Sawyer Bros. (Bookmakers) Limited - Period Ending 2021-05-31

Sawyer Bros. (Bookmakers) Limited

Contents

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

Sawyer Bros. (Bookmakers) Limited

(Registration number: 03700893)
Balance Sheet as at 31 May 2021

	Note	2021		2020
		£	£	£	£
Fixed assets
Intangible assets	5		20,156		18,320
Tangible assets	6		10,494		13,992
			30,650		32,312
Current assets
Debtors	7	163,800		155,887
Cash at bank and in hand		216,939		216,187
		380,739		372,074
Creditors: Amounts falling due within one year	8	(303,293)		(383,093)
Net current assets/(liabilities)			77,446		(11,019)
Total assets less current liabilities			108,096		21,293
Provisions for liabilities			(1,994)		(2,490)
Net assets			106,102		18,803
Capital and reserves
Called up share capital	9	400		400
Profit and loss account		105,702		18,403
Total equity			106,102		18,803

Sawyer Bros. (Bookmakers) Limited

(Registration number: 03700893)
Balance Sheet as at 31 May 2021

For the financial year ending 31 May 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 24 February 2022
 

......................................... M A Sawyer Director

Sawyer Bros. (Bookmakers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
East View
Blackburn Road
Brighouse
HD6 2ET

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A 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.

The company's functional and presentation currency is pound sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.

The company recognises revenue when the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Government grants

Grants are measured at the fair value of the asset received or receivable.

Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

A grant that becomes 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 shall be recognised in income in the period in which it becomes receivable.

Grants relating to assets shall be 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 shall be recognised as deferred income and not deducted from the carrying amount of the asset.

Sawyer Bros. (Bookmakers) Limited

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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
Furniture, fittings and equipment	25 - 33% reducing balance

Pitches

Pitches are capitalised, classified as an asset on the balance sheet at cost and are amortised over their useful economic life. They are reviewed for impairment at the end of each financial year if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Pitches	Provision is made to reflect market conditions

Sawyer Bros. (Bookmakers) Limited

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

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year was 11 (2020 - 10).

4	Government grants

During the year the company has received grant income of £118,755 (2020 £17,269) in respect of the Coronavirus Job Retention Scheme and £159,644 in respect of coronavirus support grants.

Sawyer Bros. (Bookmakers) Limited

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

5	Intangible assets

	Pitches  £	Total £
Cost or valuation
At 1 June 2020	1,198,346	1,198,346
Additions acquired separately	40,312	40,312
Disposals	(16,525)	(16,525)
At 31 May 2021	1,222,133	1,222,133
Amortisation
At 1 June 2020	1,180,026	1,180,026
Amortisation charge	38,476	38,476
Amortisation eliminated on disposals	(16,525)	(16,525)
At 31 May 2021	1,201,977	1,201,977
Carrying amount
At 31 May 2021	20,156	20,156
At 31 May 2020	18,320	18,320

6	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 June 2020	63,510	63,510
At 31 May 2021	63,510	63,510
Depreciation
At 1 June 2020	49,518	49,518
Charge for the year	3,498	3,498
At 31 May 2021	53,016	53,016
Carrying amount
At 31 May 2021	10,494	10,494
At 31 May 2020	13,992	13,992

Sawyer Bros. (Bookmakers) Limited

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

7

Debtors

	2021 £	2020 £
Other debtors	163,559	155,598
Prepayments	241	289
	163,800	155,887

8

Creditors

	2021 £	2020 £
Due within one year
Loans and borrowings	236,219	347,687
Taxation and social security	62,999	25,176
Accruals and deferred income	4,075	10,230
	303,293	383,093

Creditors include bank loans which are secured by a floating charge over all the property and undertaking of the company of £40,912 (2020 - £347,687).

Sawyer Bros. (Bookmakers) Limited

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

9	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100
"A" ordinary shares of £1 each	100	100	100	100
"B" ordinary shares of £1 each	100	100	100	100
"C" ordinary shares of £1 each	100	100	100	100
	400	400	400	400

10	Related party transactions

Expenditure with and payables to related parties

2021	Key management £
Amounts payable to related party	195,309

2020	Key management £
Amounts payable to related party	33