Sawyer Bros. (Bookmakers) Limited - Period Ending 2017-05-31

Registration number: 03700893

Sawyer Bros. (Bookmakers) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2017

Sawyer Bros. (Bookmakers) Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 8

Sawyer Bros. (Bookmakers) Limited

(Registration number: 03700893)
Balance Sheet as at 31 May 2017

	Note	2017		2016
		£	£	£	£
Fixed assets
Intangible assets	4		28,366		100,888
Tangible assets	5		21,285		20,928
			49,651		121,816
Current assets
Debtors	6	10,196		196
Cash at bank and in hand		411,000		389,880
		421,196		390,076
Creditors: Amounts falling due within one year	7	(399,860)		(434,625)
Net current assets/(liabilities)			21,336		(44,549)
Total assets less current liabilities			70,987		77,267
Provisions for liabilities			(3,023)		(2,874)
Net assets			67,964		74,393
Capital and reserves
Called up share capital		400		400
Profit and loss account		67,564		73,993
Total equity			67,964		74,393

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 1

Sawyer Bros. (Bookmakers) Limited

(Registration number: 03700893)
Balance Sheet as at 31 May 2017

Approved and authorised by the director on 26 February 2018
 

......................................... M A Sawyer Director

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

Sawyer Bros. (Bookmakers) Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Pennine View
Kirkheaton
Huddersfield
HD5 0NQ

2	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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.

This is the first year in which the accounts have been prepared under FRS 102 Schedule 1A.

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.

The company's functional and presentation currency is pound sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the 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.

Page 3

Sawyer Bros. (Bookmakers) Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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
Furniture, fittings and equipment	25 - 33% reducing balance

Pitches

Pitches are capitalised, classified as an asset on the balance sheet at cost and are amortised over their useful economic life. They are reviewed for impairment at the end of each financial year if events or changes in circumstances indicate that the carrying value may not be recoverable.

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
Pitches	Provision is made to reflect market conditions

Page 4

Sawyer Bros. (Bookmakers) Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

3	Staff numbers

The average number of persons employed during the year the director was 11 (2016 - 13).

Page 5

Sawyer Bros. (Bookmakers) Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

4	Intangible assets

	Pitches  £	Total £
Cost or valuation
At 1 June 2016	1,030,812	1,030,812
Additions acquired separately	18,362	18,362
Disposals	(11,120)	(11,120)
At 31 May 2017	1,038,054	1,038,054
Amortisation
At 1 June 2016	929,924	929,924
Amortisation charge	88,949	88,949
Amortisation eliminated on disposals	(9,185)	(9,185)
At 31 May 2017	1,009,688	1,009,688
Carrying amount
At 31 May 2017	28,366	28,366
At 31 May 2016	100,888	100,888

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 June 2016	58,910	58,910
Additions	7,450	7,450
At 31 May 2017	66,360	66,360
Depreciation
At 1 June 2016	37,981	37,981
Charge for the year	7,094	7,094
At 31 May 2017	45,075	45,075
Carrying amount
At 31 May 2017	21,285	21,285
At 31 May 2016	20,928	20,928

Page 6

Sawyer Bros. (Bookmakers) Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

6

Debtors

	2017 £	2016 £
Prepayments	196	196
Other debtors	10,000	-
	10,196	196

7

Creditors

Creditors: amounts falling due within one year

	Note	2017 £	2016 £
Due within one year
Loans and borrowings	8	370,644	322,860
Taxation and social security		18,889	30,613
Accruals and deferred income		10,327	81,152
		399,860	434,625

Creditors include bank loans which are secured by a floating charge over all the property and undertaking of the company of £354,070 (2016 - £nil).

8	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	354,070	-
Other borrowings	16,574	322,860
	370,644	322,860

9	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100
"A" ordinary shares of £1 each	100	100	100	100
"B" ordinary shares of £1 each	100	100	100	100
"C" ordinary shares of £1 each	100	100	100	100
	400	400	400	400

Page 7

Sawyer Bros. (Bookmakers) Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

10	Transition to FRS 102

As described in the accounting policies, the company has adopted FRS 102 section 1A for the first time this year. There are no transition adjustments that affected the financial position of the company at the transition date, the comparative year end, or the current year end, or that affected its financial performance in the current or prior year.

Page 8