SAL Commercials Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 04119799 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 NOVEMBER 2014

FOR

SAL COMMERCIALS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr A Howard

Mr LJ Howard-Pask

Mrs S Walmsley

Mrs CA Howard

REGISTERED OFFICE:

Birchin Way

Grimsby

North East Lincs

DN31 2SG

REGISTERED NUMBER:

04119799 (England and Wales)

ACCOUNTANTS:

Blow Abbott Limited

36 High Street

Cleethorpes

North East Lincs

DN35 8JN

BANKERS:

Natwest Bank

66 Victoria Street

Grimsby

N E Lincs

DN31 1BL

FIXED ASSETS

Tangible assets

2

13,656,754

10,335,067

CURRENT ASSETS

Stocks

10,800

45,086

Debtors

2,197,817

1,324,851

2,208,617

1,369,937

CREDITORS

Amounts falling due within one year

3

4,430,814

3,917,579

NET CURRENT LIABILITIES

(2,222,197

)

(2,547,642

)

TOTAL ASSETS LESS CURRENT LIABILITIES

11,434,557

7,787,425

CREDITORS

Amounts falling due after more than one year

3

(5,792,838

)

(3,905,995

)

PROVISIONS FOR LIABILITIES

(1,087,702

)

(977,482

)

NET ASSETS

4,554,017

2,903,948

CAPITAL AND RESERVES

Called up share capital

4

1,000

1,000

Profit and loss account

4,553,017

2,902,948

SHAREHOLDERS' FUNDS

4,554,017

2,903,948

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 25 March 2015 and were signed on its behalf by:

Mr A Howard - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

in accordance with the property

Motor vehicles

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

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 the profit and loss account over the relevant

period. The capital element of the future payments is treated as a liability.

Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to

the profit and loss account over the expected useful lives of the assets concerned. Other grants are

credited to the profit and loss account as the related expenditure is incurred.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 December 2013

15,139,094

Additions

4,364,817

Disposals

(215,420

)

At 30 November 2014

19,288,491

DEPRECIATION

At 1 December 2013

4,804,027

Charge for year

994,627

Eliminated on disposal

(166,917

)

At 30 November 2014

5,631,737

NET BOOK VALUE

At 30 November 2014

13,656,754

At 30 November 2013

10,335,067

3.

CREDITORS

Creditors include an amount of £ 6,070,009 (2013 - £ 3,808,981 ) for which security has been given.

They also include the following debts falling due in more than five years:

2014

2013

£

£

Repayable by instalments

346,704

444,930

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

1,000

Ordinary

£1

1,000

1,000

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 30th November 2014 the company owed Mrs CA Howard £223,600 (2013: £98,206), Mr AJ Howard

£285,072 (2013: £337,851), Mrs S Walmsley £648,451 (2013: £681,740) and Mr L Howard-Pask

£621,250 (2013:£660,550). Interest is payable to Mr AJ Howard, Mrs S Walmsley and Mr L

Howard-Pask of £20,000 each per annum. No interest is payable to Mrs CA Howard.