Company Registration No. 07139195 (England and Wales)
SUGARFLAIR COLOURS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
SUGARFLAIR COLOURS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 4
SUGARFLAIR COLOURS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Intangible assets
2
1,165,208
1,664,583
Tangible assets
2
348,934
50,600
Investments
2
5,000
5,100
1,519,142
1,720,283
Current assets
Stocks
453,001
256,882
Debtors
704,737
123,935
Cash at bank and in hand
2,326,660
1,467,397
3,484,398
1,848,214
Creditors: amounts falling due within one year
(411,157)
(554,088)
Net current assets
3,073,241
1,294,126
Total assets less current liabilities
4,592,383
3,014,409
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
4,592,283
3,014,309
Shareholders' funds
4,592,383
3,014,409
For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 22 March 2016
Mrs KN Tinsley
Director
Company Registration No. 07139195
SUGARFLAIR COLOURS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods net of VAT and trade discounts.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Leasehold
10 years straight line
Plant and machinery
20% reducing balance
Motor vehicles
25% reducing balance
1.6
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.7
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
SUGARFLAIR COLOURS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Investments
Total
£
£
£
£
Cost
At 1 January 2015
3,995,000
99,391
5,100
4,099,491
Additions
-
360,620
-
360,620
Disposals
-
(39,273)
(100)
(39,373)
At 31 December 2015
3,995,000
420,738
5,000
4,420,738
Depreciation
At 1 January 2015
2,330,417
48,791
-
2,379,208
On disposals
-
(26,125)
-
(26,125)
Charge for the year
499,375
49,138
-
548,513
At 31 December 2015
2,829,792
71,804
-
2,901,596
Net book value
At 31 December 2015
1,165,208
348,934
5,000
1,519,142
At 31 December 2014
1,664,583
50,600
5,100
1,720,283
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Sugarflair UK Ltd
England and wales
Ordinary £1
100.00
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2015
2015
Principal activity
£
£
Sugarflair UK Ltd
Property rental
6,878
1,878
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary of £1 each
100
100
4
Related party relationships and transactions
SUGARFLAIR COLOURS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
4
Related party relationships and transactions
(Continued)
- 4 -
Mr and Mrs R Nutkins
(Mr and Mrs R Nutkins are the parents of a director)
During 2010, the company purchased shares in Sugarflair UK Limited from Mr and Mrs R Nutkins for £4,000,000. Under the sale agreement, this is payable by instalments.
During the year Mr and Mrs R Nutkins charged £5,000 (2014 - £20,000) to the company in respect of consultancy services and £14,418 (2014 - £12,960) for rental of a premises.
At the balance sheet date the amount due to Mr and Mrs Nutkins was £nil (2014 - £293,382)