Company Registration No. 02199121 (England and Wales)
S2S ELECTRONICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
S2S ELECTRONICS LIMITED
COMPANY INFORMATION
Directors
Mr A Dukinfield
Mr G Barton
Secretary
Mr A Dukinfield
Company number
02199121
Registered office
Unit B, Brookfields Park
Manvers Way
Rotherham
S63 5DR
Accountants
Knowles Warwick Limited
183 Fraser Road
Sheffield
S8 0JP
Business address
Unit B, Brookfields Park
Manvers Way
Rotherham
S63 5DR
S2S ELECTRONICS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
S2S ELECTRONICS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2017
31 December 2017
1
2017
2016
Notes
£
£
£
£
Fixed assets
Goodwill
3
24,750
18,000
Tangible assets
4
64,613
53,804
Investments
5
500
500
89,863
72,304
Current assets
Stocks
127,448
106,373
Debtors
6
1,548,336
1,335,904
Cash at bank and in hand
36,912
37,846
1,712,696
1,480,123
Creditors: amounts falling due within one year
7
(590,073)
(488,211)
Net current assets
1,122,623
991,912
Total assets less current liabilities
1,212,486
1,064,216
Creditors: amounts falling due after more than one year
8
-
(27,400)
Provisions for liabilities
(11,471)
-
Net assets
1,201,015
1,036,816
Capital and reserves
Called up share capital
9
6,000
6,000
Profit and loss reserves
1,195,015
1,030,816
Total equity
1,201,015
1,036,816
S2S ELECTRONICS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2017
31 December 2017
2
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 18 July 2018 and are signed on its behalf by:
Mr A Dukinfield
Director
Company Registration No. 02199121
S2S ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
3
1
Accounting policies
Company information
S2S Electronics Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit B, Brookfields Park, Manvers Way, Rotherham, S63 5DR.
The principal activity of the company continued to be that of data destruction from electronic media and recycling, refurbishment and reuse solutions for waste electrical and electronic equipment.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Acquired goodwill will be written off in equal annual instalments over its estimated useful economic life.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10% straight line and 20% straight line
Fixtures, fittings and equipment
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
S2S ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
4
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
S2S ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
5
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
S2S ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
6
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 23 (2016 - 21).
S2S ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
7
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2017
45,000
Additions
12,500
At 31 December 2017
57,500
Amortisation and impairment
At 1 January 2017
27,000
Amortisation charged for the year
5,750
At 31 December 2017
32,750
Carrying amount
At 31 December 2017
24,750
At 31 December 2016
18,000
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2017
192,673
Additions
22,303
At 31 December 2017
214,976
Depreciation and impairment
At 1 January 2017
138,869
Depreciation charged in the year
11,494
At 31 December 2017
150,363
Carrying amount
At 31 December 2017
64,613
At 31 December 2016
53,804
S2S ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
8
5
Fixed asset investments
2017
2016
£
£
Investments
500
500
The directors consider that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2017 & 31 December 2017
500
Carrying amount
At 31 December 2017
500
At 31 December 2016
500
6
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
414,655
244,578
Amounts owed by group undertakings
1,041,032
1,033,898
Other debtors
92,649
57,428
1,548,336
1,335,904
7
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
361,727
187,804
Amounts due to group undertakings
25,257
25,257
Corporation tax
28,753
-
Other taxation and social security
44,525
42,971
Other creditors
129,811
232,179
590,073
488,211
S2S ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
9
8
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
-
27,400
9
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
6,000 Ordinary shares of £1 each
6,000
6,000
6,000
6,000
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sale of goods
Purchase of goods
2017
2016
2017
2016
£
£
£
£
Other related parties
121,212
-
33,815
-
The following amounts were outstanding at the reporting end date:
2017
2016
Amounts owed to related parties
£
£
Entities with control, joint control or significant influence over the company
25,257
25,257
Other related parties
39,462
-
S2S ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
10
Related party transactions
(Continued)
10
The following amounts were outstanding at the reporting end date:
2017
Balance
Amounts owed by related parties
£
Entities with control, joint control or significant influence over the company
1,041,032
Other related parties
112,595
2016
Balance
Amounts owed in previous period
£
Entities with control, joint control or significant influence over the company
1,033,898
2017-12-31
2017-01-01
false
CCH Software
CCH Accounts Production 2018.200
No description of principal activity
18 July 2018
Mr A Dukinfield
Mr G Barton
Mr A Dukinfield
02199121
2017-01-01
2017-12-31
02199121
bus:CompanySecretaryDirector1
2017-01-01
2017-12-31
02199121
bus:Director2
2017-01-01
2017-12-31
02199121
bus:CompanySecretary1
2017-01-01
2017-12-31
02199121
bus:Director1
2017-01-01
2017-12-31
02199121
bus:RegisteredOffice
2017-01-01
2017-12-31
02199121
2017-12-31
02199121
core:Goodwill
2017-12-31
02199121
core:Goodwill
2016-12-31
02199121
core:NetGoodwill
2017-12-31
02199121
core:NetGoodwill
2016-12-31
02199121
2016-12-31
02199121
core:OtherPropertyPlantEquipment
2017-12-31
02199121
core:OtherPropertyPlantEquipment
2016-12-31
02199121
core:CurrentFinancialInstruments
2017-12-31
02199121
core:CurrentFinancialInstruments
2016-12-31
02199121
core:Non-currentFinancialInstruments
2016-12-31
02199121
core:ShareCapital
2017-12-31
02199121
core:ShareCapital
2016-12-31
02199121
core:RetainedEarningsAccumulatedLosses
2017-12-31
02199121
core:RetainedEarningsAccumulatedLosses
2016-12-31
02199121
core:ShareCapitalOrdinaryShares
2017-12-31
02199121
core:ShareCapitalOrdinaryShares
2016-12-31
02199121
core:Goodwill
2017-01-01
2017-12-31
02199121
core:PlantMachinery
2017-01-01
2017-12-31
02199121
core:FurnitureFittings
2017-01-01
2017-12-31
02199121
core:NetGoodwill
2016-12-31
02199121
core:NetGoodwill
2017-01-01
2017-12-31
02199121
core:OtherPropertyPlantEquipment
2016-12-31
02199121
core:OtherPropertyPlantEquipment
2017-01-01
2017-12-31
02199121
bus:OrdinaryShareClass1
2017-01-01
2017-12-31
02199121
bus:OrdinaryShareClass1
2017-12-31
02199121
bus:PrivateLimitedCompanyLtd
2017-01-01
2017-12-31
02199121
bus:FRS102
2017-01-01
2017-12-31
02199121
bus:AuditExemptWithAccountantsReport
2017-01-01
2017-12-31
02199121
bus:SmallCompaniesRegimeForAccounts
2017-01-01
2017-12-31
02199121
bus:FullAccounts
2017-01-01
2017-12-31
xbrli:pure
xbrli:shares
iso4217:GBP