Sandstorm International Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC243243 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2019

for

Sandstorm International Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K L Steel

M R Stephenson

F O Andersson

I O Awuondo

SECRETARY:

A H & Co Ltd

REGISTERED OFFICE:

6 Logie Mill

Beaverbank Business Park

Edinburgh

Lothian

EH7 4HG

REGISTERED NUMBER:

SC243243 (Scotland)

ACCOUNTANTS:

A H & Co Ltd

Chartered Accountants

6 Logie Mill

Edinburgh

Lothian

EH7 4HG

BANKERS:

Adam & Company plc

36 St. Andrew Square

Edinburgh

EH2 1AF

FIXED ASSETS

Intangible assets

4

3,278

4,530

Tangible assets

5

574

1,016

Investments

6

1,606,963

1,105,438

1,610,815

1,110,984

CURRENT ASSETS

Stocks

7

11,511

13,999

Debtors

8

6,832

455,002

Cash at bank

5,077

37,762

23,420

506,763

CREDITORS

Amounts falling due within one year

9

181,691

585,716

NET CURRENT LIABILITIES

(158,271

)

(78,953

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,452,544

1,032,031

PROVISIONS FOR LIABILITIES

10

26

72

NET ASSETS

1,452,518

1,031,959

CAPITAL AND RESERVES

Called up share capital

11

100,964

49,915

Share premium

3,797,016

3,392,328

Retained earnings

(2,445,462

)

(2,410,284

)

SHAREHOLDERS' FUNDS

1,452,518

1,031,959

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2020 and were signed on its behalf by:

M R Stephenson - Director

1.	STATUTORY INFORMATION

Sandstorm International Limited is a private company, limited by shares , registered in Scotland. 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 accounts have been prepared on the going concern basis, the acceptability of which is dependent on the continuing support of the directors and investors.

Preparation of consolidated financial statements

The financial statements contain information about Sandstorm International Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Turnover from the sale of goods is recognised when goods are delivered and legal title has passed.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Computer equipment - 5% per annum

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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.

Foreign currencies

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

Investments

Investments in subsidiaries are measured at cost less impairment. The directors undertake an impairment review at each balance sheet date.

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 January 2019

and 31 December 2019

12,517

AMORTISATION

At 1 January 2019

7,987

Amortisation for year

1,252

At 31 December 2019

9,239

NET BOOK VALUE

At 31 December 2019

3,278

At 31 December 2018

4,530

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2019

and 31 December 2019

6,305

DEPRECIATION

At 1 January 2019

5,289

Charge for year

442

At 31 December 2019

5,731

NET BOOK VALUE

At 31 December 2019

574

At 31 December 2018

1,016

6.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 January 2019

1,105,438

Additions

501,525

At 31 December 2019

1,606,963

NET BOOK VALUE

At 31 December 2019

1,606,963

At 31 December 2018

1,105,438

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Sandstorm Africa Limited

Registered office: Plot L.R.No.13758, Karen Plains House, Karen Road, P.O Box 42589-00100, Nairobi

Nature of business: Manufacture and retail of canvas and leather goods

%

Class of shares:

holding

Ordinary shares

100.00

31.12.19

31.12.18

£

£

Aggregate capital and reserves

278,127

309,061

Loss for the year/period

(24,032

)

(39,896

)

The above information is extracted from the financial statements of Sandstorm Africa Limited as at 31 December 2018.

7.

STOCKS

31.12.19

31.12.18

£

£

Stocks

11,511

13,999

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

791

12,346

Other debtors

6,041

442,656

6,832

455,002

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade creditors

375

5,417

Taxation and social security

-

1,956

Other creditors

181,316

578,343

181,691

585,716

10.	PROVISIONS FOR LIABILITIES

31.12.19

31.12.18

£

£

Deferred tax

26

72

Deferred

tax

£

Balance at 1 January 2019

72

Provided during year

(46

)

Balance at 31 December 2019

26

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.19

31.12.18

value:

£

£

10,096,418

Ordinary

£0.01

100,964

49,915

(31.12.18 - 4,991,503 )

During the year, the following share transaction was recorded:

(1) Issue of 2,004,915 ordinary £0.01 shares at £0.15 per share.

(2) Issue of 3,100,000 ordinary £0.01 shares at £0.05 per share.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 31 December 2019 the director loan balances were NIL (2018: £10,000).

13.	RELATED PARTY DISCLOSURES

Transactions with related parties during the period and balances outstanding at the year end were as follows:

Related Party

Transaction

Amount

Balance receivable from / (payable to) related party at 31.12.19

Balance receivable from / (payable to) related party at 31.12.18

£

£

£

Sandstorm Africa Ltd

Investment

Nil (2018: Nil)

1,105,438

1,105,438

Loans

(471,084) (2018: 212,492)

(28,428)

442,656

Former director

Loans

15,000 (2018: (15,000))

Nil

(15,000)

Sandstorm Africa Ltd is a wholly owned subsidiary of Sandstorm International Ltd.

14.	ULTIMATE CONTROLLING PARTY

There is no overall controlling interest.