Sandstorm International Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC243243 (Scotland)

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2014

for

Sandstorm International Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

K L Steel

M R Stephenson

R A Hammond-Chambers

F O Andersson

SECRETARY:

A H & Co Ltd

REGISTERED OFFICE:

6 Logie Mill

Beaverbank Business Park

Edinburgh

Lothian

EH7 4HG

REGISTERED NUMBER:

SC243243 (Scotland)

ACCOUNTANTS:

A H & Co Ltd

Chartered Accountants

6 Logie Mill

Edinburgh

Lothian

EH7 4HG

BANKERS:

Adam & Company plc

25 St. Andrew Square

Edinburgh

EH2 1AF

FIXED ASSETS

Intangible assets

2

9,853

10,479

Tangible assets

3

139

279

Investments

4

1,105,438

1,103,054

1,115,430

1,113,812

CURRENT ASSETS

Stocks

20,405

9,431

Debtors

5

94,207

107,854

Cash at bank and in hand

22,789

10,842

137,401

128,127

CREDITORS

Amounts falling due within one year

217,968

214,219

NET CURRENT LIABILITIES

(80,567

)

(86,092

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,034,863

1,027,720

CREDITORS

Amounts falling due after more than one year

6

(147,285

)

(145,452

)

PROVISIONS FOR LIABILITIES

(1,178

)

(1,095

)

NET ASSETS

886,400

881,173

CAPITAL AND RESERVES

Called up share capital

7

39,582

35,348

Share premium

3,092,661

2,969,894

Profit and loss account

(2,245,843

)

(2,124,069

)

SHAREHOLDERS' FUNDS

886,400

881,173

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 31 March 2015 and were signed on its behalf by:

M R Stephenson - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

The accounts have been prepared on the going concern basis, the acceptability of which is dependent on the

continuing support of the directors, investors and bankers.

Preparation of consolidated financial statements

The financial statements contain information about Sandstorm International Limited as an individual company

and do not contain consolidated financial information as the parent of a group. The company has taken the

option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Intangible fixed assets

Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off

the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is

only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.

Patents and licences - 5% on cost

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

50% on cost and 25% 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.

Deferred tax

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods

different from those in which they are included in the company's accounts. Deferred tax is provided in full on

timing differences which result in a obligation to pay more (or less) tax at a future date, at an average tax rate

that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no

commitment to sell the asset.

Deferred tax assets and liabilities are not discounted.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Investments

Investments are shown at the lower of cost and permanent diminution in value. The directors review the

realisable value of investments on an annual basis.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

and 31 March 2014

12,517

AMORTISATION

At 1 April 2013

2,038

Amortisation for year

626

At 31 March 2014

2,664

NET BOOK VALUE

At 31 March 2014

9,853

At 31 March 2013

10,479

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

and 31 March 2014

4,381

DEPRECIATION

At 1 April 2013

4,102

Charge for year

140

At 31 March 2014

4,242

NET BOOK VALUE

At 31 March 2014

139

At 31 March 2013

279

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 April 2013

1,103,054

Exchange differences

2,384

At 31 March 2014

1,105,438

NET BOOK VALUE

At 31 March 2014

1,105,438

At 31 March 2013

1,103,054

The company's investments at the balance sheet date in the share capital of companies include the following:

Sandstorm Africa Limited

Country of incorporation: Kenya

Nature of business: Manufacture and retail of canvas and leather goods

%

Class of shares:

holding

Ordinary shares

100.00

31.3.14

31.3.13

£

£

Aggregate capital and reserves

188,607

231,991

Loss for the year

(22,016

)

(19,391

)

During the year ended 31st March 2013, £986,176 of the inter company loan was converted into 324,400

ordinary shares of 100 Kenyan Shillings each. There were no similar transactions in the year ended 31st March

2014.

The above information is extracted from the draft financial statements of Sandstorm Africa Limited as at 31st

March 2014.

5.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The aggregate total of debtors falling due after more than one year is £ 80,562 (31.3.13 - £ 80,756 )

6.

CREDITORS

Creditors include an amount of £ 147,285 (31.3.13 - £ 145,452 ) for which security has been given.

7.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.3.14

31.3.13

value:

£

£

3,958,171

Ordinary

£0.01

39,582

35,348

(31.3.13 - 3,534,838 )

During the year, the following share transaction was recorded:

(1) Issue of 423,333 ordinary £0.01 shares at £0.30 per share.

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at 31st March 2014, the company owed M R Stephenson, director, nil (2013: £1,497) and K L Steel,

director, £2,563 (2013: £3,041).