S. Halpern Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04771053 (England and Wales)

Unaudited Financial Statements

for the Year Ended 29 June 2017

for

S. Halpern Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D Salzman

Mrs R Salzman

Mr S Heimann

SECRETARY:

Mrs R Salzman

REGISTERED OFFICE:

Reedham House

31 King Street West

Manchester

M3 2PJ

BUSINESS ADDRESS:

57-59 Leicester Road

Salford

Greater Manchester

M7 4DA

REGISTERED NUMBER:

04771053 (England and Wales)

ACCOUNTANTS:

Freedman Frankl & Taylor

Chartered Accountants

Reedham House

31 King Street West

Manchester

M3 2PJ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

840,533

869,812

840,533

869,812

CURRENT ASSETS

Stocks

239,600

203,650

Debtors

6

1,590,796

1,026,046

Cash at bank and in hand

108,426

142,327

1,938,822

1,372,023

CREDITORS

Amounts falling due within one year

7

2,463,347

1,896,679

NET CURRENT LIABILITIES

(524,525

)

(524,656

)

TOTAL ASSETS LESS CURRENT LIABILITIES

316,008

345,156

CREDITORS

Amounts falling due after more than one year

8

(54,606

)

(75,989

)

PROVISIONS FOR LIABILITIES

(17,972

)

(16,352

)

NET ASSETS

243,430

252,815

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

243,330

252,715

SHAREHOLDERS' FUNDS

243,430

252,815

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 June 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 23 March 2018 and were signed on its behalf by:

Mr D Salzman - Director

1.	STATUTORY INFORMATION

S. Halpern Ltd 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.

Turnover

Turnover represents net invoice value of goods provided, excluding value added tax.

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.

Improvements to property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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 have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Going concern

The company's financial statements for the year ended 29 June 2017 have been prepared on a going concern

basis as, after making appropriate enquiries, the directors have a reasonable expectation that the company has

adequate resources to continue in operational existence for the foreseeable future.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 30 June 2016

and 29 June 2017

500,000

AMORTISATION

At 30 June 2016

and 29 June 2017

500,000

NET BOOK VALUE

At 29 June 2017

-

At 29 June 2016

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 30 June 2016

863,784

182,136

93,195

1,139,115

Additions

-

4,807

800

5,607

At 29 June 2017

863,784

186,943

93,995

1,144,722

DEPRECIATION

At 30 June 2016

105,763

112,906

50,634

269,303

Charge for year

17,276

11,106

6,504

34,886

At 29 June 2017

123,039

124,012

57,138

304,189

NET BOOK VALUE

At 29 June 2017

740,745

62,931

36,857

840,533

At 29 June 2016

758,021

69,230

42,561

869,812

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

200,346

160,467

Other debtors

1,390,450

865,579

1,590,796

1,026,046

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

26,342

20,200

Trade creditors

1,233,371

735,578

Taxation and social security

57,469

48,358

Other creditors

1,146,165

1,092,543

2,463,347

1,896,679

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

54,606

75,989

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdraft

7,711

-

Bank loans

73,237

96,189

80,948

96,189

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

50

A Ordinary

£1

50

50

50

B Ordinary

£1

50

50

100

100

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company has guaranteed upto a maximum £875,000 in respect of a bank loan extended to its directors, Mr D

Salzman and Mrs R Salzman. At 29th June 2017, the balance outstanding was £626,000.The loan relates to the

property that is occupied by the company.

12.	RELATED PARTY DISCLOSURES

Included within other creditors is the directors' current account balance of £282,613 (2016: £280,027).There are

no fixed repayment terms and no interest is chargeable to the company in respect of these balances.

Included within other debtors is a balance amounting to £1,361,589 (2016: £847,373) due from companies in

which certain directors of the company are also directors and shareholders. There are no fixed repayment terms

and no interest is chargeable by the company in respect of this balance.

Included within other creditors is a balance amounting to £685,345 (2016: £638,500) due to companies in which

certain directors of the company are also directors and shareholders. There are no fixed repayment terms and no

interest is chargeable to the company in respect of this balance.

The company's bank overdraft facility is personally guaranteed by the directors, Mr D Salzman and Mrs R

Salzman.