Company Registration No. 07139195 (England and Wales)
SUGARFLAIR COLOURS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
SUGARFLAIR COLOURS LIMITED
COMPANY INFORMATION
Directors
Mrs KN Tinsley
A Tinsley
Company number
07139195
Registered office
2a Armstrong Road
Manor Trading Estate
Benfleet
Essex
SS7 4PW
Accountants
Rickard Luckin Limited
Phoenix House, Suite 8
Christopher Martin Road
Basildon
Essex
SS14 3EZ
SUGARFLAIR COLOURS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SUGARFLAIR COLOURS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
3
166,458
665,833
Tangible assets
4
430,092
392,198
Current assets
Stocks
471,691
421,157
Debtors
5
646,117
589,966
Cash at bank and in hand
3,161,632
3,074,583
4,279,440
4,085,706
Creditors: amounts falling due within one year
6
(320,538)
(303,997)
Net current assets
3,958,902
3,781,709
Total assets less current liabilities
4,555,452
4,839,740
Provisions for liabilities
(26,939)
(20,139)
Net assets
4,528,513
4,819,601
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
4,528,413
4,819,501
Total equity
4,528,513
4,819,601
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 year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year 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.
SUGARFLAIR COLOURS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2017
31 December 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 August 2018 and are signed on its behalf by:
Mrs KN Tinsley
A Tinsley
Director
Director
Company Registration No. 07139195
SUGARFLAIR COLOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
1
Accounting policies
Company information
Sugarflair Colours Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2a Armstrong Road, Manor Trading Estate, Benfleet, Essex, SS7 4PW.
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
Turnover
Turnover represents amounts receivable for goods net of VAT and trade discounts.
1.3
Intangible fixed assets - goodwill
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 8 years.
1.4
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:
Land and buildings Leasehold
10 years straight line
Plant and machinery
20% reducing balance
Motor vehicles
25% reducing balance
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
SUGARFLAIR COLOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
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 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.
Classification of 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 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
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. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SUGARFLAIR COLOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 5 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 11 (2016 - 12).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2017 and 31 December 2017
3,995,000
Amortisation and impairment
At 1 January 2017
3,329,167
Amortisation charged for the year
499,375
At 31 December 2017
3,828,542
Carrying amount
At 31 December 2017
166,458
At 31 December 2016
665,833
SUGARFLAIR COLOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2017
348,815
166,851
515,666
Additions
23,725
98,570
122,295
Disposals
-
(18,896)
(18,896)
At 31 December 2017
372,540
246,525
619,065
Depreciation and impairment
At 1 January 2017
66,033
57,435
123,468
Depreciation charged in the year
34,882
40,234
75,116
Eliminated in respect of disposals
-
(9,611)
(9,611)
At 31 December 2017
100,915
88,058
188,973
Carrying amount
At 31 December 2017
271,625
158,467
430,092
At 31 December 2016
282,782
109,416
392,198
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
236,977
156,264
Amounts owed by group undertakings
401,085
425,322
Other debtors
8,055
8,380
646,117
589,966
6
Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
252,178
218,421
Other taxation and social security
54,864
72,052
Other creditors
13,496
13,524
320,538
303,997
SUGARFLAIR COLOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 7 -
7
Provisions for liabilities
2017
2016
£
£
Deferred tax liabilities
26,939
20,139
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
9
Related party transactions
Companies under common control
The company has made a loan to a company under common control. No interest is due on the loan.
At the balance sheet date the amount due from
the company under common control
was £
401,085
(201
6
- £4
25,322
)
.
10
Parent company
The parent company of Sugarflair Colours Limited is Sugarflair Group Limited and its registered office is 2a Armstrong Road, Manor Trading Estate, Benfleet, Essex, United Kingdom, SS7 4PW.