions	50,215	967	51,182
Disposals	( 9,097)	–	( 9,097)
	---------	---------	---------
At 31 March 2019	83,613	4,786	88,399
	---------	---------	---------
Depreciation
At 1 April 2018	12,147	1,667	13,814
Charge for the year	8,620	698	9,318
Disposals	( 1,455)	–	( 1,455)
	---------	---------	---------
At 31 March 2019	19,312	2,365	21,677
	---------	---------	---------
Carrying amount
At 31 March 2019	64,301	2,421	66,722
	---------	---------	---------
At 31 March 2018	30,348	2,152	32,500
	---------	---------	---------

7. Debtors

	2019	2018
	£	£
Trade debtors	297,595	224,514
Amounts owed by group undertakings	957,685	956,817
Other debtors	49,697	21,329
	------------	------------
	1,304,977	1,202,660
	------------	------------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	29,821	22,654
Trade creditors	37,422	23,527
Corporation tax	98,834	68,956
Social security and other taxes	31,646	24,365
Other creditors	19,617	18,378
	---------	---------
	217,340	157,880
	---------	---------

The advances against bank loans and overdrafts of £29,821 (2018: £22,654) are secured by a debenture.

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

	2019	2018
	£	£
Bank loans and overdrafts	101,129	94,119
	---------	---------

The advances against bank loans and overdrafts of £101,129 (2018: £94,119) are secured by a debenture.

10. Related party transactions

The company was under the control of Seating Direct Limited which is owned by Seating Direct Holdings Limited throughout the current and previous year. Amounts due from related parties are £957,685 (2018: £956,817) The ultimate holding company is Seating Direct Holdings Ltd and their accounts are available at Companies House.