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No description of principal activity
2017-04-01
Sage Accounts Production Advanced 2018 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
06501624
2017-04-01
2018-03-31
06501624
2018-03-31
06501624
2017-03-31
06501624
2016-04-01
2017-03-31
06501624
2017-03-31
06501624
core:LandBuildings
core:OwnedOrFreeholdAssets
2017-04-01
2018-03-31
06501624
core:MotorVehicles
2017-04-01
2018-03-31
06501624
bus:Director1
2017-04-01
2018-03-31
06501624
core:LandBuildings
2017-03-31
06501624
core:PlantMachinery
2017-03-31
06501624
core:MotorVehicles
2017-03-31
06501624
core:LandBuildings
2018-03-31
06501624
core:PlantMachinery
2018-03-31
06501624
core:MotorVehicles
2018-03-31
06501624
core:LandBuildings
2017-04-01
2018-03-31
06501624
core:PlantMachinery
2017-04-01
2018-03-31
06501624
core:WithinOneYear
2018-03-31
06501624
core:WithinOneYear
2017-03-31
06501624
core:AfterOneYear
2018-03-31
06501624
core:AfterOneYear
2017-03-31
06501624
core:ShareCapital
2018-03-31
06501624
core:ShareCapital
2017-03-31
06501624
core:RetainedEarningsAccumulatedLosses
2018-03-31
06501624
core:RetainedEarningsAccumulatedLosses
2017-03-31
06501624
core:LandBuildings
2017-03-31
06501624
core:PlantMachinery
2017-03-31
06501624
bus:SmallEntities
2017-04-01
2018-03-31
06501624
bus:AuditExemptWithAccountantsReport
2017-04-01
2018-03-31
06501624
bus:FullAccounts
2017-04-01
2018-03-31
06501624
bus:SmallCompaniesRegimeForAccounts
2017-04-01
2018-03-31
06501624
bus:PrivateLimitedCompanyLtd
2017-04-01
2018-03-31
06501624
core:OfficeEquipment
2017-04-01
2018-03-31
06501624
core:OfficeEquipment
2017-03-31
06501624
core:OfficeEquipment
2018-03-31
COMPANY REGISTRATION NUMBER:
06501624
SUPERSTAR COMPONENTS LIMITED
|
|
FILLETED UNAUDITED FINANCIAL STATEMENTS
|
|
SUPERSTAR COMPONENTS LIMITED
|
|
STATEMENT OF FINANCIAL POSITION
|
|
31 March 2018
FIXED ASSETS
Tangible assets
|
5
|
|
1,026,121
|
1,188,181
|
|
|
|
|
|
CURRENT ASSETS
Stocks
|
1,060,832
|
|
950,825
|
Debtors
|
6
|
7,600
|
|
7,854
|
Cash at bank and in hand
|
18,133
|
|
17,467
|
|
-------------
|
|
----------
|
|
1,086,565
|
|
976,146
|
|
|
|
|
|
CREDITORS: amounts falling due within one year
|
7
|
1,024,798
|
|
989,131
|
|
-------------
|
|
----------
|
NET CURRENT ASSETS/(LIABILITIES)
|
|
61,767
|
(
12,985)
|
|
|
-------------
|
-------------
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
1,087,888
|
1,175,196
|
|
|
|
|
|
CREDITORS: amounts falling due after more than one year
|
8
|
|
419,010
|
614,182
|
|
|
|
|
|
PROVISIONS
Taxation including deferred tax
|
|
165
|
–
|
|
|
-------------
|
-------------
|
NET ASSETS
|
|
668,713
|
561,014
|
|
|
-------------
|
-------------
|
|
|
|
|
SUPERSTAR COMPONENTS LIMITED
|
|
STATEMENT OF FINANCIAL POSITION (continued)
|
|
31 March 2018
CAPITAL AND RESERVES
Called up share capital
|
|
100
|
100
|
Profit and loss account
|
|
668,613
|
560,914
|
|
|
----------
|
----------
|
SHAREHOLDER FUNDS
|
|
668,713
|
561,014
|
|
|
----------
|
----------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
23 August 2018
, and are signed on behalf of the board by:
Company registration number:
06501624
SUPERSTAR COMPONENTS LIMITED
|
|
NOTES TO THE FINANCIAL STATEMENTS
|
|
YEAR ENDED 31 MARCH 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tower House, Lucy Tower Street, Lincoln, LN1 1XW.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents the value of all goods sold during the period, less returns received, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer.
Income tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Freehold Property
|
-
|
2% straight line
|
|
Plant & Machinery
|
-
|
25% Reducing balance/10% Straight line
|
|
Motor Vehicles
|
-
|
25% straight line
|
|
Office Equipment
|
-
|
25% reducing balance
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
10
(2017:
10
).
5.
Tangible assets
|
Land and buildings
|
Plant and machinery
|
Motor vehicles
|
Equipment
|
Total
|
|
£
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
|
At 1 April 2017
|
140,412
|
1,472,351
|
27,173
|
143,189
|
1,783,125
|
Additions
|
–
|
67,500
|
–
|
–
|
67,500
|
Disposals
|
–
|
(
216,000)
|
–
|
–
|
(
216,000)
|
|
----------
|
-------------
|
---------
|
----------
|
-------------
|
At 31 March 2018
|
140,412
|
1,323,851
|
27,173
|
143,189
|
1,634,625
|
|
----------
|
-------------
|
---------
|
----------
|
-------------
|
Depreciation
|
|
|
|
|
|
At 1 April 2017
|
6,867
|
478,409
|
27,173
|
82,495
|
594,944
|
Charge for the year
|
1,404
|
128,483
|
–
|
15,165
|
145,052
|
Disposals
|
–
|
(
131,492)
|
–
|
–
|
(
131,492)
|
|
----------
|
-------------
|
---------
|
----------
|
-------------
|
At 31 March 2018
|
8,271
|
475,400
|
27,173
|
97,660
|
608,504
|
|
----------
|
-------------
|
---------
|
----------
|
-------------
|
Carrying amount
|
|
|
|
|
|
At 31 March 2018
|
132,141
|
848,451
|
–
|
45,529
|
1,026,121
|
|
----------
|
-------------
|
---------
|
----------
|
-------------
|
At 31 March 2017
|
133,545
|
993,942
|
–
|
60,694
|
1,188,181
|
|
----------
|
-------------
|
---------
|
----------
|
-------------
|
|
|
|
|
|
|
6.
Debtors
|
2018
|
2017
|
|
£
|
£
|
Other debtors
|
7,600
|
7,854
|
|
-------
|
-------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2018
|
2017
|
|
£
|
£
|
Bank loans and overdrafts
|
31,048
|
29,044
|
Trade creditors
|
306,989
|
345,752
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
157,787
|
157,855
|
Social security and other taxes
|
129,883
|
69,410
|
Other creditors
|
399,091
|
387,070
|
|
-------------
|
----------
|
|
1,024,798
|
989,131
|
|
-------------
|
----------
|
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2018
|
2017
|
|
£
|
£
|
Bank loans and overdrafts
|
23,784
|
56,830
|
Other creditors
|
395,226
|
557,352
|
|
----------
|
----------
|
|
419,010
|
614,182
|
|
----------
|
----------
|
|
|
|
9.
Related party transactions
The company was under the control of
N D Wilkinson
throughout the current and previous year. N D Wilkinson
is the managing director and sole shareholder. The amount owing by Superstar Components Limited to Tibolts Wholesale Limited at the balance sheet date amounts to £157,787 (2017 - £157,855). This amount is included with amounts owed to group undertakings. No other transactions with related parties were undertaken as such as are required to be disclosed under FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.