Sabit Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02347295 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 October 2019

for

Sabit Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Ms J R Hope

R A Hope

P Jones

D J Theobald

D Shore

A M Hicken

SECRETARY:

Ms J R Hope

REGISTERED OFFICE:

The Glades

Festival Way

Stoke on Trent

Staffordshire

ST1 5SQ

REGISTERED NUMBER:

02347295 (England and Wales)

FIXED ASSETS

Tangible assets

5

518,004

476,063

CURRENT ASSETS

Stocks

75,000

55,000

Debtors

6

510,155

557,736

Cash at bank

-

73,934

585,155

686,670

CREDITORS

Amounts falling due within one year

7

420,166

530,422

NET CURRENT ASSETS

164,989

156,248

TOTAL ASSETS LESS CURRENT LIABILITIES

682,993

632,311

CREDITORS

Amounts falling due after more than one year

8

413,639

321,315

NET ASSETS

269,354

310,996

CAPITAL AND RESERVES

Called up share capital

70

70

Capital redemption reserve

80

80

Retained earnings

269,204

310,846

SHAREHOLDERS' FUNDS

269,354

310,996

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2019 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors on 27 January 2020 and were signed on its behalf by:

R A Hope - Director

1.	STATUTORY INFORMATION

Sabit 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.	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 cover the company as an individual entity, have been prepared under the

historical cost convention and are presented in Pounds Sterling (£) being the functional currency.

The financial statements have been prepared on the assumption that the company is able to carry

on business as a going concern, which the directors consider appropriate having regard to the

company's current and expected performance.

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 the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

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.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in

non-convertible preference and non-puttable ordinary shares which are measured at fair value, with

changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost

and thereafter at fair value with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of

Income and Retained Earnings, 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.

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.

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

The average number of employees during the year was 26 (2018 - 28 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 November 2018

919,260

31,265

12,396

8,924

971,845

Additions

128,375

-

7,500

-

135,875

At 31 October 2019

1,047,635

31,265

19,896

8,924

1,107,720

DEPRECIATION

At 1 November 2018

457,117

20,162

11,465

7,038

495,782

Charge for year

88,578

2,776

2,108

472

93,934

At 31 October 2019

545,695

22,938

13,573

7,510

589,716

NET BOOK VALUE

At 31 October 2019

501,940

8,327

6,323

1,414

518,004

At 31 October 2018

462,143

11,103

931

1,886

476,063

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

Plant and

machinery

£

COST

At 1 November 2018

510,050

Additions

128,375

At 31 October 2019

638,425

DEPRECIATION

At 1 November 2018

187,523

Charge for year

70,220

At 31 October 2019

257,743

NET BOOK VALUE

At 31 October 2019

380,682

At 31 October 2018

322,527

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

392,739

393,113

Amounts owed by group undertakings

53,226

106,623

Other debtors

64,190

58,000

510,155

557,736

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

32,988

9,839

Hire purchase contracts (see note 9)

121,474

86,170

Trade creditors

164,781

172,014

Taxation and social security

84,655

63,214

Other creditors

16,268

199,185

420,166

530,422

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 9)

230,885

129,596

Other creditors

182,754

191,719

413,639

321,315

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

182,754

191,719

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2019

2018

£

£

Net obligations repayable:

Within one year

121,474

86,170

Between one and five years

230,885

129,596

352,359

215,766

Non-cancellable

operating leases

2019

2018

£

£

Within one year

6,478

10,531

Between one and five years

10,797

17,276

17,275

27,807

10.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank overdrafts

32,988

9,839

Hire purchase contracts

352,359

215,766

Invoice Financing

-

180,135

385,347

405,740

The bank overdraft is secured by a fixed and floating charge against all assets, present and future,

of the company.

The hire purchase contracts are secured against the assets financed.

The invoice finance balance is secured by all property or undertakings of the company.