Company Registration No. 07881893 (England and Wales)
SPECIALIST BREAKERS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MAY 2016
SPECIALIST BREAKERS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 4
SPECIALIST BREAKERS LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,400,355
1,401,560
Current assets
Debtors
60,636
107,051
Cash at bank and in hand
41,641
22,148
102,277
129,199
Creditors: amounts falling due within one year
3
(575,191)
(499,155)
Net current liabilities
(472,914)
(369,956)
Total assets less current liabilities
927,441
1,031,604
Creditors: amounts falling due after more than one year
4
(803,761)
(912,319)
Provisions for liabilities
(221)
(462)
123,459
118,823
Capital and reserves
Called up share capital
5
1
1
Profit and loss account
123,458
118,822
Shareholders' funds
123,459
118,823
For the financial period ended 30 May 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 18 May 2017
S F Douglas
Director
Company Registration No. 07881893
SPECIALIST BREAKERS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 30 MAY 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The company is reliant upon the financial support of its bankers and fellow group companies in order to meet its liabilities as they fall due. The directors
anticipate
that this support will continue for the foreseeable future and, as a result, have continued to adopt the going concern basis in preparing the financial statements.
1.2
Turnover
Turnover represents amounts receivable for services provided net of VAT.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets include investment properties professionally valued by Chartered Surveyors on an existing use open market value basis. Other tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
25% Reducing balance
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
1.4
Deferred taxation
The accounting policy in respect of deferred taxation reflects the requirements of the Financial Reporting Standard for Smaller Entities (effective
January 2015
). Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred taxation balance has not been discounted.
SPECIALIST BREAKERS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE PERIOD ENDED 30 MAY 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 June 2015 & at 30 May 2016
1,404,071
Depreciation
At 1 June 2015
2,511
Charge for the period
1,205
At 30 May 2016
3,716
Net book value
At 30 May 2016
1,400,355
At 31 May 2015
1,401,560
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £31,698 (2015 - £37,281).
4
Creditors: amounts falling due after more than one year
2016
2015
£
£
Analysis of loans repayable in more than five years
Total amounts repayable by instalments which are due in more than five years
659,434
742,329
The aggregate amount of creditors for which security has been given amounted to £803,761 (2015 - £912,319).
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1 Ordinary share of £1 each
1
1
6
Ultimate parent company
The company's ultimate parent company is Starmode Networks Limited, a company incorporated in England and Wales.
SPECIALIST BREAKERS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE PERIOD ENDED 30 MAY 2016
- 4 -
7
Related party relationships and transactions
Other transactions
As security for the company's bank borrowings, the directors, S F Douglas and S H Douglas, have each provided a limited personal guarantee of £327,500 to the company's bankers.