ACCOUNTS - Final Accounts


Caseware UK (AP4) 2016.0.181 2016.0.1812017-09-302017-09-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2016-10-01078739182016-10-012017-09-30078739182017-09-30078739182016-09-3007873918 c:Director1 2016-10-012017-09-3007873918 c:Director3 2016-10-012017-09-3007873918 d:PlantMachinery 2016-10-012017-09-3007873918 d:PlantMachinery 2017-09-3007873918 d:PlantMachinery 2016-09-3007873918 d:PlantMachinery d:OwnedOrFreeholdAssets 2016-10-012017-09-3007873918 d:MotorVehicles 2016-10-012017-09-3007873918 d:MotorVehicles 2017-09-3007873918 d:OfficeEquipment 2016-10-012017-09-3007873918 d:OfficeEquipment 2017-09-3007873918 d:OfficeEquipment 2016-09-3007873918 d:OfficeEquipment d:OwnedOrFreeholdAssets 2016-10-012017-09-3007873918 d:OwnedOrFreeholdAssets 2016-10-012017-09-3007873918 d:CurrentFinancialInstruments 2017-09-3007873918 d:CurrentFinancialInstruments 2016-09-3007873918 d:Non-currentFinancialInstruments 2017-09-3007873918 d:CurrentFinancialInstruments d:WithinOneYear 2017-09-3007873918 d:CurrentFinancialInstruments d:WithinOneYear 2016-09-3007873918 d:Non-currentFinancialInstruments d:AfterOneYear 2017-09-3007873918 d:ShareCapital 2017-09-3007873918 d:ShareCapital 2016-09-3007873918 d:RetainedEarningsAccumulatedLosses 2017-09-3007873918 d:RetainedEarningsAccumulatedLosses 2016-09-3007873918 d:AcceleratedTaxDepreciationDeferredTax 2017-09-3007873918 d:AcceleratedTaxDepreciationDeferredTax 2016-09-3007873918 c:FRS102 2016-10-012017-09-3007873918 c:AuditExempt-NoAccountantsReport 2016-10-012017-09-3007873918 c:FullAccounts 2016-10-012017-09-3007873918 c:PrivateLimitedCompanyLtd 2016-10-012017-09-3007873918 d:WithinOneYear 2017-09-3007873918 d:WithinOneYear 2016-09-3007873918 d:BetweenOneFiveYears 2016-09-30iso4217:GBPxbrli:pure

Registered number: 07873918









SUPERIOR PRODUCTS UK LIMITED


UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

 
SUPERIOR PRODUCTS UK LIMITED
REGISTERED NUMBER: 07873918

BALANCE SHEET
AS AT 30 SEPTEMBER 2017

2017
2016
Note
£
£

Fixed assets
  

Tangible assets
 4 
44,151
6,855

Current assets
  

Stocks
 5 
253,808
221,493

Debtors: amounts falling due within one year
 6 
222,611
173,756

Cash at bank and in hand
 7 
106,038
125,943

  
582,457
521,192

Creditors: amounts falling due within one year
 8 
(237,803)
(267,163)

Net current assets
  
 
 
344,654
 
 
254,029

Total assets less current liabilities
  
388,805
260,884

Creditors: amounts falling due after more than one year
 9 
(5,809)
-

Provisions for liabilities
  

Deferred tax
 10 
(8,386)
(1,370)

Net assets
  
 
 
374,610
 
 
259,514


Capital and reserves
  

Called up share capital 
  
90
90

Profit and loss account
  
374,520
259,424

  
374,610
259,514


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their 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.

Page 1

 
SUPERIOR PRODUCTS UK LIMITED
REGISTERED NUMBER: 07873918

BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2017

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 26 March 2018.



P J Scott
T Scott
Director
Director
The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
SUPERIOR PRODUCTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

1.


General information

Superior Products UK Limited is a private company limited by shares, incorporated in England and Wales, with a company registration number of 07873918. The address of the registered office is given on the company information page of these financial statements.

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 following principal accounting policies have been applied:

 
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

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery
-
25%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Office equipment
-
25%
Reducing balance

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 the Profit and Loss Account.

Page 3

 
SUPERIOR PRODUCTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

2.Accounting policies (continued)

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Profit and Loss Account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 4

 
SUPERIOR PRODUCTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2016 - 2).

Page 5

 
SUPERIOR PRODUCTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

4.


Tangible fixed assets





Plant & machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 October 2016
15,100
-
6,468
21,568


Additions
10,875
29,498
-
40,373



At 30 September 2017

25,975
29,498
6,468
61,941



Depreciation


At 1 October 2016
10,891
-
3,824
14,715


Charge for the year on owned assets
2,412
-
661
3,073



At 30 September 2017

13,303
-
4,485
17,788



Net book value



At 30 September 2017
12,672
29,498
1,983
44,153



At 30 September 2016
4,209
-
2,644
6,853

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2017
2016
£
£



Plant and machinery
9,516
-

9,516
-

Page 6

 
SUPERIOR PRODUCTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

5.


Stocks

2017
2016
£
£

Finished goods and goods for resale
253,808
221,493



6.


Debtors

2017
2016
£
£


Trade debtors
221,658
173,282

Other debtors
600
87

Prepayments and accrued income
353
387

222,611
173,756



7.


Cash and cash equivalents

2017
2016
£
£

Cash at bank and in hand
106,038
125,943



8.


Creditors: Amounts falling due within one year

2017
2016
£
£

Trade creditors
56,959
44,712

Amounts owed to other participating interests
105,803
151,702

Corporation tax
25,505
34,598

Other taxation and social security
43,491
33,851

Obligations under finance lease and hire purchase contracts
3,545
-

Accruals and deferred income
2,500
2,300

237,803
267,163


Page 7

 
SUPERIOR PRODUCTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

9.


Creditors: Amounts falling due after more than one year

2017
2016
£
£

Net obligations under finance leases and hire purchase contracts
5,809
-

5,809
-



Secured loans

Hire purchase contracts are secured on the asset financed.


10.


Deferred taxation




2017


£






At beginning of year
(1,370)


Charged to profit or loss
(7,016)



At end of year
(8,386)

The provision for deferred taxation is made up as follows:

2017
2016
£
£


Accelerated capital allowances
(8,386)
(1,370)


11.


Commitments under operating leases

At 30 September 2017 the Company had future minimum lease payments under non-cancellable operating leases as follows:

2017
2016
£
£


Not later than 1 year
4,122
8,244

Later than 1 year and not later than 5 years
-
4,122

4,122
12,366


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