Sabre Instrument Valves Limited - Accounts to registrar (filleted) - small 18.2

Sabre Instrument Valves Limited - Accounts to registrar (filleted) - small 18.2

GOLF ROAD INSTRUMENTS LIMITED - Company Information

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REGISTERED NUMBER: 02139085 (England and Wales)













FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

SABRE INSTRUMENT VALVES LIMITED
SABRE INSTRUMENT VALVES LIMITED (REGISTERED NUMBER: 02139085)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2018




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SABRE INSTRUMENT VALVES LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2018







DIRECTORS: Mr S R Buckley
Mr E F Buckley





REGISTERED OFFICE: Golf Road
Hale
Altrincham
Cheshire
WA15 8AH





REGISTERED NUMBER: 02139085 (England and Wales)





AUDITORS: Hale Financial Limited
Chartered Accountants
Registered Auditors
Spring Court
Spring Road
Hale
Altrincham
Cheshire
WA14 2UQ
Page 1
SABRE INSTRUMENT VALVES LIMITED (REGISTERED NUMBER: 02139085)

BALANCE SHEET
31 December 2018

31.12.18 31.12.17
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 10,695 12,895
Tangible assets 5 257,754 274,973
268,449 287,868

CURRENT ASSETS
Stocks 1,724,125 1,970,634
Debtors 6 2,427,759 1,195,839
Cash at bank and in hand 11,304 28,258
4,163,188 3,194,731
CREDITORS
Amounts falling due within one year 7 2,327,121 1,304,043
NET CURRENT ASSETS 1,836,067 1,890,688
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,104,516
2,178,556

CREDITORS
Amounts falling due after more than one year 8 221,776 280,173
NET ASSETS 1,882,740 1,898,383

CAPITAL AND RESERVES
Called up share capital 10 1,000,095 1,000,095
Capital redemption reserve 11 5 5
Retained earnings 11 882,640 898,283
SHAREHOLDERS' FUNDS 1,882,740 1,898,383

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30 September 2019 and were signed on its behalf by:





Mr E F Buckley - Director


The notes form part of these financial statements

Page 2
SABRE INSTRUMENT VALVES LIMITED (REGISTERED NUMBER: 02139085)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2018

1. STATUTORY INFORMATION

Sabre Instrument Valves Limited is a private company, limited by shares , registered in England and Wales. The
company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements - going concern
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis which assumes that the company will continue
to have the support of its parent company.

Turnover
Turnover comprises revenues recognised by the company in respect of goods and services supplied, exclusive of
Value Added Tax and trade discounts.

Goodwill
Amortisation of goodwill is to be provided from 1st January 2004 in order to write off the asset over its estimated
useful life of 20 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less
any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 2% on cost
Tooling - 33.33% on cost and 10% on cost
Plant and machinery - 10% on cost
Factory fixtures and fittings - 10% on cost
Office equipment - 20% on cost and 10% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow
moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the
extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
substantively enacted by the balance sheet date.


Page 3
SABRE INSTRUMENT VALVES LIMITED (REGISTERED NUMBER: 02139085)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2018

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the
timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will
be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Operating leases
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the
term of the lease.

Goodwill
In accordance with FRS10, purchased goodwill which has been capitalised is being amortised over twenty years.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2017 - 34 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2018
and 31 December 2018 43,695
AMORTISATION
At 1 January 2018 30,800
Amortisation for year 2,200
At 31 December 2018 33,000
NET BOOK VALUE
At 31 December 2018 10,695
At 31 December 2017 12,895

Page 4
SABRE INSTRUMENT VALVES LIMITED (REGISTERED NUMBER: 02139085)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2018

5. TANGIBLE FIXED ASSETS
Leasehold Plant and
improvements Tooling machinery
£    £    £   
COST
At 1 January 2018 124,431 151,151 281,391
Additions - - 13,131
At 31 December 2018 124,431 151,151 294,522
DEPRECIATION
At 1 January 2018 15,238 146,029 186,183
Charge for year 2,489 3,060 16,010
At 31 December 2018 17,727 149,089 202,193
NET BOOK VALUE
At 31 December 2018 106,704 2,062 92,329
At 31 December 2017 109,193 5,122 95,208

Factory
fixtures
and Office
fittings equipment Totals
£    £    £   
COST
At 1 January 2018 240,341 421,329 1,218,643
Additions 1,828 13,904 28,863
At 31 December 2018 242,169 435,233 1,247,506
DEPRECIATION
At 1 January 2018 198,407 397,813 943,670
Charge for year 8,164 16,359 46,082
At 31 December 2018 206,571 414,172 989,752
NET BOOK VALUE
At 31 December 2018 35,598 21,061 257,754
At 31 December 2017 41,934 23,516 274,973

Page 5
SABRE INSTRUMENT VALVES LIMITED (REGISTERED NUMBER: 02139085)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2018

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.18 31.12.17
£    £   
Trade debtors 1,676,593 678,116
Due from group undertakings 479,400 263,700
Other debtors 99,989 129,870
Prepayments 171,777 124,153
2,427,759 1,195,839

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.18 31.12.17
£    £   
Bank loans and overdrafts 493,331 225,213
Amounts owed to group undertakings 66,060 66,090
Social security and other taxes 36,387 32,022
Trade creditors 782,856 693,683
Accrued expenses 197,534 165,182
Other creditors 750,953 101,174
Sales deposits held in advance - 20,679
2,327,121 1,304,043

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.18 31.12.17
£    £   
Bank loans - 1-2 years 59,689 59,592
Bank loans - 2-5 years 162,087 186,316
Bank loans more 5 yr by instal - 34,265
221,776 280,173

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 34,265

Page 6
SABRE INSTRUMENT VALVES LIMITED (REGISTERED NUMBER: 02139085)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2018

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.18 31.12.17
£    £   
Bank overdrafts 433,763 166,836
Bank loans 281,344 338,550
Other creditors 750,953 101,174
1,466,060 606,560

Secure Trust Bank plc hold a fixed and floating charge dated 31st October 2017.

NatWest bank plc holds a debenture over monies due or to become due. The agreement is dated 23rd November
2001.

10. CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:
Number: Class: Nominal 31.12.18 31.12.17
value: £    £   
95 Ordinary A £1 95 95
1,000,000 Ordinary B £1 1,000,000 1,000,000
1,000,095 1,000,095

11. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2018 898,283 5 898,288
Deficit for the year (15,643 ) (15,643 )
At 31 December 2018 882,640 5 882,645

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

ANTHONY KNOWLES (Senior Statutory Auditor)
for and on behalf of Hale Financial Limited

Page 7
SABRE INSTRUMENT VALVES LIMITED (REGISTERED NUMBER: 02139085)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2018

13. OTHER FINANCIAL COMMITMENTS

The company is party to a guarantee securing the bank overdrafts of the other group companies. At 31st December
2018, net group borrowings amounted to £246,658 (2017 : £287,156). Given its own overdraft position the guarantee
does not create any additional contingent liability for the company.

14. RELATED PARTY DISCLOSURES

During the year ended 31st December 2018 sales of £nil (2017 : £nil) were made to fellow group companies.

The management charge of £105,000 (2017 : £55,000) was payable to the holding company.

Amounts due from and to group companies at 31st December 2018 have been disclosed under debtors and creditors
in the notes to the financial statements.

15. ULTIMATE CONTROLLING PARTY

The controlling party is Sabre Holdings (UK) Limited.

Page 8