Sandy Russell & Co. Limited - Accounts to registrar - small 17.1

REGISTERED NUMBER: 04700945 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

SANDY RUSSELL & CO. LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTOR:

A S Russell

SECRETARY:

Mrs R V Russell

REGISTERED OFFICE:

Hafod

Drayton Road

Hodnet

Market Drayton

Shropshire

TF9 3NH

REGISTERED NUMBER:

04700945 (England and Wales)

ACCOUNTANTS:

Grindrod & Company Limited

Salisbury House

11 Queen Street

Wellington

Telford

Shropshire

TF1 1EH

The following reproduces the text of the report prepared for the director and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Statement of Financial Position. Readers are cautioned that the Statement of

Comprehensive Income and certain other primary statements and the Report of the Director are not required to

be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Sandy Russell & Co. Limited for the year ended 31 March 2017 which comprise the Statement of

Comprehensive Income, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Sandy Russell & Co. Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sandy Russell & Co. Limited and state those matters that we have agreed to state to the director of Sandy Russell & Co. Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sandy Russell & Co. Limited director for our work or for this report.

It is your duty to ensure that Sandy Russell & Co. 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 Sandy Russell & Co. Limited. You consider that Sandy Russell & Co. 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 Sandy Russell & Co. 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.

Grindrod & Company Limited

Salisbury House

11 Queen Street

Wellington

Telford

Shropshire

TF1 1EH

28 December 2017

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

59,617

24,133

59,617

24,133

CURRENT ASSETS

Debtors

6

18,355

26,102

Cash at bank

56,489

27,190

74,844

53,292

CREDITORS

Amounts falling due within one year

7

60,945

66,842

NET CURRENT ASSETS/(LIABILITIES)

13,899

(13,550

)

TOTAL ASSETS LESS CURRENT LIABILITIES

73,516

10,583

CREDITORS

Amounts falling due after more than one year

8

(38,712

)

(12,453

)

PROVISIONS FOR LIABILITIES

(1,079

)

-

NET ASSETS/(LIABILITIES)

33,725

(1,870

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

33,724

(1,871

)

SHAREHOLDERS' FUNDS

33,725

(1,870

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director on 28 December 2017 and were signed by:

A S Russell - Director

1.	STATUTORY INFORMATION

Sandy Russell & Co. 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.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors,

including expectations or future events that are believed to be reasonable under the circumstances.

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will,

by definition, seldom equal the actual results. In the opinion of the directors there are no estimates nor

assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and

liabilities within the next financial year.

Turnover

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

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

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

-

33% on cost, 25% on reducing balance and 15% on reducing balance

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 that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

15,000

AMORTISATION

At 1 April 2016

and 31 March 2017

15,000

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

61,097

Additions

65,925

Disposals

(35,240

)

At 31 March 2017

91,782

DEPRECIATION

At 1 April 2016

36,964

Charge for year

13,809

Eliminated on disposal

(18,608

)

At 31 March 2017

32,165

NET BOOK VALUE

At 31 March 2017

59,617

At 31 March 2016

24,133

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

Plant and

machinery

etc

£

COST

At 1 April 2016

35,240

Additions

65,925

Disposals

(35,240

)

At 31 March 2017

65,925

DEPRECIATION

At 1 April 2016

16,356

Charge for year

12,530

Eliminated on disposal

(18,608

)

At 31 March 2017

10,278

NET BOOK VALUE

At 31 March 2017

55,647

At 31 March 2016

18,884

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

18,355

26,102

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

10,884

6,140

Taxation and social security

20,419

19,371

Other creditors

29,642

41,331

60,945

66,842

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

38,712

12,453

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

49,596

18,593

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £35,000 (2016 - £45,000) were paid to the director .

11.	ULTIMATE CONTROLLING PARTY

The controlling party is A S Russell.

The ultimate controlling party is A S Russell.

12.	FIRST YEAR ADOPTION

The policies applied under the entity's previous accounting framework are not materially different to FRS 102

and have not impacted on equity or profit or loss.