Sandridge (Blinds & Curtains) Limited Company Accounts

SANDRIDGE (BLINDS & CURTAINS) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 1401603

Sandridge (Blinds & Curtains) Limited

Filleted Unaudited Financial Statements

31 December 2017

Sandridge (Blinds & Curtains) Limited

Financial Statements

Year ended 31 December 2017

Contents	Page

Statement of financial position	1

Statement of changes in equity	3

Notes to the financial statements	4

Sandridge (Blinds & Curtains) Limited

Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Tangible assets	6		38,722		33,473

Current assets

Stocks		65,510	67,378
Debtors	7	63,177	96,934
Cash at bank and in hand		68,745	122,047
		---------	---------
		197,432	286,359

Creditors: amounts falling due within one year	8	105,901		106,608
		---------		---------
Net current assets			91,531		179,751
			---------		---------
Total assets less current liabilities			130,253		213,224

Provisions	7,352	6,649
	---------	---------
Net assets	122,901	206,575
	---------	---------

Capital and reserves

Called up share capital	9	100	100
Special reserve		100,000	–
Profit and loss account		22,801	206,475
		---------	---------
Shareholders funds		122,901	206,575
		---------	---------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 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 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 financial statements .

Sandridge (Blinds & Curtains) Limited

Statement of Financial Position (continued)

31 December 2017

These financial statements were approved by the board of directors and authorised for issue on 2 March 2018 , and are signed on behalf of the board by:

Mr D Hoyle - Director

Company registration number: 1401603

Sandridge (Blinds & Curtains) Limited

Statement of Changes in Equity

Year ended 31 December 2017

		Called up share capital	Special reserve	Profit and loss account	Total
		£	£	£	£
At 1 January 2016		100	–	185,403	185,503

Profit for the year				77,072	77,072
		----	----	---------	---------
Total comprehensive income for the year		–	–	77,072	77,072

Dividends paid and payable		–	–	( 56,000)	( 56,000)
		----	----	---------	---------
Total investments by and distributions to owners		–	–	( 56,000)	( 56,000)

At 31 December 2016		100	–	206,475	206,575

Profit for the year				37,326	37,326
Other comprehensive income for the year:
	Transfer to special reserve	–	100,000	( 100,000)	–
		----	---------	---------	---------
Total comprehensive income for the year		–	100,000	( 62,674)	37,326

Dividends paid and payable		–	–	( 121,000)	( 121,000)
		----	----	---------	---------
Total investments by and distributions to owners		–	–	( 121,000)	( 121,000)

		----	---------	---------	---------
At 31 December 2017		100	100,000	22,801	122,901
		----	---------	---------	---------

Sandridge (Blinds & Curtains) Limited

Notes to the Financial Statements

Year ended 31 December 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 291 National Avenue, Hull, East Yorkshire, HU5 4JB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The 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 financial statements are prepared in sterling, which is the functional currency of the entity.

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.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less, or to receive more tax.

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:

Plant and machinery	-	15% reducing balance
Fixtures and fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance

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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 20 (2016: 20 ).

5. Tax on profit

Major components of tax expense

	2017	2016
	£	£

Current tax:

UK current tax expense	7,764	18,341

Deferred tax:

Origination and reversal of timing differences	703	927
	-------	--------
Tax on profit	8,467	19,268
	-------	--------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2017	83,402	95,137	37,611	216,150
Additions	685	495	16,092	17,272
Disposals	–	–	( 14,555)	( 14,555)
	--------	--------	--------	---------
At 31 December 2017	84,087	95,632	39,148	218,867
	--------	--------	--------	---------
Depreciation
At 1 January 2017	75,160	83,403	24,114	182,677
Charge for the year	1,340	1,830	6,911	10,081
Disposals	–	–	( 12,613)	( 12,613)
	--------	--------	--------	---------
At 31 December 2017	76,500	85,233	18,412	180,145
	--------	--------	--------	---------
Carrying amount
At 31 December 2017	7,587	10,399	20,736	38,722
	--------	--------	--------	---------
At 31 December 2016	8,242	11,734	13,497	33,473
	--------	--------	--------	---------

7. Debtors

	2017	2016
	£	£
Trade debtors	42,141	77,540
Amounts owed by group undertakings and undertakings in which the company has a participating interest	8,000	–
Other debtors	13,036	19,394
	--------	--------
	63,177	96,934
	--------	--------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	31,288	51,988
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	4,000
Corporation tax	7,763	18,340
Social security and other taxes	30,076	28,615
Other creditors	36,774	3,665
	---------	---------
	105,901	106,608
	---------	---------

9. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

10. Related party transactions

During the year, the company paid rent to its holding company, Sandridge Holdings Limited to the value of £37,980 (2016 - £37,980), the amount outstanding at the balance sheet date was £nil (2016 - £nil). After the year end date, Sandridge Holdings Limited disposed of its 100% shareholding in this company to a company in which the director Mr D Hoyle is also a director and shareholder.

11. Controlling party

The company's immediate and ultimate parent company is Sandridge Holdings Limited, a company incorporated in England.