Company Registration No. 06117314 (England and Wales)
SB7 MOBILE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
SB7 MOBILE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SB7 MOBILE LTD
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 1 -
2016
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
92,303
18,505
Investments
4
50,000
50,000
142,303
68,505
Current assets
Debtors
5
2,072,317
1,541,031
Cash at bank and in hand
2,701,746
718,051
4,774,063
2,259,082
Creditors: amounts falling due within one year
6
(2,102,255)
(1,277,787)
Net current assets
2,671,808
981,295
Total assets less current liabilities
2,814,111
1,049,800
Provisions for liabilities
(460,000)
-
Net assets
2,354,111
1,049,800
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
2,353,111
1,048,800
Total equity
2,354,111
1,049,800
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 period ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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 members have not required the company to obtain an audit of its financial statements for the period 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.
SB7 MOBILE LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2016
31 December 2016
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 July 2017 and are signed on its behalf by:
Mr J Brown
Director
Company Registration No. 06117314
SB7 MOBILE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2016
- 3 -
1
Accounting policies
Company information
SB7 Mobile Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2-3 Bassett Court, Broad Street, Newport Pagnell, Buckinghamshire, United Kingdom, MK16 0JN.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the period ended 31 December 2016
are the
first
financial statements of SB7 Mobile Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
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:
Leasehold improvements
Over the lease term of 5 years
Plant and machinery
25% on cost
Fixtures, fittings & equipment
33% on cost
Computer equipment
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
.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SB7 MOBILE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 4 -
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.
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.
1.5
Retirement benefits
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.
The defined net benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
SB7 MOBILE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 5 -
Pensions
For a defined benefit scheme, the liability recorded in the balance sheet is the present value of the defined obligation at that date. The defined benefit obligation is calculated on an annual basis by independent actuaries.
Actuarial gains and losses are recognised in full in the period in which they occur and are shown in Other Comprehensive Income.
Finance Expense
Current and past service costs, along with settlements or curtailments, are charged to the Income Statement. Interest on pension plan liabilities are recognised within Finance Expense.
1.6
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 period was 16 (2016 - 16).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2016
-
67,802
67,802
Additions
61,569
38,432
100,001
At 31 December 2016
61,569
106,234
167,803
Depreciation and impairment
At 1 April 2016
-
49,297
49,297
Depreciation charged in the period
9,235
16,968
26,203
At 31 December 2016
9,235
66,265
75,500
Carrying amount
At 31 December 2016
52,334
39,969
92,303
At 31 March 2016
-
18,505
18,505
SB7 MOBILE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2016
- 6 -
4
Fixed asset investments
2016
2016
£
£
Investments
50,000
50,000
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2016 & 31 December 2016
50,000
Carrying amount
At 31 December 2016
50,000
At 31 March 2016
50,000
5
Debtors
2016
2016
Amounts falling due within one year:
£
£
Trade debtors
1,665,738
1,186,292
Corporation tax recoverable
-
57,736
Other debtors
406,579
297,003
2,072,317
1,541,031
6
Creditors: amounts falling due within one year
2016
2016
£
£
Trade creditors
1,037,315
729,901
Corporation tax
186,800
173,229
Other taxation and social security
603,756
91,977
Other creditors
274,384
282,680
2,102,255
1,277,787
SB7 MOBILE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2016
- 7 -
7
Provisions for liabilities
2016
2016
£
£
Retirement benefit obligations
460,000
-
460,000
-
Employer Pension Obligations
The Company has agreed to fund a defined benefit pension scheme in respect of key employees. The most recent actuarial valuation of the obligations of £460,000 was on 31 December 2016. During the year the expense incurred was £460,000.
The principal assumptions used are:
• Discount rate - 2.7%
• Inflation RPI - 3.3%
• Inflation CPI - 2.2%
• Pre and Post retirement mortality - S2PA CMI 2016 model with long term rate of improvement
of 1.25% pa
2016
Present value of defined benefit obligations
£460,000
Fair value of scheme assets
£0
Liability recognised in the balance sheet
£460,000
8
Called up share capital
2016
2016
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary of £1 each
1,000
1,000
9
Parent company
The parent company of SB7 Mobile Ltd is SB Media Group Limited and its registered office is 2-3 Bassett Court, Broad Street, Newport Pagnell, United Kingdom, MK16 0JN.