Seating Direct (International) Ltd Filleted accounts for Companies House (small and micro)

SEATING DIRECT (INTERNATIONAL) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03528141

Seating Direct (International) Ltd

Filleted Unaudited Financial Statements

31 March 2022

Seating Direct (International) Ltd

Statement of Financial Position

31 March 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	5	51,443	55,888

Current assets

Stocks		139,971	169,724
Debtors	6	1,123,374	1,013,217
Cash at bank and in hand		814,878	669,096
		------------	------------
		2,078,223	1,852,037

Creditors: amounts falling due within one year	7	217,517	177,441
		------------	------------
Net current assets		1,860,706	1,674,596
		------------	------------
Total assets less current liabilities		1,912,149	1,730,484

Creditors: amounts falling due after more than one year	8	9,995	41,221

Provisions

Taxation including deferred tax	9,653	10,471
	------------	------------
Net assets	1,892,501	1,678,792
	------------	------------

Capital and reserves

Called up share capital	4	4
Profit and loss account	1,892,497	1,678,788
	------------	------------
Shareholders funds	1,892,501	1,678,792
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2022 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 2022

These financial statements were approved by the board of directors and authorised for issue on 26 September 2022 , 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 2022

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.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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 (2021: 6 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Total
	£	£	£
Cost
At 1 April 2021	93,051	4,786	97,837
Additions	4,473	–	4,473
	---------	---------	---------
At 31 March 2022	97,524	4,786	102,310
	---------	---------	---------
Depreciation
At 1 April 2021	38,528	3,421	41,949
Charge for the year	8,582	336	8,918
	---------	---------	---------
At 31 March 2022	47,110	3,757	50,867
	---------	---------	---------
Carrying amount
At 31 March 2022	50,414	1,029	51,443
	---------	---------	---------
At 31 March 2021	54,523	1,365	55,888
	---------	---------	---------

6. Debtors

	2022	2021
	£	£
Trade debtors	275,582	181,740
Amounts owed by group undertakings	764,316	781,986
Other debtors	83,476	49,491
	------------	------------
	1,123,374	1,013,217
	------------	------------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loan	30,410	30,410
Trade creditors	27,965	28,715
Corporation tax	83,545	83,393
Social security and other taxes	49,128	11,532
Other creditors	26,469	23,391
	---------	---------
	217,517	177,441
	---------	---------

The advances against bank loans and overdrafts of £30,410 (2021: £30,410) are secured by a debenture.

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

	2022	2021
	£	£
Bank loan	9,995	41,221
	---------	---------

The advances against bank loans and overdrafts of £9,995 (2021 - 41,221) are secured by a debenture.

9. 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 £764,316 (2021: £781,986) The ultimate holding company is Seating Direct Holdings Ltd and their accounts are available at Companies House.