UK Saw Limited Small abridged accounts

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of UK Saw 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 January 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 08845481

UK Saw Limited

Unaudited Abridged Financial Statements

31 January 2017

CAS

Chartered accountant

151 Askew Road

London

W12 9AU

UK Saw Limited

Abridged Financial Statements

Year ended 31 January 2017

Contents	Page

Director's report	1

Chartered accountant's report to the director on the preparation of the unaudited statutory abridged financial statements	2

Statement of income and retained earnings	3

Abridged statement of financial position	4

Notes to the abridged financial statements	6

The following pages do not form part of the abridged financial statements

Detailed abridged income statement	11

Notes to the detailed abridged income statement	12

UK Saw Limited

Director's Report

Year ended 31 January 2017

The director presents his report and the unaudited abridged financial statements of the company for the year ended 31 January 2017 .

Director

The director who served the company during the year was as follows:

Ali Serdar Sik

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 30 October 2017 and signed on behalf of the board by:

Ali Serdar Sik
Director

Registered office:

151 Askew Road

London

W12 9AU

UK Saw Limited

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of UK Saw Limited

Year ended 31 January 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of UK Saw Limited for the year ended 31 January 2017, which comprise the statement of income and retained earnings, abridged 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 director of UK Saw Limited in accordance with the terms of our engagement letter dated ***Please fill in the Date of Engagement in field 9 of Client Database > Setup > Action Dates***. Our work has been undertaken solely to prepare for your approval the abridged financial statements of UK Saw Limited and state those matters that we have agreed to state you 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 UK Saw Limited and its director for our work or for this report.

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

CAS Chartered accountant

151 Askew Road London W12 9AU

30 October 2017

UK Saw Limited

Statement of Income and Retained Earnings

Year ended 31 January 2017

	2017	2016
Note	£	£
Gross profit	674	77,513

Administrative expenses	139,364	70,324
	---------	--------
Operating (loss)/profit	( 138,690)	7,189

		---------	--------
(Loss)/profit before taxation	5	( 138,690)	7,189

Tax on (loss)/profit	–	–
	---------	-------
(Loss)/profit for the financial year and total comprehensive income	( 138,690)	7,189
	---------	-------

Retained losses at the start of the year	( 1,409)	( 8,598)
	---------	-------
Retained losses at the end of the year	( 140,099)	( 1,409)
	---------	-------

All the activities of the company are from continuing operations.

UK Saw Limited

Abridged Statement of Financial Position

31 January 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	6	7,000	8,000
Tangible assets	7	926	737
		-------	-------
		7,926	8,737

Current assets

Stocks	–	21,972
Debtors	16,302	2,654
Cash at bank and in hand	16,830	39,543
	--------	--------
	33,132	64,169

Creditors: amounts falling due within one year	181,057		74,215
	---------		--------
Net current liabilities		147,925	10,046
		---------	--------
Total assets less current liabilities		( 139,999)	( 1,309)
		---------	-------
Net liabilities		( 139,999)	( 1,309)
		---------	-------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 140,099)	( 1,409)
	---------	-------
Members deficit	( 139,999)	( 1,309)
	---------	-------

These abridged financial statements have been prepared 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'.

For the year ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

UK Saw Limited

Abridged Statement of Financial Position (continued)

31 January 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 30 October 2017 , and are signed on behalf of the board by:

Ali Serdar Sik
Director

Company registration number: 08845481

UK Saw Limited

Notes to the Abridged Financial Statements

Year ended 31 January 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 151 Askew Road, London, W12 9AU.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Website development	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

	Equipment	-	25% reducing balance

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. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to 1 (2016: 1).

5. Profit before taxation

(Loss)/profit before taxation is stated after charging:

	2017	2016
	£	£
Amortisation of intangible assets	1,000	1,000
Depreciation of tangible assets	309	166
	-------	-------

6. Intangible assets

	£
Cost
At 1 February 2016 and 31 January 2017	10,000
	--------
Amortisation
At 1 February 2016	2,000
Charge for the year	1,000
	--------
At 31 January 2017	3,000
	--------
Carrying amount
At 31 January 2017	7,000
	--------
At 31 January 2016	8,000
	--------

7. Tangible assets

	£
Cost
At 1 February 2016	1,125
Additions	498
	-------
At 31 January 2017	1,623
	-------
Depreciation
At 1 February 2016	388
Charge for the year	309
	-------
At 31 January 2017	697
	-------
Carrying amount
At 31 January 2017	926
	-------
At 31 January 2016	737
	-------

8. Director's advances, credits and guarantees

The company was under the control of Mr Ali Serdar Sik throughout the current and previous year. Mr Ali Serdar Sik is the managing director and majority shareholder. At the year end the company owed the director £7,818 (2016: 5,638) in loans.

9. Related party transactions

At the year end the company was owed £34,000 (2016:£0) by Bathroom and Tile Centre Limited and £1,000 (2016:£0)by Astra Tiles and Ceramics Limited, both are associated companies.

UK Saw Limited

Management Information

Year ended 31 January 2017

The following pages do not form part of the abridged financial statements.

UK Saw Limited

Detailed Abridged Income Statement

Year ended 31 January 2017

	2017	2016
	£	£
Turnover	354,168	200,365

Cost of sales

Opening stock	21,972	–
Purchases	331,522	144,824
	---------	---------
	353,494	144,824

Closing stock	–	21,972
	---------	---------
	353,494	122,852
	---------	---------

	----	--------
Gross profit	674	77,513

Overheads

Administrative expenses	139,364	70,324

	---------	--------
Operating (loss)/profit	( 138,690)	7,189

	---------	--------
(Loss)/profit before taxation	(138,690)	7,189
	---------	--------

UK Saw Limited

Notes to the Detailed Abridged Income Statement

Year ended 31 January 2017

	2017	2016
	£	£

Administrative expenses

Directors salaries	35,356	27,578
Rent rates and water	6,805	–
Repairs and maintenance (allowable)	458	3
Motor expenses	2,404	986
Travel and subsistence	6	163
Hire costs (non-operating leases)	–	1,052
Telephone	5,341	11,872
Printing postage and stationery	8,862	4,511
General expenses (allowable)	88	61
Advertising	52,967	12,567
Entertaining	1,643	362
Legal and professional fees (allowable)	16,870	3,782
Accountancy fees	1,010	910
Amortisation of intangible assets	1,000	1,000
Depreciation of tangible assets	309	166
Bank charges	6,245	5,311
	---------	--------
	139,364	70,324
	---------	--------