Company Registration No. 06906908 (England and Wales)
SUNTECH UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2018
PAGES FOR FILING WITH REGISTRAR
SUNTECH UK LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Statement of changes in equity
Notes to the financial statements
4 - 8
SUNTECH UK LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SUNTECH UK LIMITED FOR THE PERIOD ENDED 31 JULY 2018
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Suntech UK Limited for the period ended 31 July 2018 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
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 at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Suntech UK Limited, as a body, in accordance with the terms of our engagement
.
Our work has been undertaken solely to prepare for your approval the financial statements of Suntech UK Limited
and state those matters that we have agreed to state to the Board of Directors of Suntech UK Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Suntech UK Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Suntech UK 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 Suntech UK Limited. You consider that Suntech UK Limited is exempt from the statutory audit
requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Suntech UK 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.
MHA Carpenter Box
9 April 2019
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
SUNTECH UK LIMITED
BALANCE SHEET
AS AT
31 JULY 2018
31 July 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
92,064
50,000
Tangible assets
4
1,384
559
93,448
50,559
Current assets
Stocks
85,658
-
Debtors
5
373,097
49,667
Cash at bank and in hand
311,722
43,632
770,477
93,299
Creditors: amounts falling due within one year
6
(657,319)
(768,430)
Net current assets/(liabilities)
113,158
(675,131)
Total assets less current liabilities
206,606
(624,572)
Creditors: amounts falling due after more than one year
7
(10,333)
(15,211)
Net assets/(liabilities)
196,273
(639,783)
Capital and reserves
Called up share capital
8
1,142
1,000
Share premium account
939,509
-
Profit and loss reserves
(744,378)
(640,783)
Total equity
196,273
(639,783)
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 period ended 31 July 2018 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 period 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.
SUNTECH UK LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2018
31 July 2018
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 9 April 2019 and are signed on its behalf by:
Mrs S Wang
Director
Company Registration No. 06906908
SUNTECH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2018
- 4 -
1
Accounting policies
Company information
Suntech UK Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Kingsgate House, High Street, Redhill, RH1 1SG.
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
Going concern
These financial statements are prepared on the going concern basis. The directors have agreed to support the company and not take repayment of their directors' loans if it would prejudice third party creditors. Consequently, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.3
Reporting period
The reporting periods are differing in length
,
The reason for this is that for commercial reasons the directors have shortened the accounting period so it ended on 31 July 2018. The change in period end means t
he
c
omparative amounts presented in the financial statements (including
the related notes) are not entirely comparable.
1.4
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 and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
SUNTECH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2018
1
Accounting policies
(Continued)
- 5 -
Amortisation 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:
Development costs
10% on a straight line basis
1.7
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:
Computer equipment
33% per annum on a straight line basis
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
.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.9
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, 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.
1.10
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.
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
.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. The reported share capital constitutes the allotted, called up and fully paid share capital of the company.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SUNTECH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2018
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable
or recoverable
is based on taxable profit for the year.
This will include any adjustment for research and development tax credits.
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.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income 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 asset are consumed.
1.16
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 3 (2017 - 1).
SUNTECH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2018
- 7 -
3
Intangible fixed assets
Development costs
£
Cost
At 1 January 2018
735,565
Additions - internally developed
51,595
At 31 July 2018
787,160
Amortisation and impairment
At 1 January 2018
685,565
Amortisation charged for the period
9,531
At 31 July 2018
695,096
Carrying amount
At 31 July 2018
92,064
At 31 December 2017
50,000
More information on the impairment arising in the period is given in note .
4
Tangible fixed assets
Computer equipment
£
Cost
At 1 January 2018
1,659
Additions
1,291
At 31 July 2018
2,950
Depreciation and impairment
At 1 January 2018
1,100
Depreciation charged in the period
466
At 31 July 2018
1,566
Carrying amount
At 31 July 2018
1,384
At 31 December 2017
559
SUNTECH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2018
- 8 -
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
11,061
-
Other debtors
362,036
49,667
373,097
49,667
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
71,244
197,487
Taxation and social security
518
-
Other creditors
585,557
570,943
657,319
768,430
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
10,333
15,211
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
925,970 Ordinary A shares of 0.01p each
93
-
487,485 Ordinary B shares of 0.01p each
49
-
1,142
1,000
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:
2018
2017
£
£
17,220
-