Company Registration No. 07655431 (England and Wales)
Surewire Ltd.
Unaudited accounts
for the year ended 30 June 2017
Surewire Ltd.
Unaudited accounts
Contents
Surewire Ltd.
Statement of financial position
as at
30 June 2017
Tangible assets
19,092
37,173
Inventories
19,397
18,491
Cash at bank and in hand
93
-
Creditors: amounts falling due within one year
(184,239)
(186,484)
Net current liabilities
(156,058)
(155,998)
Total assets less current liabilities
(136,966)
(118,825)
Creditors: amounts falling due after more than one year
-
(6,666)
Net liabilities
(136,966)
(125,491)
Called up share capital
100
100
Profit and loss account
(137,066)
(125,591)
Shareholders' funds
(136,966)
(125,491)
For the year ending 30 June 2017 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 directors acknowledge their 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 21 March 2018.
PS Thompson
Director
Company Registration No. 07655431
Surewire Ltd.
Notes to the Accounts
for the year ended 30 June 2017
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.
These financial statements for the year ended 30 June 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 July 2015
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 2017
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
18,081
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
13,533
29,773
Work in progress
19,397
18,491
Trade debtors
7,759
11,749
Accrued income and prepayments
932
246
Surewire Ltd.
Notes to the Accounts
for the year ended 30 June 2017
7
Creditors: amounts falling due within one year
2017
2016
Bank loans and overdrafts
808
4,756
Obligations under finance leases and hire purchase contracts
6,666
8,000
Trade creditors
8,983
1,470
Taxes and social security
399
1,330
Loans from directors
166,584
169,323
8
Creditors: amounts falling due after more than one year
2017
2016
Obligations under finance leases and hire purchase contracts
-
6,666
9
Transactions with related parties
Amount due to PS Thompson (director and shareholder) at the balance sheet date £166,584 (£169,324, 2016).
10
Average number of employees
During the year the average number of employees was 0 (2016: 0).