Company Registration No. SC450433 (Scotland)
SURREY 100 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
SURREY 100 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SURREY 100 LIMITED
BALANCE SHEET
AS AT 31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
178,438
165,952
Current assets
Stocks
41,107
33,986
Debtors
4
2,248,717
2,045,942
Cash at bank and in hand
137,202
343,519
2,427,026
2,423,447
Creditors: amounts falling due within one year
5
(839,539)
(1,025,634)
Net current assets
1,587,487
1,397,813
Total assets less current liabilities
1,765,925
1,563,765
Creditors: amounts falling due after more than one year
6
(18,134)
(28,334)
Net assets
1,747,791
1,535,431
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
1,747,691
1,535,331
Total equity
1,747,791
1,535,431
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 March 2019 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.
SURREY 100 LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 November 2019 and are signed on its behalf by:
Mr P S Purewal
Director
Company Registration No. SC450433
SURREY 100 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
Surrey 100 Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
c/o Campbell Dallas, Titanium House, Kings Inch Place, Renfrew, PA4 8WF.
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
The turnover shown in the profit and loss account represents the value of hotel services provided in the year at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations to the customer.
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:
Plant and equipment
20% on reducing balance
Fixtures and fittings
20% on reducing balance
Computers
25% on cost
Motor vehicles
25% on cost
1.4
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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price
.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
SURREY 100 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
SURREY 100 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 5 -
1.12
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 profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 117 (2018 - 7
).
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2018
96,614
103,319
68,370
52,825
321,128
Additions
33,440
45,236
442
-
79,118
At 31 March 2019
130,054
148,555
68,812
52,825
400,246
Depreciation and impairment
At 1 April 2018
41,061
56,427
31,732
25,956
155,176
Depreciation charged in the year
17,798
18,425
17,203
13,206
66,632
At 31 March 2019
58,859
74,852
48,935
39,162
221,808
Carrying amount
At 31 March 2019
71,195
73,703
19,877
13,663
178,438
At 31 March 2018
55,553
46,892
36,638
26,869
165,952
SURREY 100 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
79,240
100,344
Amounts owed by group undertakings
2,041,959
1,788,974
Other debtors
127,518
156,624
2,248,717
2,045,942
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
240,778
248,213
Amounts owed to group undertakings
53,309
290,553
Taxation and social security
142,138
64,128
Other creditors
403,314
422,740
839,539
1,025,634
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
18,134
28,334
7
Secured Debts
Bank of Scotland PLC hold a floating charge over the assets of the company.
Hire purchase liabilities are secured against the assets to which they relate.
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
SURREY 100 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 7 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
63,851
20,024
10
Capital commitments
Amounts contracted for but not provided in the financial statements:
2019
2018
£
£
Acquisition of tangible fixed assets
44,400
-
11
Related party transactions
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due to related parties
£
£
Other related parties
53,308
290,553
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due from related parties
£
£
Other related parties
2,063,771
1,820,786
The amounts due to and from related parties are unsecured, interest free and repayable on demand.
12
Ultimate Controlling Party
The company is controlled by Mr B Purewal, a director of the ultimate parent company by virtue of his majority shareholding.