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REGISTERED NUMBER: 07073526 (England and Wales) |
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Unaudited Financial Statements for the Year Ended 31 March 2018 |
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S'Porter International Limited |
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REGISTERED NUMBER: 07073526 (England and Wales) |
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Unaudited Financial Statements for the Year Ended 31 March 2018 |
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for |
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S'Porter International Limited |
S'Porter International Limited (Registered number: 07073526) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2018 |
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Page |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 4 |
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S'Porter International Limited |
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Company Information |
for the Year Ended 31 March 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Carlson Suite |
Vantage Point Business Villlage |
Mitcheldean |
Gloucestershire |
GL17 0DD |
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SOLICITORS: |
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Exchange House |
Primrose Street |
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London |
EC2A 2EG |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
S'Porter International Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's |
annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain |
other primary statements and the Report of the Directors are not required to be filed with the |
Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval |
the financial statements of S'Porter International Limited for the year ended 31 March 2018 which comprise |
the Income Statement, Balance Sheet and the related notes from the company's accounting records and from |
information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of S'Porter International Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of S'Porter International Limited and state those matters that we have agreed to state to the Board of Directors of S'Porter International Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S'Porter International Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that S'Porter International Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of S'Porter International Limited. You consider that S'Porter International Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of S'Porter International Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Carlson Suite |
Vantage Point Business Villlage |
Mitcheldean |
Gloucestershire |
GL17 0DD |
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S'Porter International Limited (Registered number: 07073526) |
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Balance Sheet |
31 March 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
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preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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S'Porter International Limited (Registered number: 07073526) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2018 |
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1. | STATUTORY INFORMATION |
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S'Porter International Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The company has not produced consolidated financial statements incorporating the results of its |
subsidiaries because both the company and the group taken as a whole qualify as a small under |
FRS102 and are therefore exempt from the requirement to prepare consolidates financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
Asset class | Depreciation method and rate |
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Short leasehold land and buildings | over the period of the lease |
Fixtures and Fittings | 20% - 33.33% straight line |
Office Equipment | 20% - 33.33% straight line |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less cost to complete and sell. Cost |
is determined using the first-in, first-out (FIFO) method. |
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The cost of finished goods and work in progress comprises directl materials and, where applicable, |
direct labour costs and those overheads that have been incurred in bringing the inventories to their |
present location and condition. At each reporting date, stocks are assessed for impairment. If stocks |
are impaired, the carrying amount is reduced to its selling price less costs to complete and sell: the |
impairment loss is recognised immediately in profit and loss |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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S'Porter International Limited (Registered number: 07073526) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 April 2017 |
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Additions |
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At 31 March 2018 |
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DEPRECIATION |
At 1 April 2017 |
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Charge for year |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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S'Porter International Limited (Registered number: 07073526) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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S'Porter International Limited (Registered number: 07073526) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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7. | RELATED PARTY DISCLOSURES |
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Directors' Remuneration |
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The directors's remuneration for the year was as follows: |
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2018 | 2017 |
£ | £ |
Remuneration | 141,000 | 141,000 |
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During the year the number of directors who were receiving benefits and share incentives was as |
follows: |
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2018 | 2017 |
No. | No. |
Accruing benefits under money purchase pension scheme | 1 | 1 |
In respect of the highest paid director: |
2018 | 2017 |
£ | £ |
Remuneration | 141,000 | 143,917 |
Company contributions to money purchase pension schemes | 23,250 | 23,250 |
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Summary of transactions with entities with joint control or significant interest |
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Entities related by means of significant influence or control |
During the year the company made sales to and purchases from the following parties, all of whom are |
related by reason of significant influence and common control: FG4 UK Limited, FG4 General trading |
FZE, Red Creative Limited, GIV Airways LLP and GIVe Properties (operated as a sole trade by a |
director, Mr G W Davies). By far the most significant of these transactions are those with FG4 General |
trading FZE, a company registered in the UAE and over which the company's directors excise |
significant influence. Sales to FG4 General trading FZE during the year amounted to £9,764,592 |
(2017: £11,397,425), there were no purchases in the year (2017: £NIL) and the balance payable by |
FG4 General trading FZE to the company at the year end was £3,335,318 (2017: £1,527,163). |
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Donation |
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During the year the company made a donation to The George Davies Charitable Trust (Charity Reg No |
1024818) in the amount of £298,191 (2017: £405,448). Company director Mr G W Davies is a trustee |
of the charity. |
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Loans to related parties |
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Subsidiary | 2018 | 2017 |
£ | £ |
At start of period | 178,208 | 178,208 |
Advanced |
Expenses |
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At end of period | 178,208 |
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Loans from related parties |
S'Porter International Limited (Registered number: 07073526) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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Parent | 2018 | 2017 |
£ | £ |
At start of period | 99,477 | 99,477 |
Advanced |
Expenses |
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At end of period | 99,477 | 99,477 |
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Terms of loans from related parties |
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The amount of £99,477 is an amount received by the company and held on behalf of its parent |
S'Porter International 2009 Limited. |
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8. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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The company's immediate parent is S'Porter 2009 Limited, incorporated in England and Wales. |
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The most senior parent entity producing publicly available financial statements id S'Porter 2009 |
Limited. These financial statements are available upon request from the registered office. |
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9. | INVESTMENTS |
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Details of undertakings |
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Details of the investments in which the company holds 20% or more of the normal value of any class of |
share capital are as follows: |
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Undertaking |
Registered Office |
Holding |
Proportion of voting rights
and shares held |
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Subsidiary
undertakings |
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2018 |
2017 |
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S'Porter International | Hong Kong | Ordinary shares | 100% | 100% |
Hong Kong Limited |
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The principal activity of S'porter International Hong Kong Limited is the provision of a goods sourcing |
service. The profit for the financial period of S'Porter International Hong Kong Limited was £28,366 and |
the aggregate amount of capital and reserves at the end of the period was £116,807. |