Sandstorm International Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC243243 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

Sandstorm International Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

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

4

6,725

7,976

Tangible assets

5

863

-

Investments

6

1,105,438

1,105,438

1,113,026

1,113,414

CURRENT ASSETS

Stocks

7

3,214

3,062

Debtors

8

190,999

225,979

Cash at bank

465

1,037

194,678

230,078

CREDITORS

Amounts falling due within one year

9

199,905

198,420

NET CURRENT (LIABILITIES)/ASSETS

(5,227

)

31,658

TOTAL ASSETS LESS CURRENT LIABILITIES

1,107,799

1,145,072

PROVISIONS FOR LIABILITIES

10

183

497

NET ASSETS

1,107,616

1,144,575

CAPITAL AND RESERVES

Called up share capital

11

49,915

49,915

Share premium

12

3,392,328

3,392,328

Retained earnings

12

(2,334,627

)

(2,297,668

)

SHAREHOLDERS' FUNDS

1,107,616

1,144,575

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 29 January 2018 and were signed on its behalf by:

M R Stephenson - Director

1.	STATUTORY INFORMATION

Sandstorm International Limited is a private company, limited by shares , registered in Scotland. 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

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

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

continuing support of the directors and investors.

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.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are

considered to have been transferred to the buyer. Turnover from the supply of services represents the value of

services provided under contracts to the extent that there is a right to consideration and is recorded at the fair

value of the consideration received or receivable. Where a contract has only been partially completed at the

balance sheet date turnover represents the fair value of the service provided to date based on the stage of

completion of the contract activity at the balance sheet date. Where payments are received from customers in

advance of services provided, the amounts are recorded as deferred income and included as part of creditors due

within one year.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is

provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of

each asset on a straight-line basis over its expected useful life, as follows:

Computer equipment - 5% per annum

Residual value represents the estimated amount which would currently be obtained from disposal of an asset,

after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at

the end of its useful life.

Stocks

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

moving items.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured

at their settlement value.

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.

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.

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 in subsidiaries are measured at cost less impairment. The directors undertake an impairment review

at each balance sheet date.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2016 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 April 2016

and 31 March 2017

12,517

AMORTISATION

At 1 April 2016

4,541

Amortisation for year

1,251

At 31 March 2017

5,792

NET BOOK VALUE

At 31 March 2017

6,725

At 31 March 2016

7,976

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2016

4,381

Additions

1,150

At 31 March 2017

5,531

DEPRECIATION

At 1 April 2016

4,381

Charge for year

287

At 31 March 2017

4,668

NET BOOK VALUE

At 31 March 2017

863

At 31 March 2016

-

6.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 April 2016

and 31 March 2017

1,105,438

NET BOOK VALUE

At 31 March 2017

1,105,438

At 31 March 2016

1,105,438

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

Sandstorm Africa Limited

Registered office: Plot L.R.No.3734/163,James Gichuru Road,Lavington, P.O Box 10719 - 00100, Nairobi

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

%

Class of shares:

holding

Ordinary shares

100.00

31.12.16

31.3.16

£

£

Aggregate capital and reserves

(27,729

)

137,302

Loss for the year

(84,389

)

(51,305

)

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

2016.

7.

STOCKS

31.3.17

31.3.16

£

£

Stocks

3,214

3,062

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

-

4,643

Other debtors

190,999

221,336

190,999

225,979

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade creditors

93

7,752

Taxation and social security

630

-

Other creditors

199,182

190,668

199,905

198,420

10.	PROVISIONS FOR LIABILITIES

31.3.17

31.3.16

£

£

Deferred tax

183

497

Deferred

tax

£

Balance at 1 April 2016

497

Provided during year

(314

)

Balance at 31 March 2017

183

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

£

4,991,503

Ordinary

£0.01

49,915

49,915

12.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 April 2016

(2,297,668

)

3,392,328

1,094,660

Deficit for the year

(36,959

)

(36,959

)

At 31 March 2017

(2,334,627

)

3,392,328

1,057,701

13.	RELATED PARTY DISCLOSURES

Transactions with related parties during the year and balances outstanding at the year end were as follows:

Related Party

Transaction

Amount

Balance receivable from / (payable to) related party at 31.3.2017

Balance receivable from / (payable to) related party at 31.3.2016

£

£

£

Sandstorm Africa Ltd

Investment

Nil (2016: Nil)

1,105,438

1,105,438

Loans

(29,374) (2016: 137,399)

190,999

220,373

Sandstorm Africa Ltd is a wholly owned subsidiary of Sandstorm International Ltd.

14.	ULTIMATE CONTROLLING PARTY

There is no overall controlling interest.