Sharrow Limited Company Accounts

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COMPANY REGISTRATION NUMBER: 06210800

Sharrow Limited

Filleted Unaudited Financial Statements

31 July 2017

Sharrow Limited

Financial Statements

Year ended 31st July 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

The following pages do not form part of the financial statements

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	10

Sharrow Limited

Statement of Financial Position

31 July 2017

	2017		2016
Note	£	£	£

FIXED ASSETS

Intangible assets	5	–	15,000
Tangible assets	6	132,084	132,663
		-----------	-----------
		132,084	147,663

CURRENT ASSETS

Stocks		19,974	19,974
Debtors	7	261,738	288,222
Cash at bank and in hand		3,941	1,368
		-----------	-----------
		285,653	309,564

CREDITORS: amounts falling due within one year	8	267,936		270,958
		-----------		-----------
NET CURRENT ASSETS			17,717	38,606
			-----------	-----------
TOTAL ASSETS LESS CURRENT LIABILITIES			149,801	186,269

CREDITORS: amounts falling due after more than one year	9		55,833	65,833

PROVISIONS

Taxation including deferred tax	499	195
	-----------	-----------
NET ASSETS	93,469	120,241
	-----------	-----------

Sharrow Limited

Statement of Financial Position (continued)

31 July 2017

	2017		2016
Note	£	£	£

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	93,369	120,141
	---------	-----------
SHAREHOLDERS FUNDS	93,469	120,241
	---------	-----------

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 income and retained earnings has not been delivered.

For the year ending 31st July 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 27 April 2018 , and are signed on behalf of the board by:

Mrs R D H Munshi
Director

Company registration number: 06210800

Sharrow Limited

Notes to the Financial Statements

Year ended 31st July 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 12 Wolstenholm Road, Sheffield, S7 1LT.

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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.

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

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	over 10 years on cost

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

Fixtures and Fittings	-	15% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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 6 (2016: 6 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1st August 2016 and 31st July 2017	200,000
	-----------
Amortisation
At 1st August 2016	185,000
Charge for the year	15,000
	-----------
At 31st July 2017	200,000
	-----------
Carrying amount
At 31st July 2017	–
	-----------
At 31st July 2016	15,000
	-----------

6. Tangible assets

	Land and buildings	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1st August 2016 and 31st July 2017	129,458	10,000	2,986	142,444
	-----------	---------	--------	-----------
Depreciation
At 1st August 2016	–	7,786	1,995	9,781
Charge for the year	–	332	247	579
	-----------	---------	--------	-----------
At 31st July 2017	–	8,118	2,242	10,360
	-----------	---------	--------	-----------
Carrying amount
At 31st July 2017	129,458	1,882	744	132,084
	-----------	---------	--------	-----------
At 31st July 2016	129,458	2,214	991	132,663
	-----------	---------	--------	-----------

7. Debtors

	2017	2016
	£	£
Trade debtors	136,767	147,606
Other debtors	124,971	140,616
	-----------	-----------
	261,738	288,222
	-----------	-----------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	51,780	45,013
Trade creditors	134,395	133,679
Corporation tax	65,059	76,146
Other creditors	16,702	16,120
	-----------	-----------
	267,936	270,958
	-----------	-----------

Bank loans and overdrafts are secured by a Fixed and Floating Charge over all assets of the Company, dated 08 January 2014, in favour of Lloyds Bank Plc.

9. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	55,833	65,833
	---------	---------

Bank loans and overdrafts are secured by a Fixed and Floating Charge over all assets of the Company, dated 08 January 2014, in favour of Lloyds Bank Plc.

10. Director's advances, credits and guarantees

Mrs R Munshi, and Mr W Hunter, her husband, maintained a loan account with the company during the period. At the period end, Mrs R Munshi and her husband, Mr W Hunter, owed the company £105,816 (2016 - £128,924, which was cleared within nine months of the year end), disclosed in debtors, which is the total advances in the year. This balance was cleared within 9 months of the period end. Mrs R Munshi and Mr W Hunter paid the company interest of on this balance during the period, at the official rate

11. Related party transactions

The company was under the control of Mrs R Munshi throughout the current and previous period. Mrs R Munshi is the managing director and majority shareholder. Mrs R Munshi and her associates received £129,000 of dividends (2016 - £160,000) during the period. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102.

12. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st August 2015.

No transitional adjustments were required in equity or profit or loss for the year.

Sharrow Limited

Management Information

Year ended 31st July 2017

The following pages do not form part of the financial statements.

Sharrow Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Sharrow Limited

Year ended 31st July 2017

As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31st July 2017, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

UHY HACKER YOUNG Chartered Accountants

St John's Chambers Love Street Chester Cheshire CH1 1QN

27 April 2018