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No description of principal activity
2016-10-01
Sage Accounts Production Advanced 2018 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
09577103
2016-10-01
2017-09-30
09577103
2017-09-30
09577103
2016-09-30
09577103
bus:Director3
2016-10-01
2017-09-30
09577103
core:WithinOneYear
2017-09-30
09577103
core:WithinOneYear
2016-09-30
09577103
core:AfterOneYear
2017-09-30
09577103
core:AfterOneYear
2016-09-30
09577103
core:ShareCapital
2017-09-30
09577103
core:ShareCapital
2016-09-30
09577103
core:SharePremium
2017-09-30
09577103
core:SharePremium
2016-09-30
09577103
core:RetainedEarningsAccumulatedLosses
2017-09-30
09577103
core:RetainedEarningsAccumulatedLosses
2016-09-30
09577103
bus:SmallEntities
2016-10-01
2017-09-30
09577103
bus:AuditExempt-NoAccountantsReport
2016-10-01
2017-09-30
09577103
bus:FullAccounts
2016-10-01
2017-09-30
09577103
bus:SmallCompaniesRegimeForAccounts
2016-10-01
2017-09-30
09577103
bus:PrivateLimitedCompanyLtd
2016-10-01
2017-09-30
09577103
core:AllAssociates
2016-10-01
2017-09-30
COMPANY REGISTRATION NUMBER:
09577103
|
Filleted Unaudited Financial Statements |
|
|
Statement of Financial Position |
|
30 September 2017
Current assets
|
Stocks |
36,119 |
53,297 |
|
Debtors |
4 |
16,366 |
29,285 |
|
Cash at bank and in hand |
44,691 |
12,485 |
|
------- |
------- |
|
97,176 |
95,067 |
|
|
|
|
|
Creditors: amounts falling due within one year |
5 |
126,730 |
102,715 |
|
-------- |
-------- |
|
Net current liabilities |
29,554 |
7,648 |
|
------- |
------ |
|
Total assets less current liabilities |
(
29,554) |
(
7,648) |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
6 |
34,800 |
60,000 |
|
------- |
------- |
|
Net liabilities |
(
64,354) |
(
67,648) |
|
------- |
------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
97 |
97 |
|
Share premium account |
7,994 |
7,994 |
|
Profit and loss account |
(
72,445) |
(
75,739) |
|
------- |
------- |
|
Shareholders deficit |
(
64,354) |
(
67,648) |
|
------- |
------- |
|
|
|
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 30 September 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
.
|
Statement of Financial Position (continued) |
|
30 September 2017
These financial statements were approved by the
board of directors
and authorised for issue on
8 June 2018
, and are signed on behalf of the board by:
Company registration number:
09577103
|
Notes to the Financial Statements |
|
Year ended 30 September 2017
1.
General information
SunAngel Imaging Limited
is a limited company incorporated in England. The address of its registered office and principal place of business are disclosed in the directors report.
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.
Going concern
Sunangel Imaging Ltd budgeted for its anticipated first year loss. This was mainly financed by a £60,000 loan from sister company PBT International Ltd in order to ensure suppliers and other creditors were paid in a timely fashion. Profitable trading in the second financial year looks set to continue in to the next financial year and the company is meeting all its day to day liabilities, including loan repayments, as they fall due. The directors have planned to continue the development of new and innovative product to improve sales, sustain growth and provide a broader international sales base. Export sales continue to increasing steadily. Having considered the company's present trading position the directors have a reasonable expectation that present funding is adequate for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the accounts.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. 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. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Debtors
|
2017 |
2016 |
|
£ |
£ |
|
Trade debtors |
16,276 |
28,836 |
|
Other debtors |
90 |
449 |
|
------- |
------- |
|
16,366 |
29,285 |
|
------- |
------- |
|
|
|
5.
Creditors:
amounts falling due within one year
|
2017 |
2016 |
|
£ |
£ |
|
Trade creditors |
104,473 |
102,715 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
14,400 |
– |
|
Social security and other taxes |
5,673 |
– |
|
Other creditors |
2,184 |
– |
|
-------- |
-------- |
|
126,730 |
102,715 |
|
-------- |
-------- |
|
|
|
6.
Creditors:
amounts falling due after more than one year
|
2017 |
2016 |
|
£ |
£ |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
34,800 |
60,000 |
|
------- |
------- |
|
|
|
7.
Financial instruments at fair value
The Company's principal financial instruments comprise bank balances, trade creditors, trade debtors, and loans to the Company. The main purpose of these instruments is to raise funds for the Company's operations and to finance the Company's operations. Owing to the nature of the financial instruments used by the Company the only risk is in respect of foreign currency fluctuations on transactions and balances denominated in foreign currencies. These transactions and balances are managed by the directors to minimise this risk. The Company's approach to managing other risks applicable to the financial instruments concerned is shown below. In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts, if needed, at floating rates of interest. Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
8.
Related party transactions
During the period loans remained outstanding from PBT International Limited, a company in which directors and shareholders of this company are also directors and shareholders. The initial loan received in the previous year was £60,000 of which £49,200 was outstanding at the end of the current period. Repayments in the year amounted to £10,800 and the loan is repayable by 1 December 2020. Interest is charged at 2% per annum with effect from 1 January 2017. Repayments of capital will be by equal monthly instalments. Interest will be added to the loan at the end of the term and paid in full at that time.
