SES Sterling Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: 00943499 (England and Wales)

Financial Statements for the Year Ended 31 December 2016

for

SES Sterling Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

G P Driver

REGISTERED OFFICE:

Harcourt Business Park

Halesfield 17

Telford

Shropshire

TF7 4PW

REGISTERED NUMBER:

00943499 (England and Wales)

SENIOR STATUTORY AUDITOR:

Robert Osment BSc FCA

AUDITORS:

Morgan Griffiths LLP

Chartered Accountants

Statutory Auditor

Cross Chambers

9 High Street

Newtown

Powys

SY16 2NY

SOLICITORS:

Lanyon Bowdler

Brodie House

Telford

Shropshire

TF3 4DR

FIXED ASSETS

Tangible assets

5

1,027,040

1,049,068

CURRENT ASSETS

Stocks

214,884

208,028

Debtors

6

442,967

406,765

Cash at bank and in hand

775,959

778,282

1,433,810

1,393,075

CREDITORS

Amounts falling due within one year

7

419,758

335,338

NET CURRENT ASSETS

1,014,052

1,057,737

TOTAL ASSETS LESS CURRENT LIABILITIES

2,041,092

2,106,805

CAPITAL AND RESERVES

Called up share capital

2,329,240

2,329,240

Retained earnings

(288,148

)

(222,435

)

SHAREHOLDERS' FUNDS

2,041,092

2,106,805

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 24 May 2017 and were signed by:

G P Driver - Director

1.	STATUTORY INFORMATION

SES Sterling Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Changes in accounting policies

The freehold property has reverted to the historical cost basis from date of transition to FRS102. Previously the

freehold property was held under UK GAAP revaluation.

Income recognition

Income is recognised when goods have been delivered to customers such that risks and rewards of ownership

have been transferred to them.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost or valuation

Plant and machinery etc

-

20% on reducing balance and Straight line over 4 years

Stocks

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

slow moving items.

Stock has been valued using average price.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted

or substantively enacted by the balance sheet date.

Deferred tax

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

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company contributes to stakeholder pension schemes in respect of its employees. Contributions are

charged to the profit and loss account in each year.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2015 - 9 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2016

and 31 December 2016

1,262,030

59,828

1,321,858

DEPRECIATION

At 1 January 2016

215,400

57,390

272,790

Charge for year

21,540

488

22,028

At 31 December 2016

236,940

57,878

294,818

NET BOOK VALUE

At 31 December 2016

1,025,090

1,950

1,027,040

At 31 December 2015

1,046,630

2,438

1,049,068

Included in cost of land and buildings is freehold land of £ 185,000 (2015 - £ 185,000 ) which is not depreciated.

Freehold property was recorded in the 2015 financial statements using the revaluation method and the net book

value was £951,100 The figures have now reverted to historical cost under FRS102 transitional relief and the

brought forward net book value is now £1,046,630.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

410,334

377,336

Other debtors

32,633

29,429

442,967

406,765

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade creditors

329,664

231,459

Taxation and social security

75,791

60,417

Other creditors

14,303

43,462

419,758

335,338

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Robert Osment BSc FCA (Senior Statutory Auditor)

for and on behalf of Morgan Griffiths LLP

9.	ULTIMATE CONTROLLING PARTY

The immediate parent company is SES-Sterling Industrie-Holding AG, Mariastein, Switzerland. This company

owns the whole of the issued share capital of SES Sterling Limited.

The SES-Sterling Foundation is the majority shareholder of SES-Sterling Industrie-Holding AG, Basel,

Switzerland and is the ultimate controlling party.

10.	FIRST YEAR ADOPTION

The company has adopted FRS102 for the year ended 31st December 2016 and restated the comparative prior

year amounts to revert the basis of recording the freehold property back to historical cost.

Transitional relief

On transition to FRS102, the company has taken advantage of the following transitional relief:

* to adopt the cost method and revert to historical cost of £1,262,030 less accumulated depreciation to the date

of transition.