Serious Brands Limited - Abbreviated accounts

SERIOUS BRANDS LIMITED - Company Information

Registered number

02485587

Serious Brands Limited

Unaudited Abbreviated Accounts

31 March 2016

Serious Brands Limited

Chartered Accountants' report to the director on the preparation of the unaudited abbreviated accounts of Serious Brands Limited for the year ended 31 March 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Serious Brands Limited for the year ended 31 March 2016 which comprise of the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Director of Serious Brands Limited in accordance with the terms of our engagement letter dated 25 September 2007. Our work has been undertaken solely to prepare for your approval the accounts of Serious Brands Limited and state those matters that we have agreed to state to the Director of Serious Brands Limited, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Serious Brands Limited and its Director for our work or for this report.
It is your duty to ensure that Serious Brands Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Serious Brands Limited. You consider that Serious Brands Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Serious Brands Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the abbreviated accounts.

AccountPro Services Limited
Chartered Accountants
Middlesex House
29-45 High Street
Edgware
Middlesex
HA8 7UU

29 December 2016

Serious Brands Limited
Registered number:		02485587
Abbreviated Balance Sheet
as at 31 March 2016

Notes			2016			2015
£				£
Fixed assets
Tangible assets	2		71,827			82,040
Investments	3		2			2
			71,829			82,042

Current assets
Stocks		644,779			696,976
Debtors		283,325			291,256
Cash at bank and in hand		460,953			8,648
		1,389,057			996,880

Creditors: amounts falling due within one year		(1,015,496)			(706,427)

Net current assets			373,561			290,453

Total assets less current liabilities			445,390			372,495


Provisions for liabilities			(12,741)			-


Net assets			432,649			372,495

Capital and reserves
Called up share capital	4		250,120			250,120
Share premium			19,980			19,980
Profit and loss account			162,549			102,395

Shareholder's funds			432,649			372,495

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



A L J Pratt
Director
Approved on 29 December 2016

Serious Brands Limited
Notes to the Abbreviated Accounts
for the year ended 31 March 2016

1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

	Consolidation
	The company has four wholly owned Dormant subsidiaries, Sunnex (UK) Ltd, U.K. Alex Ltd, Serious Publishing Ltd and Abode2 Ltd. The company and its subsidiaries comprise a small group. The company has therefore taken advantage of the exemption provided by section 398 of the Companies Act 2006 not to prepare group accounts.

	Turnover
	Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

	Depreciation
	Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

	Fixtures and equipment	25% reducing balance & 20% / 33.33% straight line
	Motor vehicles	25% reducing balance & 33.33% straight line
	Leasehold improvements	20% reducing balance

	Stocks
	Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

	Deferred taxation
	Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

	Foreign currencies
	Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

	Leasing and hire purchase commitments
	Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

	Pensions
	The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

	Grants
	Grants in respect of capital expenditure are creditied to a deferred income account and are released to the profit and loss account by equal instalments over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy. Grants of revenue nature are credited to the profit and loss account by deducting from the related expenditure in the period in which the expenditure is incurred.


2	Tangible fixed assets					£

	Cost
	At 1 April 2015					1,038,391
	Additions					28,731
	Disposals					(77,808)
	At 31 March 2016					989,314

	Depreciation
	At 1 April 2015					956,351
	Charge for the year					27,307
	On disposals					(66,171)
	At 31 March 2016					917,487

	Net book value
	At 31 March 2016					71,827
	At 31 March 2015					82,040


3	Investments					£

	Cost
	At 1 April 2015					2

	At 31 March 2016					2

	The company holds 20% or more of the share capital of the following companies:

Capital and							Profit (loss)
	Company	Shares held				reserves	for the year
		Class		%	£		£
	Sunnex (UK) Limited	Ordinary		100		5,000		-
	UK Alex Limited	Ordinary		100		3,000		-
	Serious Publishing Limited	Ordinary		100		1		-
	Abode2 Limited	Ordinary		100		1		-

	All the above-mentioned subsidiaries were dormant throughout the year. The company's investment in Sunnex (UK) Limited and UK Alex Limited was fully written down as at the year end and at 31 March 2015.

4	Share capital	Nominal		2016		2016		2015
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		120		120		120
	Redeemable Preference shares	£1 each		250,000		250,000		250,000
						250,120		250,120

	Redeemable Preference Shares
	The redeemable preference shares can be redeemed at par at any time after 31 March 2007 by either company or any holder of preference shares giving not less than 12 and not more than 28 days' notice in writing to the other party, to redeem such shares either in their entirety or in tranches of not less than 50,000 redeemable preference shares.

5	Advances to the directors

	During the year, interest free advances were made to the director, Mr A L J Pratt. These were repayable on demand.
						2016		2015
	Total advances during the year					£133,903		£68,332
	Amounts repaid during the year					£157,382		£23,104