Surefil Beauty Products Limited Company Accounts

SUREFIL BEAUTY PRODUCTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01480297

Surefil Beauty Products Limited

Filleted Unaudited Financial Statements

28 February 2017

Surefil Beauty Products Limited

Financial Statements

Year ended 28 February 2017

Contents	Pages

Officers and professional advisers	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3 to 4

Notes to the financial statements	5 to 10

Surefil Beauty Products Limited

Officers and Professional Advisers

The board of directors	Mr P B Critchley
	Mrs C J Critchley
	Mrs C J Critchley
	Mr J MacAvoy

Company secretary	Mrs C J Critchley

Registered office	The Bedford Centre
	Bedford Street
	Parr Industrial Estate
	St Helens
	Merseyside
	WA9 1PN

Accountants	Abrams Ashton
	Chartered Accountants
	77 Corporation Street
	St Helens
	Merseyside
	WA10 1SX

Surefil Beauty Products Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Surefil Beauty Products Limited

Year ended 28 February 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Surefil Beauty Products Limited for the year ended 28 February 2017, which comprise the statement of financial position 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Surefil Beauty Products Limited, as a body, in accordance with the terms of our engagement letter dated 30 January 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Surefil Beauty Products Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Surefil Beauty Products Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Surefil Beauty Products Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Surefil Beauty Products Limited. You consider that Surefil Beauty Products 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 financial statements of Surefil Beauty Products 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 statutory financial statements.

Abrams Ashton Chartered Accountants

77 Corporation Street St Helens Merseyside WA10 1SX

20 September 2017

Surefil Beauty Products Limited

Statement of Financial Position

28 February 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Tangible assets	5		387,886		308,703

Current assets

Stocks		578,048	552,277
Debtors	6	2,551,509	2,800,362
Cash at bank and in hand		90,608	89,762
		------------	------------
		3,220,165	3,442,401

Creditors: amounts falling due within one year	7	( 897,498)		( 1,142,570)
		------------		------------
Net current assets			2,322,667		2,299,831
			------------		------------
Total assets less current liabilities			2,710,553		2,608,534

Creditors: amounts falling due after more than one year	8		( 398,626)		( 376,313)

Provisions	( 35,940)	( 13,783)
	------------	------------
Net assets	2,275,987	2,218,438
	------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	2,275,887	2,218,338
	------------	------------
Members funds	2,275,987	2,218,438
	------------	------------

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 28 February 2017 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 .

Surefil Beauty Products Limited

Statement of Financial Position (continued)

28 February 2017

These financial statements were approved by the board of directors and authorised for issue on 24 July 2017 , and are signed on behalf of the board by:

Mr P B Critchley	Mrs C J Critchley
Director	Director

Company registration number: 01480297

Surefil Beauty Products Limited

Notes to the Financial Statements

Year ended 28 February 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Bedford Centre, Bedford Street, Parr Industrial Estate, St Helens, Merseyside, WA9 1PN.

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

3.1 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.

3.2 Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

3.3 Research and development

Research expenditure is written off in the year in which it is incurred.

3.4 Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

3.5 Revenue recognition

Revenue comprises the fair value of the sale of goods net of value added tax, rebates and discounts. Sales of goods are recognised when the company has delivered the goods to the customer and they are accepted.

3.6 Deferred taxation

Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax assets are recognised to the extent that it is more likely than not they will be recovered. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date .

3.7 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 profit.

3.8 Tangible assets

Tangible assets are initially recorded at cost.

3.9 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:

Freehold property	-	4% straight line
Plant and machinery	-	10/25% straight line
Fixtures & fittings	-	10% straight line
Motor vehicles	-	25% reducing balance
Computer equipment	-	33% straight line

3.10 Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

3.11 Finance leases and hire purchase contracts

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest charged to the profit and loss account on a straight line basis .

3.12 Defined contribution plans

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

4. Employee numbers

The average number of persons employed by the company during the year, including the directors, amounted to 85 (2016: 88 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Mar 2016	712,293	1,132,108	241,486	51,870	50,589	2,188,346
Additions	2,915	128,683	–	–	1,861	133,459
	---------	------------	---------	--------	--------	------------
At 28 Feb 2017	715,208	1,260,791	241,486	51,870	52,450	2,321,805
	---------	------------	---------	--------	--------	------------
Depreciation
At 1 Mar 2016	495,687	1,073,214	238,363	27,359	45,020	1,879,643
Charge for the year	26,678	17,850	736	6,098	2,914	54,276
	---------	------------	---------	--------	--------	------------
At 28 Feb 2017	522,365	1,091,064	239,099	33,457	47,934	1,933,919
	---------	------------	---------	--------	--------	------------
Carrying amount
At 28 Feb 2017	192,843	169,727	2,387	18,413	4,516	387,886
	---------	------------	---------	--------	--------	------------
At 29 Feb 2016	216,606	58,894	3,123	24,511	5,569	308,703
	---------	------------	---------	--------	--------	------------

6. Debtors

	2017	2016
	£	£
Trade debtors	621,665	827,764
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,903,719	1,943,719
Other debtors	26,125	28,879
	------------	------------
	2,551,509	2,800,362
	------------	------------

The debtors above include the following amounts falling due after more than one year:

	2017	2016
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,903,719	1,943,719
	------------	------------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	27,950	27,090
Trade creditors	304,802	354,671
Corporation tax	21,173	33,914
Social security and other taxes	31,708	34,630
Other loans	4,000	12,000
Other creditors	507,865	680,265
	---------	------------
	897,498	1,142,570
	---------	------------

The following liabilities disclosed under creditors falling due within one year are secured by the company:

	2017	2016
	£	£
Bank loans	27,950	27,090
Advances of trade debtors	415,482	592,349
Hire purchase agreements	27,464	7,431
	---------	---------
	470,896	626,870
	---------	---------

The bank loan and the bills of exchange payable arrangement are secured with Clydesdale Bank by way of fixed and floating charges over the assets of the company.

Obligations under hire purchase contracts are secured on the assets to which they relate.

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	343,774	371,313
Other loans	–	5,000
Other creditors	54,852	–
	---------	---------
	398,626	376,313
	---------	---------

The following liabilities disclosed under creditors falling due after one year are secured by the company:

	2017	2016
	£	£
Bank loans and overdrafts	343,774	371,313
Hire purchase agreements	54,852	Nil
	---------	---------
	398,626	371,313
	---------	---------

The bank loan is secured with Clydesdale Bank by way of a fixed and floating charge over the assets of the company.

Obligations under hire purchase contracts are secured on the assets to which they relate.

9. Commitments under operating leases

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

		2017	2016
		£	£
		14,603	21,997

10. Controlling party

The immediate parent company is Surefil Investments Limited , a company registered in England & Wales which is exempt from the requirement to produce group accounts. The ultimate parent company is SBP Investments Limited , a company also registered in England & Wales which is exempt from the requirement to produce group accounts.

11. Transition to FRS 102

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

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