Specialist Lighting Services (UK) Limited - Period Ending 2017-10-31
Specialist Lighting Services (UK) Limited - Period Ending 2017-10-31
Company registration number:
for the Period from 1 February 2017 to
Specialist Lighting Services (UK) Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Specialist Lighting Services (UK) Limited
(Registration number: 04516039)
Balance Sheet as at 31 October 2017
Note |
31 October 2017 |
31 January 2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Deferred tax liabilities |
(8,787) |
(7,233) |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss reserve |
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Total equity |
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Page 1
Specialist Lighting Services (UK) Limited
(Registration number: 04516039)
Balance Sheet as at 31 October 2017
For the financial period ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Page 2
Specialist Lighting Services (UK) Limited
Notes to the Financial Statements
for the Period from 1 February 2017 to 31 October 2017
General information |
The company is a private company limited by share capital, incorporated in England, United Kingdom.
The address of its registered office is:
England
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling (£).
Disclosure of long or short period
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation of tangible assets
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
20% straight line |
Office Equipment |
33.3% straight line |
Short leasehold land and buildings |
4% straight line |
Page 3
Specialist Lighting Services (UK) Limited
Notes to the Financial Statements
for the Period from 1 February 2017 to 31 October 2017
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Page 4
Specialist Lighting Services (UK) Limited
Notes to the Financial Statements
for the Period from 1 February 2017 to 31 October 2017
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities are measured out at fair value, net of transactions costs and subsequently at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Staff numbers |
The average number of persons employed by the company (including directors) during the period was
Page 5
Specialist Lighting Services (UK) Limited
Notes to the Financial Statements
for the Period from 1 February 2017 to 31 October 2017
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 February 2017 |
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At 31 October 2017 |
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Amortisation |
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At 1 February 2017 |
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At 31 October 2017 |
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Carrying amount |
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At 31 October 2017 |
- |
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Page 6
Specialist Lighting Services (UK) Limited
Notes to the Financial Statements
for the Period from 1 February 2017 to 31 October 2017
Tangible assets |
Land and buildings |
Fixtures and fittings |
Office equipment |
Total |
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Cost or valuation |
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At 1 February 2017 |
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Additions |
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At 31 October 2017 |
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Depreciation |
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At 1 February 2017 |
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Charge for the period |
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At 31 October 2017 |
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Carrying amount |
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At 31 October 2017 |
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At 31 January 2017 |
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Included within the net book value of land and buildings above is £62,485 (2017 - £60,894) in respect of short leasehold land and buildings.
Stocks |
31 October |
31 January |
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Other stocks |
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Debtors |
31 October 2017 |
31 January 2017 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Page 7
Specialist Lighting Services (UK) Limited
Notes to the Financial Statements
for the Period from 1 February 2017 to 31 October 2017
Creditors |
Creditors: amounts falling due within one year
Note |
31 October |
31 January |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Corporation tax |
13,680 |
31,941 |
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Other creditors |
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Loans and borrowings |
31 October |
31 January |
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Current loans and borrowings |
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Invoice financing |
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Bank borrowings
The bank invoice finance facility is secured by a fixed and floating charge over the undertaking and all property and assets, present and future. |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet and relating to operating lease commitments is £
Page 8
Specialist Lighting Services (UK) Limited
Notes to the Financial Statements
for the Period from 1 February 2017 to 31 October 2017
Related party transactions |
Transactions with directors |
2017 |
At 1 February 2017 |
Advances to directors |
Re- |
At 31 October 2017 |
M Holway |
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Interest free loan account |
(3,400) |
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( |
R M Ludlow |
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Interest free loan account |
- |
( |
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( |
A J Ludlow |
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Interest free loan account |
- |
( |
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( |
2017 |
At 1 November 2015 |
Advances to directors |
Re- |
At 31 January 2017 |
M Holway |
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Interest free loan account |
(6,400) |
- |
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( |
R M Ludlow |
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Interest free loan account |
(14,155) |
( |
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A J Ludlow |
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Interest free loan account |
(8,080) |
( |
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Page 9