Sceneset Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 4053945

Sceneset Limited

Filleted Unaudited Financial Statements

28 February 2018

Sceneset Limited

Statement of Financial Position

28 February 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	6		28,335	37,775

Current assets

Stocks		1,000	1,500
Debtors	7	124,910	101,981
Cash at bank and in hand		105,664	23,754
		---------	---------
		231,574	127,235

Creditors: amounts falling due within one year	8	157,691		112,715
		---------		---------
Net current assets			73,883	14,520
			---------	--------
Total assets less current liabilities			102,218	52,295

Creditors: amounts falling due after more than one year	9		25,638	16,832

Provisions

Taxation including deferred tax	3,748	5,280
	---------	--------
Net assets	72,832	30,183
	---------	--------

Sceneset Limited

Statement of Financial Position (continued)

28 February 2018

	2018		2017
Note	£	£	£

Capital and reserves

Called up share capital	110	110
Profit and loss account	72,722	30,073
	--------	--------
Shareholders funds	72,832	30,183
	--------	--------

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 28th February 2018 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 .

These financial statements were approved by the board of directors and authorised for issue on 10 May 2018 , and are signed on behalf of the board by:

Mr P. Chamberlain
Director

Company registration number: 4053945

Sceneset Limited

Notes to the Financial Statements

Year ended 28th February 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 11, Kelvin Way Trading Estate, Kelvin Way, West Bromwich, West Midlands, B70 7TN.

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

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.

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:

Leasehold Property	-	10% straight line
Equipment	-	25% reducing balance
Fixtures and Computer Equipment	-	33% straight line
Motor Vehicles	-	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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 9 (2017: 9 ).

5. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2018	2017
	£	£
Equity dividends paid on ordinary A shares	60,000	103,000
Equity dividends paid on ordinary B shares	13,888	8,339
	--------	---------
	73,888	111,339
	--------	---------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1st March 2017	2,468	42,651	40,608	30,719	116,446
Additions	–	–	1,626	–	1,626
	-------	--------	--------	--------	---------
At 28th February 2018	2,468	42,651	42,234	30,719	118,072
	-------	--------	--------	--------	---------
Depreciation
At 1st March 2017	1,836	22,219	37,344	17,272	78,671
Charge for the year	79	5,109	2,516	3,362	11,066
	-------	--------	--------	--------	---------
At 28th February 2018	1,915	27,328	39,860	20,634	89,737
	-------	--------	--------	--------	---------
Carrying amount
At 28th February 2018	553	15,323	2,374	10,085	28,335
	-------	--------	--------	--------	---------
At 28th February 2017	632	20,432	3,264	13,447	37,775
	-------	--------	--------	--------	---------

7. Debtors

	2018	2017
	£	£
Trade debtors	105,315	59,262
Other debtors	19,595	42,719
	---------	---------
	124,910	101,981
	---------	---------

Other debtors includes an amount of £7,402 in connection with the rent deposit, and a rent deposit deed was registered at Companies House on 16th August 2012.

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	8,428	18,163
Trade creditors	48,448	50,196
Accruals and deferred income	3,550	3,862
Corporation tax	29,670	5,028
Social security and other taxes	59,460	28,824
Obligations under finance leases and hire purchase contracts	3,400	3,400
Other creditors	4,735	3,242
	---------	---------
	157,691	112,715
	---------	---------

The National Westminster Bank plc borrowing is secured by a mortgage debenture dated 12th April 2001 giving a fixed and floating charge over the company's assets.

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

	2018	2017
	£	£
Bank loans and overdrafts	23,938	11,733
Obligations under finance leases and hire purchase contracts	1,700	5,099
	--------	--------
	25,638	16,832
	--------	--------

The National Westminster Bank plc borrowing is secured by a mortgage debenture dated 12th April 2001 giving a fixed and floating charge over the company's assets.

10. Director's advances, credits and guarantees

The director's loan account was £8,351 (£31,572 - 2017) overdrawn at the year end.