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REGISTERED NUMBER:
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STEFFIAN BRADLEY LIMITED |
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Unaudited Financial Statements |
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for the Year Ended 31 December 2018 |
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REGISTERED NUMBER:
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STEFFIAN BRADLEY LIMITED |
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Unaudited Financial Statements |
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for the Year Ended 31 December 2018 |
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STEFFIAN BRADLEY LIMITED (REGISTERED NUMBER: 04179038) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 7 |
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STEFFIAN BRADLEY LIMITED |
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Company Information |
for the Year Ended 31 December 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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Chartered Certified Accountants |
Chartered Tax Advisers |
Artisans' House |
7 Queensbridge |
Northampton |
Northamptonshire |
NN4 7BF |
STEFFIAN BRADLEY LIMITED (REGISTERED NUMBER: 04179038) |
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Balance Sheet |
31 December 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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CREDITORS |
Amounts falling due after more than
one year |
7 |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Capital redemption reserve |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
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. |
STEFFIAN BRADLEY LIMITED (REGISTERED NUMBER: 04179038) |
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Balance Sheet - continued |
31 December 2018 |
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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
behalf by: |
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STEFFIAN BRADLEY LIMITED (REGISTERED NUMBER: 04179038) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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Steffian Bradley Limited is a
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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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Going concern |
The company's financial statements have been prepared on a going concern basis. The going |
concern basis is not suitable if management determines after the end of the reporting period either |
that it intends to liquidate or to cease trading, or that it has no realistic alternative but to do so. |
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The company made a loss in the year ended 31 December 2018 resulting in a deficiency of net assets |
as at the balance sheet date. Recent events surrounding Steffian Bradley Limited (the company's |
Delaware registered US sister company - SBA US), have also raised concerns for management in it's |
assessment of whether the going concern assumption is appropriate. On 12 April 2019 SBA US filed |
for Chapter 7 bankruptcy. The company owes SBA US £1,304,668 on intercompany loan. This loan |
has hitherto been repayable on favourable terms to SBA US. There is a material uncertainty over |
how the trustee in bankruptcy for SBA US will seek to enforce repayment of the debt. Furthermore |
the company has given guarantees on behalf of SBA US and there is material uncertainty over |
whether, when, and to what extent the guarantee will be enforced. |
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These circumstances have given rise to material uncertainties over the company's ability to continue |
as a going concern. Nevertheless management does not intent to liquidate the company, it does not |
intend to cease trading, and it does consider that the business is strong enough to afford the |
company a realistic prospect of continuing to trade. |
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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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Turnover on long term contracts comprises the value of work executed during the accounting period |
exclusive of value added tax. |
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Operating profit comprises the results from the provision of services and the results attributable in |
the accounting period to contracts completed and long term contracts in progress where a |
profitable outcome can prudently be forseen after making provision for foreseeable losses. The |
amounts by which recorded turnover is in excess of payments on account of long term contracts are |
included in debtors as amounts recoverable on contracts. |
STEFFIAN BRADLEY LIMITED (REGISTERED NUMBER: 04179038) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Financial instruments |
The loan from Steffian Bradley Limited (the company's Delaware registered US sister company - SBA |
US), has been disclosed under Creditors: Amounts Falling Due Within One Year. In previous years the |
loan has been categorised under Creditors: Amounts Falling Due After More Than One Year. |
Reference should be made to the Going Concern note for further detail. |
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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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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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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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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. |
STEFFIAN BRADLEY LIMITED (REGISTERED NUMBER: 04179038) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are |
recorded at transaction price. Any losses arising from impairment are recognised in the profit and |
loss account. |
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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 January 2018 |
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Additions |
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At 31 December 2018 |
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Depreciation |
At 1 January 2018 |
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Charge for year |
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At 31 December 2018 |
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Net book value |
At 31 December 2018 |
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At 31 December 2017 |
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5. | DEBTORS |
2018 | 2017 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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STEFFIAN BRADLEY LIMITED (REGISTERED NUMBER: 04179038) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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5. | DEBTORS - continued |
2018 | 2017 |
£ | £ |
Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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Other debtors due after more than one year relates to a rent deposit of £61,705. There is a legal |
charge by the landlord over the deposit. |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Other creditors |
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8. | OTHER FINANCIAL COMMITMENTS |
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The company has given guarantees originally totalling $2,000,000 on behalf of Steffian Bradley |
Limited, its Delaware registered US sister company. Further reference is made to this guarantee |
under "Post Balance Sheet Events". |
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9. | POST BALANCE SHEET EVENTS |
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The company has given guarantees originally totalling $2,000,000 on behalf of Steffian Bradley |
Limited, its Delaware registered US sister company (SBA US). As of April 2019 there is an outstanding |
balance due on this guarantee of $175,000. |
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On 12 April 2019 SBA US filed for Chapter 7 bankruptcy. As at the date of the approval of these |
financial statements the management of Steffian Bradley Limited has been in contact with the |
holder of the guarantee note and understand that they will not pursue payment of the balance |
independently of the bankruptcy trustee. |
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Further detail of the impact of this non-adjusting Post Balance Sheet Event on the company's ability |
to continue trading is given under the Going Concern note under Accounting Policies. |