Company Registration No. 07655431 (England and Wales)
Surewire Ltd.
Unaudited accounts
for the year ended 30 June 2019
Surewire Ltd.
Unaudited accounts
Contents
Surewire Ltd.
Statement of financial position
as at
30 June 2019
Tangible assets
7,691
4,277
Inventories
15,020
17,744
Cash at bank and in hand
-
149
Creditors: amounts falling due within one year
(177,352)
(177,252)
Net current liabilities
(155,913)
(155,255)
Net liabilities
(148,222)
(150,978)
Called up share capital
100
100
Profit and loss account
(148,322)
(151,078)
Shareholders' funds
(148,222)
(150,978)
For the year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 31 March 2020.
PS Thompson
Director
Company Registration No. 07655431
Surewire Ltd.
Notes to the Accounts
for the year ended 30 June 2019
Surewire Ltd. is a private company, limited by shares, registered in England and Wales, registration number 07655431. The registered office is 51 OSPREY DRIVE, NETHERTON, HUDDERSFIELD, WEST YORKSHIRE, HD4 7LG.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing Balance Method, 20% Reducing Balance and 20% Straight line.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Expenditure on research and development is written off in the year in which it is incurred.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company has a deficit on sharholders' funds and relies upon the support of its shareholders and creditors, which has been confirmed for a period of at least twelve months from the approval of the financial statements. Accordingly the directors have prepared the financial statements on a going concern basis.
Surewire Ltd.
Notes to the Accounts
for the year ended 30 June 2019
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
4
Tangible fixed assets
Plant & machinery
Cost or valuation
At cost
Charge for the year
2,175
Raw materials
9,018
14,527
Finished goods
3,960
3,217
Trade debtors
5,955
3,643
Accrued income and prepayments
464
461
7
Creditors: amounts falling due within one year
2019
2018
Bank loans and overdrafts
4,244
1,599
Trade creditors
5,924
2,117
Taxes and social security
263
729
Loans from directors
165,695
172,020
Surewire Ltd.
Notes to the Accounts
for the year ended 30 June 2019
8
Transactions with related parties
Amount due to PS Thompson (director and shareholder) at the balance sheet date £165,695 (£172,020 2018).
9
Average number of employees
During the year the average number of employees was 0 (2018: 0).