Sussex Lighting (UK) Ltd Small abridged accounts

SUSSEX LIGHTING (UK) LIMITED - Company Information

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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS

All of the members of Sussex Lighting (UK) Ltd have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 06271941

SUSSEX LIGHTING (UK) LTD

FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 March 2017

SUSSEX LIGHTING (UK) LTD

ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2017

Contents	Page

Officers and professional advisers	1

Abridged statement of financial position	2

Notes to the abridged financial statements	4

The following pages do not form part of the abridged financial statements

Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements	9

SUSSEX LIGHTING (UK) LTD

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	Mrs S M Coe
	Mr A I Coe

Registered office	West Point
	Springfield Road
	Horsham
	West Sussex
	RH12 2PD

6271941

Accountants	Savoir Faire Accounting Limited
	Chartered Certified Accountants
	76 Firle Road
	Eastbourne
	BN22 8EG

SUSSEX LIGHTING (UK) LTD

ABRIDGED STATEMENT OF FINANCIAL POSITION

31 March 2017

	2017		2016
Note	£	£	£

FIXED ASSETS

Property Plant and Equipment	5		39,992	40,255

CURRENT ASSETS

Stocks	321,147	312,872
Debtors	26,925	27,455
Cash at bank and in hand	16,682	18,362
	-----------	-----------
	364,754	358,689

CREDITORS: amounts falling due within one year	103,683		95,149
	-----------		-----------
NET CURRENT ASSETS		261,071	263,540
		-----------	-----------
TOTAL ASSETS LESS CURRENT LIABILITIES		301,063	303,795
		-----------	-----------
NET ASSETS		301,063	303,795
		-----------	-----------

SUSSEX LIGHTING (UK) LTD

ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)

31 March 2017

	2017		2016
Note	£	£	£

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	300,963	303,695
	-----------	-----------
MEMBERS FUNDS	301,063	303,795
	-----------	-----------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

These abridged financial statements were approved by the board of directors and authorised for issue on 1 August 2017 , and are signed on behalf of the board by:

Mrs S M Coe

Director

Company registration number: 06271941

SUSSEX LIGHTING (UK) LTD

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2017

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is West Point, Springfield Road, Horsham, West Sussex, RH12 2PD.

2. STATEMENT OF COMPLIANCE

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Deferred tax assets are recognised to the extent that it is regarded as more likely than not they will be recovered. Deferred tax assets and liabilities are not discounted.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

		-	6% straight line
		-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 8 (2016: 8 ).

5. PROPERTY PLANT AND EQUIPMENT

	£

Cost
At 1 April 2016	87,028
Additions	7,137
Disposals	( 557)
	---------
At 31 March 2017	93,608
	---------
Depreciation
At 1 April 2016	46,772
Charge for the year	7,400
Disposals	( 556)
	---------
At 31 March 2017	53,616
	---------
Carrying amount
At 31 March 2017	39,992
	---------
At 31 March 2016	40,256
	---------

6. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£

Later than 1 year and not later than 5 years	35,000	37,820
	---------	---------

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year (and prior year) there were no advances, credits or guarantees made in respect of directors

8. TRANSITION TO FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.

SUSSEX LIGHTING (UK) LTD

MANAGEMENT INFORMATION

YEAR ENDED 31 MARCH 2017

The following pages do not form part of the abridged financial statements.

SUSSEX LIGHTING (UK) LTD

CHARTERED CERTIFIED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF SUSSEX LIGHTING (UK) LTD

YEAR ENDED 31 MARCH 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Sussex Lighting (UK) Ltd for the year ended 31 March 2017, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of Sussex Lighting (UK) Ltd, as a body, in accordance with the terms of our engagement letter dated 12 April 2017. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Sussex Lighting (UK) Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sussex Lighting (UK) Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Sussex Lighting (UK) Ltd has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sussex Lighting (UK) Ltd. You consider that Sussex Lighting (UK) Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the abridged financial statements of Sussex Lighting (UK) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.

Savoir Faire Accounting Limited Chartered Certified Accountants

76 Firle Road Eastbourne BN22 8EG

9 August 2017