Sandridge (Blinds & Curtains) Limited Small abridged accounts

SANDRIDGE (BLINDS & CURTAINS) LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Sandridge (Blinds & Curtains) Limited have consented to the preparation of the statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 1401603

Sandridge (Blinds & Curtains) Limited

Unaudited Abridged Financial Statements

31 December 2016

MARK EVANS & CO

Chartered Certified Accountants

Britannic House

279 Chanterlands Avenue

Hull

East Yorkshire

HU5 4DS

Sandridge (Blinds & Curtains) Limited

Abridged Financial Statements

Year ended 31 December 2016

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Sandridge (Blinds & Curtains) Limited

Abridged Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£	£

Fixed assets

Tangible assets	9		33,473		32,081

Current assets

Stocks		67,378	60,868
Debtors	10	96,934	50,941
Cash at bank and in hand		122,047	128,645
		---------	---------
		286,359	240,454

Creditors: amounts falling due within one year	106,608		81,310
	---------		---------
Net current assets		179,751		159,144
		---------		---------
Total assets less current liabilities		213,224		191,225

Provisions	6,649	5,722
	---------	---------
Net assets	206,575	185,503
	---------	---------

Capital and reserves

Called up share capital	11	100	100
Profit and loss account		206,475	185,403
		---------	---------
Members funds		206,575	185,503
		---------	---------

These abridged 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 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 statement of income and retained earnings has not been delivered.

For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

Sandridge (Blinds & Curtains) Limited

Abridged Statement of Financial Position (continued)

31 December 2016

These abridged financial statements were approved by the board of directors and authorised for issue on 23 March 2017 , and are signed on behalf of the board by:

Mr M Hoyle - Director

Company registration number: 1401603

Sandridge (Blinds & Curtains) Limited

Notes to the Abridged Financial Statements

Year ended 31 December 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 291 National Avenue, Hull, East Yorkshire, HU5 4JB.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 14.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less, or to receive more tax.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Plant and machinery	-	15% reducing balance
Fixtures and fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance

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 stock to its present location and condition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to 20 (2015: 20).

5. Directors' remuneration

The directors aggregate remuneration in respect of qualifying services was:

	2016	2015
	£	£
Remuneration	24,876	50,904
Company contributions to defined contribution pension plans	22,800	22,800
	--------	--------
	47,676	73,704
	--------	--------

6. Profit before taxation

Profit before taxation is stated after charging:

	2016	2015
	£	£
Depreciation of tangible assets	8,017	7,006
	-------	-------

7. Tax on profit

Major components of tax expense

	2016	2015
	£	£

Current tax:

UK current tax expense	18,341	10,195

Deferred tax:

Origination and reversal of timing differences	927	( 1,250)
	--------	-------
Tax on profit	19,268	8,945
	--------	-------

8. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2016	2015
	£	£
Dividends on ordinary shares	56,000	68,000
	--------	--------

9. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2016	83,402	95,137	36,082	214,621
Additions	–	–	11,861	11,861
Disposals	–	–	( 10,332)	( 10,332)
	--------	--------	--------	---------
At 31 December 2016	83,402	95,137	37,611	216,150
	--------	--------	--------	---------
Depreciation
At 1 January 2016	73,708	81,336	27,496	182,540
Charge for the year	1,452	2,067	4,498	8,017
Disposals	–	–	( 7,880)	( 7,880)
	--------	--------	--------	---------
At 31 December 2016	75,160	83,403	24,114	182,677
	--------	--------	--------	---------
Carrying amount
At 31 December 2016	8,242	11,734	13,497	33,473
	--------	--------	--------	---------
At 31 December 2015	9,694	13,801	8,586	32,081
	--------	--------	--------	---------

10. Debtors

	2016	2015
	£	£
Trade debtors	77,540	33,650
Prepayments and accrued income	13,176	14,258
Other debtors	6,218	3,033
	--------	--------
	96,934	50,941
	--------	--------

11. Called up share capital

Issued, called up and fully paid

	2016		2015
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

12. Related party transactions

During the year, the company paid rent to its holding company, Sandridge Holdings Limited to the value of £37,980 (2015 - £37,980), the amount outstanding at the balance sheet date was £nil (2015 - £nil).

13. Controlling party

The company's immediate and ultimate parent company is Sandridge Holdings Limited, a company incorporated in England.

14. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.

No transitional adjustments were required in equity or profit or loss for the year.