SORRELL (YORK) LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2016
COMPANY REGISTRATION NO. 00581869 (England and Wales)
SORRELL (YORK) LTD
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
SORRELL (YORK) LTD
ABBREVIATED BALANCE SHEET
AS AT
30 JUNE 2016
30 June 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
137,466
86,264
Current assets
Stocks
202,222
188,072
Debtors
528,569
533,442
Cash at bank and in hand
160,291
147,778
891,082
869,292
Creditors: amounts falling due within one year
3
(681,598)
(624,364)
Net current assets
209,484
244,928
Total assets less current liabilities
346,950
331,192
Creditors: amounts falling due after more than one year
4
(183,637)
(183,380)
Provisions for liabilities
(13,932)
(8,043)
149,381
139,769
Capital and reserves
Called up share capital
5
119
119
Share premium account
27,981
27,981
Other reserves
40,000
40,000
Profit and loss account
81,281
71,669
Shareholders' funds
149,381
139,769
SORRELL (YORK) LTD
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2016
30 June 2016
- 2 -
For the financial year ended 30 June 2016 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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 28 February 2017
Mr L Machen
Director
Company Registration No. 00581869
SORRELL (YORK) LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Freehold buildings
2% Straight line
Office equipment
33.3% Straight line
Fixtures and fittings
33.3% Straight line
Motor vehicles
25% Reducing balance
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value.
1.7
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.8
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
SORRELL (YORK) LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
1
Accounting policies
(Continued)
- 4 -
1.9
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company has not prepared group accounts as it is exempt from the requirement to do so by section 400 of the companies Act 2006 as it is a subsidiary undertaking of LHH (Holdings) Limited, a company incorporated in England & Wales and is included in the consolidated accounts of that company.
1.10
Preference shares classed as liabilities
The £131,000 (2015 - £159,000) Cumulative preference shares have been disclosed within creditors and the dividends paid on these preference shares are shown within interest paid, in accordance with the Financial Reporting Standard for Smaller Entities (FRSSE).
2
Fixed assets
Tangible assets
£
Cost
At 1 July 2015
311,070
Additions
91,554
Disposals
(65,635)
At 30 June 2016
336,989
Depreciation
At 1 July 2015
224,183
On disposals
(55,354)
Charge for the year
30,694
At 30 June 2016
199,523
Net book value
At 30 June 2016
137,466
At 30 June 2015
86,264
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £43,208 (2015 - £25,103).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £52,637 (2015 - £24,380).
SORRELL (YORK) LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
- 5 -
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
30 'A' ordinary shares of £1 each
30
30
45 'B' ordinary shares of £1 each
45
45
15 'C' ordinary shares of £1 each
15
15
10 'D' ordinary shares of £1 each
10
10
10 'E' ordinary shares of £1 each
10
10
9 'F' ordinary shares of £1 each
9
9
119
119
The Cumulative Preference Shares of £1 each (CP shares) have been included within creditors due after more than one year in line with the Financial Reporting Standard for Smaller Entities. 131,000 (2015 - 159,000) CP shares were allotted, called up and fully paid with a total nominal value of £131,000 (2015 - £159,000).
The shares are non-voting and carry the right to a fixed cumulative preferential dividend at a rate of 80% of bank base rate plus 3% per annum. In a winding up they rank ahead of the other classes of share and are redeemable at par plus any arrears of dividend.
All classes of ordinary shares of £1 each rank pari passu in all respects except that differing dividends can be voted.