Selwood Products Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 05032584 (England and Wales)

Unaudited Financial Statements

for the Year Ended

31 December 2016

for

Selwood Products Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A Beard

REGISTERED OFFICE:

The Old Bakehouse

Course Road

Ascot

Berkshire

SL5 7HL

REGISTERED NUMBER:

05032584 (England and Wales)

ACCOUNTANTS:

Jacksons Accountants (Ascot) Limited

The Old Bakehouse

Course Road

Ascot

Berkshire

SL5 7HL

FIXED ASSETS

Tangible assets

4

131,043

184,492

Investments

5

1

1

131,044

184,493

CURRENT ASSETS

Stocks

1,776,627

1,591,714

Debtors

6

289,659

252,572

Cash at bank and in hand

1,221,980

903,870

3,288,266

2,748,156

CREDITORS

Amounts falling due within one year

7

2,841,238

2,119,357

NET CURRENT ASSETS

447,028

628,799

TOTAL ASSETS LESS CURRENT LIABILITIES

578,072

813,292

CREDITORS

Amounts falling due after more than one year

8

(104,173

)

(239,380

)

PROVISIONS FOR LIABILITIES

(18,681

)

(27,494

)

NET ASSETS

455,218

546,418

CAPITAL AND RESERVES

Called up share capital

150

150

Retained earnings

455,068

546,268

SHAREHOLDERS' FUNDS

455,218

546,418

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 August 2017 and were signed by:

A Beard - Director

1.	STATUTORY INFORMATION

Selwood Products 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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

moving items.

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 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Transition to financial reporting standard 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 within the notes.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2016

457,717

Additions

16,144

Disposals

(69,790

)

At 31 December 2016

404,071

DEPRECIATION

At 1 January 2016

273,225

Charge for year

64,952

Eliminated on disposal

(65,149

)

At 31 December 2016

273,028

NET BOOK VALUE

At 31 December 2016

131,043

At 31 December 2015

184,492

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2016

33,019

Disposals

(33,019

)

At 31 December 2016

-

DEPRECIATION

At 1 January 2016

24,764

Charge for year

4,815

Eliminated on disposal

(29,579

)

At 31 December 2016

-

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

8,255

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2016

and 31 December 2016

1

NET BOOK VALUE

At 31 December 2016

1

At 31 December 2015

1

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

12,922

10,295

Sundry debtors

230,225

227,956

Prepayments and accrued income

46,512

14,321

289,659

252,572

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Hire purchase contracts

-

3,840

Trade creditors

2,437,707

865,470

Corporation tax

10,489

8,973

Social security and other taxes

13,733

63,582

Other creditors

154,530

183,491

Amounts due to

subsidiary company

210,834

972,082

Accrued expenses

13,945

21,919

2,841,238

2,119,357

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.16

31.12.15

£

£

Hire purchase contracts

-

9,380

Director's loan account

104,173

230,000

104,173

239,380

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The loan to the company from its director, Mr A Beard, reduced during the year from £230,000 to £104,173.

10.	RELATED PARTY DISCLOSURES

At 31 December 2016, the following amounts were payable to group undertakings:

- Amount owed to Selwood Products Pty Ltd £210,834 (2015: £972,082).

During the year ended 31 December 2016, the company charged £180,000 (2015: £180,000) to Selwood

Products Pty Ltd in respect of marketing and management support services on a commercial basis.

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.

Reconciliation of equity

No transitional adjustments were required.

Reconciliation of profit or loss for the year

No transitional adjustments were required.