Registration number:
S + H Technical Support Limited |
S + H Technical Support Limited
Contents
Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
S + H Technical Support Limited
(Registration number: 04842080)
Balance Sheet as at 31 August 2018
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2018 |
2017 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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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 |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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Page 1 |
S + H Technical Support Limited
(Registration number: 04842080)
Balance Sheet as at 31 August 2018
For the financial year ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised for issue by the
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Page 2 |
S + H Technical Support Limited
Statement of Changes in Equity for the Year Ended 31 August 2018
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
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At 1 September 2017 |
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Loss for the year |
- |
- |
( |
( |
Other comprehensive income |
- |
( |
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- |
Total comprehensive income |
- |
( |
( |
( |
Dividends |
- |
- |
( |
( |
At 31 August 2018 |
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Share capital |
Revaluation reserve |
Profit and loss account |
Total |
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At 1 September 2016 |
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Loss for the year |
- |
- |
( |
( |
Other comprehensive income |
- |
( |
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- |
Total comprehensive income |
- |
( |
( |
( |
Dividends |
- |
- |
( |
( |
At 31 August 2017 |
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Page 3 |
S + H Technical Support Limited
Notes to the Financial Statements for the Year Ended 31 August 2018
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Judgements
There are no judgements which management have made in the process of applying the accounting policies. |
Key sources of estimation uncertainty
There are no key sources of estimation uncertainty that have a significant risk of causing a material adjustment to assets and liabilities to be disclosed..
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Page 4 |
S + H Technical Support Limited
Notes to the Financial Statements for the Year Ended 31 August 2018
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold buildings |
evenly over 3 years |
Plant and machinery |
15% reducing balance |
Fixtures and fittings |
15% reducing balance |
Motor vehicles |
25% reducing balance |
Office equipment |
33% reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Page 5 |
S + H Technical Support Limited
Notes to the Financial Statements for the Year Ended 31 August 2018
Asset class |
Amortisation method and rate |
Goodwill |
evenly over 20 years unless impairment occurs |
Research and development |
evenly over 3 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct 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 or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 6 |
S + H Technical Support Limited
Notes to the Financial Statements for the Year Ended 31 August 2018
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 7 |
S + H Technical Support Limited
Notes to the Financial Statements for the Year Ended 31 August 2018
Financial instruments
Classification
Recognition and measurement
Basic financial liabilities 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 payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Other creditors are classified as current liabilities if payment is due within one year or less and are recognised initially at transaction price and subsequently measured at the undiscounted amount of the cash expected to be paid. If not, they are presented as non-current liabilities and are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Trade creditors and leases are referred to above.
Impairment
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 8 |
S + H Technical Support Limited
Notes to the Financial Statements for the Year Ended 31 August 2018
Intangible assets |
Goodwill |
Internally generated software development costs |
Total |
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Cost or valuation |
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At 1 September 2017 |
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At 31 August 2018 |
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Amortisation |
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At 1 September 2017 |
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Amortisation charge |
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- |
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At 31 August 2018 |
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Carrying amount |
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At 31 August 2018 |
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- |
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At 31 August 2017 |
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- |
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Tangible assets |
Short leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 September 2017 |
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Additions |
- |
- |
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- |
- |
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At 31 August 2018 |
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Depreciation |
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At 1 September 2017 |
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Charge for the year |
- |
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At 31 August 2018 |
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Carrying amount |
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At 31 August 2018 |
- |
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At 31 August 2017 |
- |
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Page 9 |
S + H Technical Support Limited
Notes to the Financial Statements for the Year Ended 31 August 2018
Stocks |
2018 |
2017 |
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Finished goods and goods for resale |
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Other inventories |
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Debtors |
Note |
2018 |
2017 |
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Trade debtors |
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Amounts owed by related parties |
- |
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Other debtors |
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Prepayments |
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Gross amount due from customers for contract work |
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9,647 |
23,730 |
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Total current trade and other debtors |
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Page 10 |
S + H Technical Support Limited
Notes to the Financial Statements for the Year Ended 31 August 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Other borrowings |
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2018 |
2017 |
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Current loans and borrowings |
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Bank overdrafts |
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- |
Loans from related parties |
16,439 |
40,656 |
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Page 11 |
S + H Technical Support Limited
Notes to the Financial Statements for the Year Ended 31 August 2018
Obligations under leases and hire purchase contracts |
The total of future minimum lease payments is as follows:
2018 |
2017 |
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Not later than one year |
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Later than one year and not later than five years |
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Financial commitments |
Operating leases
The total of future minimum lease payments is as follows:
2018 |
2017 |
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Not later than one year |
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Later than one year and not later than five years |
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Related party transactions |
Transactions with directors |
2018 |
At 1 September 2017 |
Repayments by director |
At 31 August 2018 |
Mr T M Murtha |
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7,649 |
( |
- |
2017 |
Advances to directors |
At 31 August 2017 |
Mr T M Murtha |
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Page 12 |