Salar Developments Limited 30/04/2018 iXBRL

Salar Developments Limited 30/04/2018 iXBRL

SALAR DEVELOPMENTS LIMITED - Company Information

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Company registration number: 02253189
Salar Developments Limited
Unaudited filleted financial statements
30 April 2018
Salar Developments Limited
Contents
Statement of financial position
Notes to the financial statements
Salar Developments Limited
Statement of financial position
30 April 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 4 660 11,513
Investments 5 1 1
_______ _______
661 11,514
Current assets
Debtors 6 40,375 40,176
Cash at bank and in hand 277,765 288,322
_______ _______
318,140 328,498
Creditors: amounts falling due
within one year 7 ( 126,677) ( 92,322)
_______ _______
Net current assets 191,463 236,176
_______ _______
Total assets less current liabilities 192,124 247,690
_______ _______
Net assets 192,124 247,690
_______ _______
Capital and reserves
Called up share capital 3,300 3,300
Profit and loss account 188,824 244,390
_______ _______
Shareholders funds 192,124 247,690
_______ _______
For the year ending 30 April 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 December 2018 , and are signed on behalf of the board by:
J C Gates
Director
Company registration number: 02253189
Salar Developments Limited
Notes to the financial statements
Year ended 30 April 2018
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Damask Barn, Brownston, Ivybridge, Devon, PL21 0SQ.
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 sale of goods and provision of services is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods or provision of the services, 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.
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.
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 - 20 % straight line
Fittings fixtures and equipment - 33.33 % straight line
Motor vehicles - 25 % 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.
Fixed asset 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
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.
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
4. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 May 2017 10,157 11,338 34,405 55,900
Disposals - - ( 34,405) ( 34,405)
_______ _______ _______ _______
At 30 April 2018 10,157 11,338 - 21,495
_______ _______ _______ _______
Depreciation
At 1 May 2017 9,368 10,716 24,303 44,387
Charge for the year 197 554 - 751
Disposals - - ( 24,303) ( 24,303)
_______ _______ _______ _______
At 30 April 2018 9,565 11,270 - 20,835
_______ _______ _______ _______
Carrying amount
At 30 April 2018 592 68 - 660
_______ _______ _______ _______
At 30 April 2017 789 622 10,102 11,513
_______ _______ _______ _______
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 May 2017 and 30 April 2018 1 1
_______ _______
Impairment
At 1 May 2017 and 30 April 2018 - -
_______ _______
Carrying amount
At 30 April 2018 1 1
_______ _______
At 30 April 2017 1 1
_______ _______
6. Debtors
2018 2017
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 40,000 40,000
Other debtors 375 176
_______ _______
40,375 40,176
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 774 392
Social security and other taxes - 506
Other creditors 125,903 91,424
_______ _______
126,677 92,322
_______ _______
8. Related parties
The loan to the undertaking in which the company has a participating interest is interest-free and repayable on demand.