Securit Ropes & Packaging Ltd Company Accounts

SECURIT ROPES & PACKAGING LTD - Company Information

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COMPANY REGISTRATION NUMBER: 02992673

Securit Ropes & Packaging Ltd

Filleted Unaudited Financial Statements

31 December 2016

Securit Ropes & Packaging Ltd

Financial Statements

year ended 31 December 2016

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Securit Ropes & Packaging Ltd

Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£

Fixed assets

Tangible assets	5		14,286	13,181

Current assets

Stocks		193,153	184,409
Debtors	6	178,037	199,292
Cash at bank and in hand		2,493	–
		---------	---------
		373,683	383,701

Creditors: amounts falling due within one year	7	120,384		166,898
		---------		---------
Net current assets			253,299	216,803
			---------	---------
Total assets less current liabilities			267,585	229,984
			---------	---------
Net assets			267,585	229,984
			---------	---------

Securit Ropes & Packaging Ltd

Statement of Financial Position (continued)

31 December 2016

	2016		2015
Note	£	£	£

Capital and reserves

Called up share capital	150,000	150,000
Profit and loss account	117,585	79,984
	---------	---------
Members funds	267,585	229,984
	---------	---------

These 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 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 financial statements .

These financial statements were approved by the board of directors and authorised for issue on 1 August 2017 , and are signed on behalf of the board by:

W Stoner	S A Stoner
Director	Director

Company registration number: 02992673

Securit Ropes & Packaging Ltd

Notes to the 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 Unit 6, Phoenix Court, Dominion Way, Rustington, West Sussex, BN16 3HQ.

2. Statement of compliance

These 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 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 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 11.

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.

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:

Leasehold	-	2% straight line
Plant and machinery	-	25% straight line
Fitures and fittings	-	15% reducing balance
Motor Vehicles	-	25% straight line
Office equipment	-	between 2 and 5 years

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.

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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

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. Employee numbers

The average number of persons employed by the company during the year, including the directors, amounted to 2 (2015: 2 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2016	10,422	5,675	7,730	13,750	10,773	48,350
Additions	–	173	458	–	2,436	3,067
	--------	-------	-------	--------	--------	--------
At 31 Dec 2016	10,422	5,848	8,188	13,750	13,209	51,417
	--------	-------	-------	--------	--------	--------
Depreciation
At 1 Jan 2016	1,737	5,094	4,536	13,749	10,053	35,169
Charge for the year	208	159	514	–	1,081	1,962
	--------	-------	-------	--------	--------	--------
At 31 Dec 2016	1,945	5,253	5,050	13,749	11,134	37,131
	--------	-------	-------	--------	--------	--------
Carrying amount
At 31 Dec 2016	8,477	595	3,138	1	2,075	14,286
	--------	-------	-------	--------	--------	--------
At 31 Dec 2015	8,685	581	3,194	1	720	13,181
	--------	-------	-------	--------	--------	--------

6. Debtors

	2016	2015
	£	£
Trade debtors	175,161	198,279
Other debtors	2,876	1,013
	---------	---------
	178,037	199,292
	---------	---------

7. Creditors: amounts falling due within one year

	2016	2015
	£	£
Bank loans and overdrafts	–	22,176
Trade creditors	76,385	118,839
Social security and other taxes	35,758	22,433
Other creditors	8,241	3,450
	---------	---------
	120,384	166,898
	---------	---------

8. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2016	2015
	£	£
Later than 5 years	61,850	72,380
	--------	--------

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2016
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
W Stoner	( 705)	15,383	( 20,000)	( 5,322)
	----	--------	--------	-------

	2015
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
W Stoner	–	( 705)	–	( 705)
	----	----	----	----

As at 31st December 2016 the company owed W Stoner £5,322 (2015 £705).

10. Related party transactions

Consultancy Contract The company signed a consultancy agreement for AML Contracts Ltd to provide the consultancy services of the directors listed below to the company as follows: Wayne Stoner £24,000 Susan Stoner £24,000 The amounts charged to the company for the consultancy services are accounted for under "Consultancy Services". The total value of the consultancy services provided was £48,000. The transactions were recorded on an arm's length basis, and under normal commercial terms. At the year end, an amount of £nil was outstanding. No other transactions with related parties were undertaken which require disclosure.

11. Transition to FRS 102

These are the first 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.