Sarrazin Limited - Filleted accounts

SARRAZIN LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2017

Company Registration Number: 02197484

SARRAZIN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 9

SARRAZIN LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2017
DIRECTORS
I R Slater
M P Holifield
SECRETARY
I R Slater
REGISTERED OFFICE
The Old Saracen's Head
7 Buttermarket
Thame
Oxon
OX9 3EW
COMPANY REGISTRATION NUMBER
02197484 England and Wales

SARRAZIN LIMITED
BALANCE SHEET
AS AT 31 March 2017
			Notes		2017				2016
					£				£
FIXED ASSETS
Tangible assets			6				613				1,614
CURRENT ASSETS
Stock					532,242				502,078
Debtors			7		527				711
Cash at bank and in hand					5,492				8,643
					538,261				511,432
CREDITORS: Amounts falling due			8		137,382				109,776
within one year
NET CURRENT ASSETS							400,879				401,656
TOTAL ASSETS LESS CURRENT LIABILITIES							401,492				403,270
Provisions for liabilities and charges							123				323
NET ASSETS							401,369				402,947
CAPITAL AND RESERVES
Called up share capital							4				4
Distributable profit and loss account							401,365				402,943
SHAREHOLDERS' FUNDS							401,369				402,947
These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
I R Slater						M P Holifield
Director						Director
Date approved by the board: 2 November 2017

SARRAZIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
1	GENERAL INFORMATION
	Sarrazin Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
	The Old Saracen's Head
	7 Buttermarket
	Thame
	Oxon
	OX9 3EW
	The financial statements are presented in Sterling, which is the functional currency of the company.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Revenue recognition
	Turnover represents the value of building services provided and property sales, stated net of value added tax, stated net of trade discounts and value added tax. Revenue is recognised as contract activity progresses, in accordance with the terms of the contractual agreement and the stage of completion of the work. Revenue is reported in the period in which the services were rendered and reflects the partial performance of the company's contractual obligations where this can be measured reliably. Where recorded revenue exceeds amounts invoiced to clients, the excess is classified as income.

The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

	Tangible fixed assets

	Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
	Computer equipment					Straight line basis at 33% per annum
	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Financial Instruments
	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
	Financial assets are measued at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.
	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

	Work in progress

	Work in progress has been valued at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises the cost of materials and direct labour relevant to the stage of construction.

	Debtors

	Short term debtors are measured at transaction price, less any impairment.

	Creditors
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
	Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

	Current and deferred tax assets and liabilities are not discounted.
3	TRANSITION TO FRS 102
	This is the first year in which the financial statements have been prepared under FRS 102. Note 10 gives an explanation of the effects of the transition.
4	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
	No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
5	EMPLOYEES
	The average number of persons employed by the company (including directors) during the year was:
									2017		2016
	Average number of employees								2		2
6	TANGIBLE ASSETS
											Computer equipment
											£
	Cost
	At 1 April 2016										4,332
	At 31 March 2017										4,332
	Accumulated depreciation
	At 1 April 2016										2,718
	Charge for year										1,001
	At 31 March 2017										3,719
	Net book value
	At 1 April 2016										1,614
	At 31 March 2017										613
7	DEBTORS
									2017		2016
									£		£
	Corporation tax recoverable								333		-
	Other debtors								194		711
									527		711
8	CREDITORS: Amounts falling due within one year
									2017		2016
									£		£
	Accruals and deferred income								9,506		1,900
	Other creditors								127,876		107,876
									137,382		109,776

	Included in other creditors are advances from the directors (Note 9) of £127,876 (2016 = £107,876). These advances are interest free and have no fixed date of repayment.

9	RELATED PARTY TRANSACTIONS
	The directors made advances to the company during the year. The following amounts were due to the directors at the year end:
									2017		2016
									£		£
	I R Slater								63,463		53,463
	M P Holifield								64,413		54,413
									127,876		107,876
	During the year, the following transactions with related parties took place:
	I R Slater
	Director
									2017		2016
									£		£
	Increase in loans due to advances								10,000		53,008
	Amount due to related party at 31 March 2017								63,463		53,463
	M P Holifield
	Director
									2017		2016
									£		£
	Increase in loans due to advances								10,000		53,892
	Amount due to related party at 31 March 2017								64,413		54,413
10	RECONCILIATIONS ON ADOPTION OF FRS 102
	These financial statements for the year ended 31 March 2017 are the first financial statements that comply with FRS 102. The date of transition to FRS 102 is 1 April 2015.
	Profit and loss for the year ended 31 March 2016										£
	Loss for the year under former UK GAAP										(2,064)
	Loss for the year under FRS 102										(2,064)
	Balance sheet at 31 March 2016										£
	Equity under former UK GAAP										402,947
	Equity under FRS 102										402,947
	Balance sheet at 1 April 2015										£
	Equity under former UK GAAP										405,011
	Equity under FRS 102										405,011