S B Prestige Limited Filleted accounts for Companies House (small and micro)
S B Prestige Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
09018821
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Statement of Financial Position |
2017 |
2016 |
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Note |
£ |
£ |
£ |
FIXED ASSETS
Intangible assets |
5 |
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Tangible assets |
6 |
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CURRENT ASSETS
Stocks |
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Debtors |
7 |
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Cash at bank and in hand |
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CREDITORS: amounts falling due within one year |
8 |
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NET CURRENT LIABILITIES |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS
Taxation including deferred tax |
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NET ASSETS |
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Statement of Financial Position (continued) |
2017 |
2016 |
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Note |
£ |
£ |
£ |
CAPITAL AND RESERVES
Called up share capital |
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Profit and loss account |
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SHAREHOLDERS FUNDS |
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In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
Directors' responsibilities:
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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
;
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The directors acknowledge their 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
24 April 2018
, and are signed on behalf of the board by:
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Director |
Company registration number:
09018821
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Notes to the Financial Statements |
Year ended 30th April 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 St Johns' Chambers, Love Street, Chester, CH1 1QN.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1st May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Revenue recognition
Income tax
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 |
- |
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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
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:
Equipment |
- |
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Impairment of fixed assets
Stocks
Finance leases and hire purchase contracts
Provisions
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2016:
4
).
5.
Intangible assets
Goodwill |
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£ |
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Cost |
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At 1st May 2016 and 30th April 2017 |
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Amortisation |
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At 1st May 2016 |
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Charge for the year |
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At 30th April 2017 |
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Carrying amount |
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At 30th April 2017 |
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At 30th April 2016 |
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6.
Tangible assets
Plant and machinery |
Equipment |
Total |
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£ |
£ |
£ |
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Cost |
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At 1st May 2016 |
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Additions |
– |
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At 30th April 2017 |
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Depreciation |
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At 1st May 2016 |
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Charge for the year |
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At 30th April 2017 |
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Carrying amount |
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At 30th April 2017 |
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At 30th April 2016 |
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7.
Debtors
2017 |
2016 |
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£ |
£ |
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Trade debtors |
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Other debtors |
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8.
Creditors:
amounts falling due within one year
2017 |
2016 |
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£ |
£ |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
660 |
– |
Other creditors |
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Hire Purchase liabilities are secured on the assets so financed.
9.
Related party transactions
The company was under the control of Mr S J and Mrs H J Belli throughout the current year, who are the managing directors and 100% shareholders. During the prior year, the Company purchased the trade and assets of RSV Automotive, a sole trade operated by
Mr S J Belli
, for the net asset value, plus £10,000 of goodwill. Dduring the year, the Directors maintained a loan account with the Company, the balance at the year end being £4,802 owed to them, and disclosed in Creditors (2016 - £11,118). The Directors received £15,500 (2016 - £24,000) of dividends in the year. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102.
10.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st May 2015.
No transitional adjustments were required in equity or profit or loss for the year.