Company No:
Suttle Projects Limited
Year Ended
31 March 2018
BRETT PITTWOOD
Chartered Certified Accountants
Suttle Projects Limited
ACCOUNTS
Year Ended 31 March 2018
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Directors and officers |
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Balance sheet |
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Notes to the financial statements |
Suttle Projects Limited |
Page 1 |
Directors and officers
Directors |
J M Paine C J Suttle R A Funnell A Maidman L W Tucker |
Registered office |
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Accountants |
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Suttle Projects Limited |
Page 2 |
(Company No:
06734695
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Balance sheet
as at
31 March 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Investment property |
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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 |
( |
( |
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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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Profit and loss account |
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£ |
£ |
For the financial year ending 31 March 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. |
In accordance with the special provisions applicable to certain small companies able to take advantage of the small companies regime, the balance sheet and related notes have been prepared and delivered to the Registrar of Companies. Also in accordance with the special provisions applicable to small companies the profit and loss account and the director's report have not been delivered.
Approved and authorised by the
C J Suttle
Director
Suttle Projects Limited |
Page 3 |
Notes to the financial statements
Year Ended 31 March 2018
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
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.
The financial statements are presented in sterling which is the functional currency of the company. Monetary amounts are rounded to the nearest pound.
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.
Tax
The tax expense for the period comprises current and 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.
Suttle Projects Limited |
Page 4 |
Notes to the financial statements
Year Ended 31 March 2018
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 |
Buildings |
2% on cost |
Plant and machinery |
20% on reducing balance |
Motor vehicles |
25% on reducing balance |
Office equipment |
20% on cost |
Investment property
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.
Suttle Projects Limited |
Page 5 |
Notes to the financial statements
Year Ended 31 March 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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Suttle Projects Limited |
Page 6 |
Notes to the financial statements
Year Ended 31 March 2018
Financial instruments
Financial assets
Basic financial assets
Basic financial assets, which include trade debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other 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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Summary of transactions with key management
The directors consider there are no other key management personnel other than the directors themselves.
Suttle Projects Limited |
Page 7 |
Notes to the financial statements
Year Ended 31 March 2018
Tangible assets |
Land and buildings |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2017 |
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Additions |
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Disposals |
- |
( |
( |
( |
At 31 March 2018 |
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Depreciation |
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At 1 April 2017 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
( |
( |
( |
At 31 March 2018 |
- |
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Net book value |
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At 31 March 2018 |
£ |
£ |
£ |
£ |
At 31 March 2017 |
£ |
£ |
£ |
£ |
Included within the net book value of land and buildings above is £890,440 (2017 - £879,537) in respect of freehold land and buildings.
Investment properties |
2018 |
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At 1 April |
£ |
There has been no valuation of investment property by an independent valuer.
Stocks |
2018 |
2017 |
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Finished goods and goods for resale |
£ |
£ |
Debtors |
2018 |
2017 |
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Trade debtors |
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Other debtors and prepayments |
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£ |
£ |
Suttle Projects Limited |
Page 8 |
Notes to the financial statements
Year Ended 31 March 2018
Creditors |
Note |
2018 |
2017 |
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Due within one year |
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Bank loans and overdrafts |
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Other borrowings |
254,459 |
9,105 |
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Trade creditors |
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Taxation and social security |
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Other creditors and accruals |
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£ |
£ |
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Due after one year |
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Loans and borrowings |
£ |
£ |
2018 |
2017 |
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After more than five years by instalments |
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£274,185 |
£304,458 |
Suttle Projects Limited |
Page 9 |
Notes to the financial statements
Year Ended 31 March 2018
Loans and borrowings |
2018 |
2017 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase and finance lease liabilities |
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Other borrowings |
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£ |
£ |
2018 |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
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Hire purchase and finance lease liabilities |
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£ |
£ |
Bank borrowings
The loan is secured on freehold property included in investment properties |
The loan is secured on freehold property included in land and buildings |
Included in the loans and borrowings are the following amounts due after more than five years:
Bank loans and overdrafts after five years
One bank loan has a carrying amount of £62,487 at the year end of which £38,430 is payable in instalments after more than five years.
A second bank loan has a carrying amount of £360,749 at the year end of which £235,755 is payable in instalments after more than five years.
Other borrowings
Hire purchase and finance lease loans with an aggregate carrying amount of £966,374 (2016 - £551,869) are secured on the specific tangible fixed asset plant and vehicles financed. All loans are repayable within five years.