SABIT HOLDINGS LIMITED Company Accounts

SABIT HOLDINGS LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2016-11-01 Sage Accounts Production Advanced 2017 Update 4 - FRS 67 67 67 xbrli:pure xbrli:shares iso4217:GBP 05640205 2016-11-01 2017-10-31 05640205 2017-10-31 05640205 2016-10-31 05640205 2016-10-31 05640205 2015-10-31 05640205 core:PlantMachinery 2016-11-01 2017-10-31 05640205 bus:Director1 2016-11-01 2017-10-31 05640205 core:PlantMachinery 2016-10-31 05640205 core:PlantMachinery 2017-10-31 05640205 core:WithinOneYear 2017-10-31 05640205 core:WithinOneYear 2016-10-31 05640205 core:AfterOneYear 2017-10-31 05640205 core:AfterOneYear 2016-10-31 05640205 core:WithinOneYear 2015-10-31 05640205 core:AfterOneYear 2015-10-31 05640205 core:ShareCapital 2017-10-31 05640205 core:ShareCapital 2016-10-31 05640205 core:RetainedEarningsAccumulatedLosses 2017-10-31 05640205 core:RetainedEarningsAccumulatedLosses 2016-10-31 05640205 core:RestatedAmount 2016-10-31 05640205 core:RestatedAmount 2015-10-31 05640205 core:CostValuation core:Non-currentFinancialInstruments 2017-10-31 05640205 core:Non-currentFinancialInstruments 2017-10-31 05640205 core:Non-currentFinancialInstruments 2016-10-31 05640205 core:PlantMachinery 2016-10-31 05640205 bus:Director1 2016-10-31 05640205 bus:Director1 2017-10-31 05640205 bus:Director1 2015-10-31 05640205 bus:Director1 2016-10-31 05640205 bus:Director1 2015-11-01 2016-10-31 05640205 bus:FRS102 2016-11-01 2017-10-31 05640205 bus:AuditExempt-NoAccountantsReport 2016-11-01 2017-10-31 05640205 bus:FullAccounts 2016-11-01 2017-10-31 05640205 bus:SmallCompaniesRegimeForAccounts 2016-11-01 2017-10-31 05640205 bus:PrivateLimitedCompanyLtd 2016-11-01 2017-10-31 05640205 core:InvestmentPropertyIncludedWithinPPE 2017-10-31 05640205 core:InvestmentPropertyIncludedWithinPPE 2016-10-31 05640205 core:AfterOneYear 2016-11-01 2017-10-31 05640205 core:Subsidiary1 2016-11-01 2017-10-31 05640205 core:Subsidiary1 2017-10-31

COMPANY REGISTRATION NUMBER: 05640205

SABIT HOLDINGS LIMITED

Filleted Unaudited Financial Statements

31 October 2017

SABIT HOLDINGS LIMITED

Financial Statements

Year ended 31 October 2017

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 8

SABIT HOLDINGS LIMITED

Statement of Financial Position

31 October 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4	599,424	608,182
Investments	5	67	67
		---------	---------
		599,491	608,249

Current assets

Debtors	6	18,156	11,651
Cash at bank and in hand		12	72
		--------	--------
		18,168	11,723

Creditors: amounts falling due within one year	7	( 46,807)		( 15,705)
		--------		--------
Net current liabilities			( 28,639)	( 3,982)
			---------	---------
Total assets less current liabilities			570,852	604,267

Creditors: amounts falling due after more than one year	8	( 280,229)	( 324,337)
		---------	---------
Net assets		290,623	279,930
		---------	---------

Capital and reserves

Called up share capital	200	200
Profit and loss account	290,423	279,730
	---------	---------
Shareholders funds	290,623	279,930
	---------	---------

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 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

SABIT HOLDINGS LIMITED

Statement of Financial Position (continued)

31 October 2017

These financial statements were approved by the board of directors and authorised for issue on 9 February 2018 , and are signed on behalf of the board by:

Mr R A Hope

Director

Company registration number: 05640205

SABIT HOLDINGS LIMITED

Notes to the Financial Statements

Year ended 31 October 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 c/o DPC, Vernon Road, Stoke on Trent, Staffordshire, ST4 2QY.

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 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 1 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate.Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods. Valuation of investment property Investment property has been recognised at fair value, the directors are of the opinion that there has been no material change since 31 October 2017.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The company hires and rents the company's property and other assets to it's subsidiary and third party customers. Revenue is recognised in the accounting period in which the rental period relates to.

Corporation 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:

	Plant and machinery	-	20% reducing balance

Investment property is held at fair value.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

4. Tangible assets

	Plant and machinery	Investment property	Total
	£	£	£
Cost
At 1 November 2016 and 31 October 2017	184,402	564,390	748,792
	---------	---------	---------
Depreciation
At 1 November 2016	140,610	–	140,610
Charge for the year	8,758	–	8,758
	---------	---------	---------
At 31 October 2017	149,368	–	149,368
	---------	---------	---------
Carrying amount
At 31 October 2017	35,034	564,390	599,424
	---------	---------	---------
At 31 October 2016	43,792	564,390	608,182
	---------	---------	---------

5. Investments

	Shares in group undertakings
	£
Cost
At 1 November 2016 and 31 October 2017	67
	----
Impairment
At 1 November 2016 and 31 October 2017	–
	----

Carrying amount
At 31 October 2017	67
	----
At 31 October 2016	67
	----

The company owns 92% of the issued share capital of the companies listed below,

Sabit limited

The principal activity of the company during the year continues to be that of the manufacturer of metal structures and parts. Registered office is DPC, Vernon Road, Stoke-on-trent, Staffordshire, ST4 2QY.

6. Debtors

	2017	2016
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	8,358
Other debtors	18,156	3,293
	--------	--------
	18,156	11,651
	--------	--------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	6,613	7,647
Amounts owed to group undertakings and undertakings in which the company has a participating interest	33,721	–
Corporation tax	–	1,585
Social security and other taxes	5,773	5,773
Other creditors	700	700
	--------	--------
	46,807	15,705
	--------	--------

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

	2017	2016
	£	£
Bank loans and overdrafts	229,128	234,706
Other creditors	51,101	89,631
	---------	---------
	280,229	324,337
	---------	---------

The other creditors are secured by a charge over the investment property.

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr R A Hope	3,291	84,863	( 70,000)	18,154
	-------	--------	--------	--------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr R A Hope	4,055	65,000	( 64,236)	4,819
	-------	--------	--------	-------

10. Related party transactions

During the year the following transactions took place between the company and: (i) Sabit Limited , a 92% subsidiary of the company

		2017
		£
	Amount owed to related at 1st November 2016	(8,358)
	Advances from related party	146,777
	Advances to related party	(104,698)
		---------
	Amount due from related party at 31st October 2017	33,720
		---------

11. Transition to FRS 102

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

Reconciliation of equity

	1 November 2015			31 October 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	564,538	–	564,538	608,249	–	608,249
Current assets	–	–	–	11,723	–	11,723
Creditors: amounts falling due within one year	( 137,259)	–	( 137,259)	( 15,705)	–	( 15,705)
	---------	----	---------	---------	----	---------
Net current liabilities	( 137,259)	–	( 137,259)	( 3,982)	–	( 3,982)
	---------	----	---------	---------	----	---------
Total assets less current liabilities	427,279	–	427,279	604,267	–	604,267

Creditors: amounts falling due after more than one year	( 168,735)	–	( 168,735)	( 324,337)	–	( 324,337)
	---------	----	---------	---------	----	---------
Net assets	258,544	–	258,544	279,930	–	279,930
	---------	----	---------	---------	----	---------

	---------	----	---------	---------	----	---------
Capital and reserves	258,544	–	258,544	279,930	–	279,930
	---------	----	---------	---------	----	---------

On transition to FRS 102 at 1 october 2015, the freehold property held and used by the subsidiaries was reclassified as an investment property. Investment property is now held at fair value as per FRS 102.

12. Post balance sheet events

There were no material events up to the date of approval of the financial statements by the board.