Company Registration No. 06809815 (England and Wales)
SLATESCAPE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
PAGES FOR FILING WITH REGISTRAR
SLATESCAPE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
SLATESCAPE LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2017
30 November 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,175
10,771
Investments
4
1
1
11,176
10,772
Current assets
Stocks
240,069
293,758
Debtors
5
1,438,351
1,033,769
Cash at bank and in hand
155,004
65,612
1,833,424
1,393,139
Creditors: amounts falling due within one year
6
(1,794,540)
(1,382,102)
Net current assets
38,884
11,037
Total assets less current liabilities
50,060
21,809
Provisions for liabilities
(1,733)
(1,430)
Net assets
48,327
20,379
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
48,227
20,279
Total equity
48,327
20,379
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 30 November 2017 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.
SLATESCAPE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2017
30 November 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 July 2018 and are signed on its behalf by:
Mr S R Nelson
Director
Company Registration No. 06809815
SLATESCAPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 3 -
1
Accounting policies
Company information
Slatescape Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 1 Sett End Road West, Shadsworth Business Park, Blackburn, BB1 2QJ.
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.
These financial statements for the year ended 30 November 2017
are the
first
financial statements of Slatescape Limited 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 December 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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
.
The fair value of consideration takes into account volume rebates.
Turnover is recognised when the
significant risks and rewards of ownership of the goods have passed to the buyer
, being on dispatch of the goods.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Property upgrades
2% on cost
Plant and machinery
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computer equipment
33% on cost
SLATESCAPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
1
Accounting policies
(Continued)
- 4 -
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
Fixed asset investments
Interests in subsidiaries
are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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.
1.7
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.
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.
1.8
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
and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
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.
SLATESCAPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
1
Accounting policies
(Continued)
- 5 -
Other financial assets
All of the company's financial assets are basic financial instruments.
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
and
loans from
fellow group companies
,
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.
Other financial liabilities
All of the company's financial liabilities are basic financial instruments.
1.10
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.
1.11
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.
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.
SLATESCAPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
1
Accounting policies
(Continued)
- 6 -
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
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 9 (2016 - 10).
3
Tangible fixed assets
Property upgrades
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 December 2016
4,564
12,600
2,027
11,554
30,745
Additions
-
-
110
3,070
3,180
At 30 November 2017
4,564
12,600
2,137
14,624
33,925
Depreciation and impairment
At 1 December 2016
422
8,987
1,471
9,093
19,973
Depreciation charged in the year
91
914
146
1,626
2,777
At 30 November 2017
513
9,901
1,617
10,719
22,750
Carrying amount
At 30 November 2017
4,051
2,699
520
3,905
11,175
At 30 November 2016
4,142
3,613
556
2,460
10,771
SLATESCAPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 7 -
4
Fixed asset investments
2017
2016
£
£
Investments
1
1
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 December 2016 & 30 November 2017
1
Carrying amount
At 30 November 2017
1
At 30 November 2016
1
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
1,286,804
734,213
Amounts owed by group undertakings
140,000
250,000
Other debtors
11,547
49,556
1,438,351
1,033,769
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
822,851
680,152
Amounts due to group undertakings
1
1
Taxation and social security
198,018
89,731
Other creditors
773,670
612,218
1,794,540
1,382,102
Creditors due within one year totalling £669,918 (2016: £555,754) have been secured by the company.
SLATESCAPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 8 -
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
8
Related party transactions
Amounts owed to/by related parties
The following amounts were outstanding at the reporting end date:
Category
Amount owed to
Amounts owed by
2017
2016
2017
2016
£
£
£
£
Entities over which the entity has control, joint control or significant influence
1
1
Key management personnel
1,047
Other related parties
140,000
250,000
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr L M Hill - Director's advance
-
9,666
1,721
(11,387)
-
9,666
1,721
(11,387)
-
The above advance is repayable on demand and is unsecured.