Company Registration No. 06117314 (England and Wales)
SB7 MOBILE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
SB7 MOBILE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SB7 MOBILE LTD
BALANCE SHEET
AS AT 31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
84,886
79,677
Investments
4
50,000
50,000
134,886
129,677
Current assets
Debtors
5
2,572,782
2,022,606
Cash at bank and in hand
545,314
796,467
3,118,096
2,819,073
Creditors: amounts falling due within one year
6
(1,945,824)
(2,914,518)
Net current assets/(liabilities)
1,172,272
(95,445)
Total assets less current liabilities
1,307,158
34,232
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
1,306,158
33,232
Total equity
1,307,158
34,232
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 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 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 4 September 2019 and are signed on its behalf by:
Mr J P Brown
Director
Company Registration No. 06117314
SB7 MOBILE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
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, 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 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
33% on cost
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
.
Investments are initial messured at cost
and are subsequently measured at fair value at each reporting date.
SB7 MOBILE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 3 -
1.4
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, 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.
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, 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.
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
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.
SB7 MOBILE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 18 (2017 - 15).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2018
71,059
124,728
195,787
Additions
39,141
9,560
48,701
At 31 December 2018
110,200
134,288
244,488
Depreciation and impairment
At 1 January 2018
23,447
92,665
116,112
Depreciation charged in the year
19,361
24,129
43,490
At 31 December 2018
42,808
116,794
159,602
Carrying amount
At 31 December 2018
67,392
17,494
84,886
At 31 December 2017
47,612
32,065
79,677
4
Fixed asset investments
2018
2017
£
£
Investments
50,000
50,000
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2018 & 31 December 2018
50,000
Carrying amount
At 31 December 2018
50,000
At 31 December 2017
50,000
SB7 MOBILE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 5 -
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
1,595,814
1,048,263
Other debtors
976,968
974,343
2,572,782
2,022,606
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
713,026
1,692,457
Corporation tax
430,257
67,654
Other taxation and social security
525,240
592,969
Other creditors
277,301
561,438
1,945,824
2,914,518
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Allotted, called up and fully paid
1,000
1,000
1,000
1,000
8
Related party transactions
During the year the company made an interest free loan to its parent company SB Media Group Limited. At the balance sheet date, the amount outstanding was £91,000 (2017: £95,000) and was included within other debtors.
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.