Salesmark Limited 31/12/2021 iXBRL

Salesmark Limited 31/12/2021 iXBRL

SALESMARK LIMITED - Company Information

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Company registration number: 11993949
Salesmark Limited
Financial statements
for the year ended 31st December 2021
Salesmark Limited
Contents
Directors and other information
Directors responsibilities statement
Balance sheet
Statement of changes in equity
Notes to the financial statements
Salesmark Limited
Directors and other information
Directors Mr Ruben Desmet (Appointed 5th July 2021)
Mr Evert Maene (Appointed 5th July 2021)
Mr Nigel McManus (Appointed 5th July 2021)
Company number 11993949
Registered office Quick-Step Academy
Guinness Road Trading Estate Guinness Road
Trafford Park
Stretford, Manchester
M17 1SB
Business address Charlotte Rose House
22 Little End Road
Eaton Socon
St. Neots
PE19 8JH
Auditor BDO Northern Ireland
Lindsey House
10 Callender Street
Belfast
BT1 5BN
Accountants Peter Chandler - CCA Ltd
The Stables
6 Church Street
St. Neots
PE19 2BU
Bankers Barclays Bank PLC
41 High Street
St. Neots
PE19 1AS
Salesmark Limited
Directors responsibilities statement
Year ended 31st December 2021
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the financial statements in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), applying Section 1A of that Standard, issued by the Financial Reporting Council ("relevant financial reporting framework"). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the company as at the financial year end date and of the profit or loss of the company for the financial year and otherwise comply with the Companies Act 2006.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Salesmark Limited
Balance sheet
31st December 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 6 164,234 214,024
_______ _______
164,234 214,024
Current assets
Stocks 683,195 962,363
Debtors 7 606,924 666,862
Cash at bank and in hand 1,269,268 317,026
_______ _______
2,559,387 1,946,251
Creditors: amounts falling due
within one year 8 ( 551,300) ( 446,448)
_______ _______
Net current assets 2,008,087 1,499,803
_______ _______
Total assets less current liabilities 2,172,321 1,713,827
Provisions for liabilities ( 18,716) ( 23,478)
_______ _______
Net assets 2,153,605 1,690,349
_______ _______
Capital and reserves
Called up share capital 9 49,600 49,600
Share premium account 10 1,205,457 1,205,457
Profit and loss account 10 898,548 435,292
_______ _______
Shareholders funds 2,153,605 1,690,349
_______ _______
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 Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 November 2022 , and are signed on behalf of the board by:
Mr Nigel McManus
Director
Company registration number: 11993949
Salesmark Limited
Statement of changes in equity
Year ended 31st December 2021
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1st January 2020 49,600 1,205,457 77,270 1,332,327
Profit for the year 358,022 358,022
_______ _______ _______ _______
Total comprehensive income for the year - - 358,022 358,022
_______ _______ _______ _______
At 31st December 2020 and 1st January 2021 49,600 1,205,457 435,292 1,690,349
Profit for the year 463,256 463,256
_______ _______ _______ _______
Total comprehensive income for the year - - 463,256 463,256
_______ _______ _______ _______
At 31st December 2021 49,600 1,205,457 898,548 2,153,605
_______ _______ _______ _______
Salesmark Limited
Notes to the financial statements
Year ended 31st December 2021
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Quick-Step Academy, Guinness Road Trading Estate Guinness Road, Trafford Park, Stretford, Manchester, M17 1SB.
2. Statement of compliance
The financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A,' The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention modified to include certain items at fair value. The financial reporting framework that has been applied in their preparation is the Companies Act 2006 (the Act) and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland issued by the Financial Reporting Council. The company qualifies as a small company for the period, as defined by section 382 of the Act, in respect of the financial year, and has applied the rules of the 'Small Companies Regime' in accordance with section 381 of the Act and Section 1A of FRS 102. 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. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are:- To determine whether there are indicators of impairment of the Company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are:- 1. Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. 2. Stocks are stated at the lower of cost and estimated selling price. At each reporting date, stocks
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.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 or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subseqeunt accumulated depreciation and subsequent accumulated 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:
Short leasehold property - Over the length of the lease.
Fittings fixtures and equipment - 10 to 33.33% straight line
Motor vehicles - 25% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 stocks to their 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Cash and cash equivalents
Cash consists of cash on hand and demand deposits. There are no cash equivalents included in the financial statements.
Other financial assets
Other financial assets comprise of trade debtors and other debtors. Other financial assets are initially measured at the undiscounted amount of cash receivable and are subsequently measured at amortised cost less impairment, where there is objective evidence of impairment.
Other financial liabilities
Other financial liabilities include trade creditors and other creditors. Other financial liabilities are measured at invoice cost, unless payment is deferred beyond normal business terms or is financed at a rate of interest that is not market rate.
Ordinary share capital
The ordinary share capital of the Company is presented as equity.
4. Other operating income
2021 2020
£ £
Government grant income 28,436 68,684
_______ _______
The Company claimed grants under the Job Retention Scheme during the Covid emergency.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2020: 22 ).
6. Tangible assets
Short leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1st January 2021 20,909 145,817 425,432 592,158
Additions - 772 47,695 48,467
Disposals - - ( 119,080) ( 119,080)
_______ _______ _______ _______
At 31st December 2021 20,909 146,589 354,047 521,545
_______ _______ _______ _______
Depreciation
At 1st January 2021 6,101 128,394 243,639 378,134
Charge for the year 1,714 11,425 48,743 61,882
Disposals - - ( 82,705) ( 82,705)
_______ _______ _______ _______
At 31st December 2021 7,815 139,819 209,677 357,311
_______ _______ _______ _______
Carrying amount
At 31st December 2021 13,094 6,770 144,370 164,234
_______ _______ _______ _______
At 31st December 2020 14,808 17,423 181,793 214,024
_______ _______ _______ _______
7. Debtors
2021 2020
£ £
Trade debtors 418,435 412,681
Other debtors 188,489 254,181
_______ _______
606,924 666,862
_______ _______
8. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 298,827 239,451
Corporation tax 113,351 94,560
Social security and other taxes 113,374 82,526
Other creditors 25,748 29,911
_______ _______
551,300 446,448
_______ _______
9. Called up share capital
Issued, called up and fully paid
2021 2020
No £ No £
Ordinary shares of £ 1.00 each 49,600 49,600 49,600 49,600
_______ _______ _______ _______
10. Reserves
Share premium account:This reserve records the amount above the nominal value received for shares sold, less transaction costs.Profit and loss account:This reserve records retained earnings and accumulated losses.
11. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Expiring:-
Not later than 1 year 112,001 137,598
Later than 1 year and not later than 5 years 201,666 313,668
_______ _______
313,667 451,266
_______ _______
12. Events after the end of the reporting period
The Company ceased to trade on 9th May 2022 at which point its activities were merged with the parent company, Unilin Distribution Limited.
13. Summary audit opinion
The auditor's report for the year dated 24 November 2022 was qualified on the following basis.
The company's prior period financial statements were unaudited. We were unable to satisfy ourselves by alternative means that the balance sheet position at 31st December 2020 gave a true and fair view of the company's affairs at this date. Consequently, we were unable to determine whether any adjustment to the company's profit for the period 31st December 2021 is necessary.
The senior statutory auditor was Laura Jackson for and on behalf of BDO Northern Ireland
14. Related party transactions
During the period to 5th July 2021 (the period prior to the parent Company acquiring the share capital of the Company) the company entered into the following transactions with related parties:
Transaction value
2021 2020
£ £
Knight Holden Limited - rent of premises 18,530 -
Salesmark Property Partnership - rent of premises 55,000 110,000
J R Knight - sale of motor vehicle 36,375 -
_______ _______
Knight Holden Limited is a company which, until 5th July 2021 when the Company was sold to Unilin, had the same sharehoders with the same percentage shareholdings as the Company. J R Knight was a Director and 50% shareholder in the Company until 5th July 2021. Salesmark Property Partnership comprises Knight Holden Limited (see above), Mrs C Stanley (director and shareholder of the Company until 5th July 2021), Mrs J Gomez (shareholder of the Company until 5th July 2021) and the pension scheme of Mr J Knight (director and shareholder of the Company until 5th July 2021).
The Company has taken advantage of the exemption contained in Section 1A of FRS102 not to disclose any transactions with its parent company on the grounds that it is a wholly owned subsidiary from 5th July 2021.
15. Controlling party
Prior to 5th July 2021 no one individual or entity held a controlling interest. From 5th July 2021 the Company's immediate parent company is Unilin Distribution Limited, a company incorporated in United Kingdom.The smallest group for which consolidated accounts are prepared including the results of this company is Unilin Distribution Limited, a company incorporated in United Kingdom. These financial statements are available to the public. The largest group for which consolidated accounts are prepared including the results of this company is Mohawk Industries Inc.In the opinion of the directors the company's ultimate parent company and controlling party is Mohawk Industries Inc., a company incorporated and operating in the United States of America. Consolidated financial statements for Mohawk Industries Inc. are available from Mohawk Industries, P.O. Box 12069, 160 South Industrial Boulevard, Calhoun, GA. 30703, USA.