ACCOUNTS - Final Accounts preparation

THE SALT SELLER LTD - Company Information

Registered number: 06312340

THE SALT SELLER LIMITED

FINANCIAL STATEMENTS

FOR THE 12 MONTH PERIOD ENDED 31 MARCH 2020


THE SALT SELLER LIMITED REGISTERED NUMBER:06312340

BALANCE SHEET

AS AT 31 MARCH 2020

		2020		2019
Note		£		£



Creditors: amounts falling due within one year	6	(9,261)		(9,261)
Net current liabilities			(9,261)		(9,261)
Total assets less current liabilities			(9,261)		(9,261)
Net liabilities			(9,261)		(9,261)

Capital and reserves
Called up share capital	1	1
Profit and loss account	(9,262)	(9,262)
Shareholders' funds	(9,261)	(9,261)

For the 12 month period ended 31 March 2020 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.

Members have not required the Company to obtain an audit for the 12 month period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 December 2020.

Helen (Lenni) Rachel Smith

Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1


THE SALT SELLER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTH PERIOD ENDED 31 MARCH 2020

1.	General information

The Company is incorporated in England and Wales and is limited by shares. The registered office is located at Yew Tree House, Lewes Road, Forest Row, East Sussex, RH18 5AA.
The company’s principal activity continues to be that of selling wholesale salt.
The company ceased trading as at 31 March 2019.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 2


THE SALT SELLER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTH PERIOD ENDED 31 MARCH 2020

2.Accounting policies (continued)

2.5

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings

25%

Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3


THE SALT SELLER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTH PERIOD ENDED 31 MARCH 2020

3.	Intangible assets

		Goodwill
		£
	Cost
	At 1 April 2019	15,000
	At 31 March 2020	15,000
	Amortisation
	At 1 April 2019	15,000
	At 31 March 2020	15,000
	Net book value
	At 31 March 2020	-
	At 31 March 2019	-

4.	Tangible fixed assets

		Fixtures and fittings
		£
	Cost or valuation
	At 1 April 2019	1,883
	At 31 March 2020	1,883
	Depreciation
	At 1 April 2019	1,883
	At 31 March 2020	1,883
	Net book value
	At 31 March 2020	-
	At 31 March 2019	-

Page 4


THE SALT SELLER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTH PERIOD ENDED 31 MARCH 2020

Stocks

6.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Other creditors	9,261	9,261
	9,261	9,261

Page 5


THE SALT SELLER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTH PERIOD ENDED 31 MARCH 2020

7.	Transactions with directors

Included in other creditors due within one year is a loan from the director, Ms H R Smith amounting to £(9,261) [2019 - £(9,261)].

8.	Controlling party

The company was controlled throughout the current and previous period by its director, Ms H R Smith, by virtue of the fact she owns all of the company’s ordinary issued share capital.

Page 6