Registration number:
for the Year Ended
Sarum Colourview Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Sarum Colourview Limited
(Registration number: 04122291)
Balance Sheet as at 31 May 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 1 |
Sarum Colourview Limited
(Registration number: 04122291)
Balance Sheet as at 31 May 2018
Approved and authorised by the
.........................................
Mr Charles Atholl Dew-Jones
Director
Page 2 |
Sarum Colourview Limited
Notes to the Financial Statements for the Year Ended 31 May 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover represents amounts chargeable in respect of the sale of goods and services to customers.
Government grants
Government grants shall be recognised in the profit and loss accounts so as to match them with the expenditure towards which they are intented to contribute. To the extent that the grant is made as a contribution towards the purchase prise of a fixed asset the grant is included within deferred income and released to the profit and loss accounts over the term the asset is being depreciated.
Tax
The tax expense for the period comprises current tax payable and deferred tax.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE.
Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
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Sarum Colourview Limited
Notes to the Financial Statements for the Year Ended 31 May 2018
Depreciation
Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful lives using the following rates:
Asset class |
Depreciation method and rate |
Plant and machinery |
5-50% per annum of cost / over period of lease |
Fixtures and fittings |
20-50% per annum of cost |
Motor vehicles |
10-33% per annum of cost |
Office equipment |
10-75% per annum of cost |
Freehold improvements |
50% per annum of cost |
Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
Amortisation
Amortisation has been computed to write off the cost of intangible fixed assets over their expected useful lives using the following rates:
Asset class |
Amortisation method and rate |
Straight line over 3 years |
Straight line over 3 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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Sarum Colourview Limited
Notes to the Financial Statements for the Year Ended 31 May 2018
Leases
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
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Sarum Colourview Limited
Notes to the Financial Statements for the Year Ended 31 May 2018
Taxation |
2018 |
2017 |
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£ |
£ |
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Corporation tax |
26,235 |
35,322 |
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Deferred tax |
(22,939) |
(26,506) |
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3,296 |
8,816 |
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 June 2017 |
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At 31 May 2018 |
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Amortisation |
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At 1 June 2017 |
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At 31 May 2018 |
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Carrying amount |
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At 31 May 2018 |
- |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2017 - £Nil).
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Sarum Colourview Limited
Notes to the Financial Statements for the Year Ended 31 May 2018
Tangible assets |
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Office equipment |
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Cost or valuation |
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At 1 June 2017 |
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Additions |
- |
- |
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At 31 May 2018 |
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Depreciation |
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At 1 June 2017 |
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Charge for the year |
- |
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At 31 May 2018 |
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Carrying amount |
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At 31 May 2018 |
- |
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At 31 May 2017 |
- |
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Motor vehicles |
Total |
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Cost or valuation |
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At 1 June 2017 |
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Additions |
- |
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At 31 May 2018 |
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Depreciation |
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At 1 June 2017 |
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Charge for the year |
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At 31 May 2018 |
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Carrying amount |
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At 31 May 2018 |
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At 31 May 2017 |
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Included within the net book value of land and buildings above is £Nil (2017 - £Nil) in respect of freehold land and buildings.
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Sarum Colourview Limited
Notes to the Financial Statements for the Year Ended 31 May 2018
Stocks |
2018 |
2017 |
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Other inventories |
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Debtors |
Note |
2018 |
2017 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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Sarum Colourview Limited
Notes to the Financial Statements for the Year Ended 31 May 2018
Creditors |
Creditors: amounts falling due within one year
2018 |
2017 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
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Due after one year |
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Loans and borrowings |
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Deferred income |
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151,994 |
347,189 |
Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Finance lease liabilities |
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Other borrowings |
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Page 9 |
Sarum Colourview Limited
Notes to the Financial Statements for the Year Ended 31 May 2018
2018 |
2017 |
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Current loans and borrowings |
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Bank overdrafts |
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Finance lease liabilities |
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Related party transactions |
Transactions with directors |
2017 |
Advances to directors |
Repayments by director |
At 31 May 2017 |
Mr Anthony Charles White |
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Had a loan with the company |
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( |
- |
Summary of transactions with parent
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Sarum Colourview Limited
Notes to the Financial Statements for the Year Ended 31 May 2018
Summary of transactions with other related parties
Loans to related parties
2018 |
Parent |
At start of period |
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Advanced |
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Repaid |
( |
At end of period |
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2017 |
Parent |
At start of period |
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Advanced |
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Repaid |
( |
At end of period |
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Parent and ultimate parent undertaking |
The company's immediate parent is
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