The Sales And Service Centre Limited - Period Ending 2021-01-31

The Sales And Service Centre Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 8

The Sales And Service Centre Limited

Company Information

Director

Mr N J Sanders

Registered office

Four Oaks Grosvenor Rd Llandrindod Wells Powys LD1 5NA

Accountants

Mitchell Meredith Limited The Exchange Fiveways Temple Street Llandrindod Wells Powys LD1 5HG

The Sales And Service Centre Limited

(Registration number: 10555842)
Balance Sheet as at 31 January 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	94,253	94,554
Current assets
Stocks	5	107,000	55,000
Cash at bank and in hand		(4,497)	1,105
		102,503	56,105
Creditors: Amounts falling due within one year	6	(168,033)	(159,362)
Net current liabilities		(65,530)	(103,257)
Total assets less current liabilities		28,723	(8,703)
Creditors: Amounts falling due after more than one year	6	(89,121)	(65,537)
Net liabilities		(60,398)	(74,240)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(60,498)	(74,340)
Shareholders' deficit		(60,398)	(74,240)

The Sales And Service Centre Limited

(Registration number: 10555842)
Balance Sheet as at 31 January 2021

For the financial year ending 31 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 28 January 2022
 

Mr N J Sanders Director

The Sales And Service Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Four Oaks
Grosvenor Rd
Llandrindod Wells
Powys
LD1 5NA
Wales

These financial statements were authorised for issue by the director on 28 January 2022.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the balance sheet date the company had net current liabilities of £65,530 and total net liabilities of £60,398. However creditors includes loans from the director of £53,054 and loans from related parties of £76,590. In addition the director is aware of the turnover and margins that the company needs to achieve in order to keep the company in profit and he believes these targets can be met. The director reviews realistic objectives at regular intervals and, based on this periodic review, the company's plans and the continued support of the director and related parties, he considers it appropriate to prepare the financial statements on the going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

The Sales And Service Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	2% on cost
Fixtures, fittings and equipment	25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Stocks

Stocks are stated at the lower of cost and estimated selling price.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2020 - 3).

The Sales And Service Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 February 2020	96,981	2,553	-	99,534
Additions	-	189	2,350	2,539
At 31 January 2021	96,981	2,742	2,350	102,073
Depreciation
At 1 February 2020	4,010	970	-	4,980
Charge for the year	1,940	508	392	2,840
At 31 January 2021	5,950	1,478	392	7,820
Carrying amount
At 31 January 2021	91,031	1,264	1,958	94,253
At 31 January 2020	92,971	1,583	-	94,554

Included within the net book value of land and buildings above is £91,031 (2020 - £92,971) in respect of freehold land and buildings.
 

5

Stocks

	2021 £	2020 £
Stock	107,000	55,000

The Sales And Service Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021

6

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Due within one year
Bank loans and overdrafts	25,630	29,385
Trade creditors	2,039	2,050
Taxation and social security	8,770	9,030
Accruals and deferred income	1,950	1,950
Owed by/(from) participating interests	76,590	76,590
Directors loan	53,054	40,357
	168,033	159,362

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	7	89,121	65,537

The Sales And Service Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021

7	Loans and borrowings

	2021 £	2020 £
Non-current loans and borrowings
Bank borrowings	89,121	65,537

	2021 £	2020 £
Current loans and borrowings
Bank borrowings	8,706	4,500
Bank overdrafts	16,924	24,885
	25,630	29,385

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £6,911 (2020 - £13,162).