Property Services - SDS Limited 31/03/2018 iXBRL

PROPERTY SERVICES-SDS LIMITED - Company Information

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Company registration number: 07882815

Property Services - SDS Limited

Unaudited filleted financial statements

31 March 2018

Property Services - SDS Limited

Contents

Directors and other information

Statement of financial position

Notes to the financial statements

Property Services - SDS Limited

Directors and other information


	Directors	M Burrow
		P Lyndon-Hogg


	Company number	07882815


	Registered office	ABS House Unit 6 ABS Business Park
		Viaduct Street
		Leeds
		West Yorkshire
		LS28 6AU


	Business address	ABS House Unit 6 ABS Business Park
		Viaduct Street
		Leeds
		West Yorkshire
		LS28 6AU


	Accountants	Howard Matthews Partnership
		Queensgate House
		23, North Park Road
		Harrogate
		North Yorkshire
		HG1 5PD




	Bankers	Lloyds TSB Bank plc
		Cambridge Crescent
		Harrogate
		North Yorkshire

Property Services - SDS Limited

Statement of financial position

31 March 2018

		2018		2017
	Note	£	£	£	£

Fixed assets
Tangible assets	5	77,250		73,930
		_______		_______
			77,250		73,930

Current assets
Stocks		12,000		28,017
Debtors	6	252,895		131,665
Cash at bank and in hand		52,279		85,053
		_______		_______
		317,174		244,735
Creditors: amounts falling due
within one year	7	( 202,742)		( 155,261)
		_______		_______
Net current assets			114,432		89,474
			_______		_______
Total assets less current liabilities			191,682		163,404

Creditors: amounts falling due
after more than one year	8		( 669)		( 9,253)

Provisions for liabilities			( 14,184)		( 13,511)

			_______		_______
Net assets			176,829		140,640
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			176,729		140,540
			_______		_______
Shareholders funds			176,829		140,640
			_______		_______

For the year ending 31 March 2018 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.

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.

These financial statements were approved by the board of directors and authorised for issue on 19 November 2018 , and are signed on behalf of the board by:

M Burrow P Lyndon-Hogg

Director Director

Company registration number: 07882815

Property Services - SDS Limited

Notes to the financial statements

Year ended 31 March 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 Property Services - SDS Limited, ABS House Unit 6 ABS Business Park, Viaduct Street, Leeds, West Yorkshire, LS28 6AU.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.

Turnover

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 rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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	-	25 %	reducing balance
Fittings fixtures and equipment	-	25 %	reducing balance
Motor vehicles	-	25 %	reducing balance
Computer & office eqmt	-	33.33 %	straight line

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

Impairment

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. 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 are largely independent of the cash inflows from other assets or groups of assets.

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 stocks to their 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 in finance costs in profit or loss in the period it arises.

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 or 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.

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 in finance costs 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 16 (2017: 17 ).

5. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Computer and office equipment	Total
	£	£	£	£	£
Cost
At 1 April 2017	2,584	4,250	119,869	3,062	129,765
Additions	542	-	30,450	1,187	32,179
Disposals	( 2,084)	-	( 2,500)	-	( 4,584)
	_______	_______	_______	_______	_______
At 31 March 2018	1,042	4,250	147,819	4,249	157,360
	_______	_______	_______	_______	_______
Depreciation
At 1 April 2017	1,728	1,860	50,564	1,683	55,835
Charge for the year	229	597	24,470	1,207	26,503
Disposals	( 1,603)	-	( 625)	-	( 2,228)
	_______	_______	_______	_______	_______
At 31 March 2018	354	2,457	74,409	2,890	80,110
	_______	_______	_______	_______	_______
Carrying amount
At 31 March 2018	688	1,793	73,410	1,359	77,250
	_______	_______	_______	_______	_______
At 31 March 2017	856	2,390	69,305	1,379	73,930
	_______	_______	_______	_______	_______

Obligations under finance leases

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:


		Motor vehicles
		£
	At 31 March 2018	15,040
		_______
	At 31 March 2017	23,997
		_______

6. Debtors

	2018	2017
	£	£
Trade debtors	248,784	127,346
Prepayments and accrued income	3,118	3,654
Other debtors	993	665
	_______	_______
	252,895	131,665
	_______	_______

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	36,273	22,149
Accruals and deferred income	11,381	6,603
Corporation tax	36,642	32,453
Social security and other taxes	97,206	62,296
Obligations under finance leases	8,584	15,157
Director loan accounts	5,950	5,643
Other creditors	6,706	10,960
	_______	_______
	202,742	155,261
	_______	_______

The net obligations under Hire Purchase contracts are secured on the assets held under those contracts.

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

	2018	2017
	£	£
Obligations under finance leases	669	9,253
	_______	_______

The net obligations under Hire Purchase contracts are secured on the assets held under those contracts.

9. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	9,971	5,839
Later than 1 year and not later than 5 years	14,145	4,200
	_______	_______
	24,116	10,039
	_______	_______

10. Directors advances, credits and guarantees

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

2018
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	M Burrow	( 2,822)	( 153)	( 2,975)
	P Lyndon-Hogg	( 2,821)	( 154)	( 2,975)
		_______	_______	_______
		( 5,643)	( 307)	( 5,950)
		_______	_______	_______

2017
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	M Burrow	( 2,403)	( 419)	( 2,822)
	P Lyndon-Hogg	( 2,403)	( 418)	( 2,821)
		_______	_______	_______
		( 4,806)	( 837)	( 5,643)
		_______	_______	_______

11. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2018	2017	2018	2017
	£	£	£	£
Specialist Building Systems Limited	7,393	7,505	-	( 523)
	_______	_______	_______	_______

During the year the company paid dividends totalling £36,600 (2017: £33,600) to each of the directors.During the year the company paid rent of £21,139 (2017: £19,366) to Property Services, a partnership in which the directors are partners.