Sabre Instrument Valves Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02139085 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

SABRE INSTRUMENT VALVES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr S R Buckley

Mr E F Buckley

REGISTERED OFFICE:

Golf Road

Hale

Altrincham

Cheshire

WA15 8AH

REGISTERED NUMBER:

02139085 (England and Wales)

AUDITORS:

Hale Financial Limited

Chartered Accountants

Registered Auditors

Spring Court

Spring Road

Hale

Altrincham

Cheshire

WA14 2UQ

FIXED ASSETS

Intangible assets

4

12,895

15,095

Tangible assets

5

274,973

324,279

287,868

339,374

CURRENT ASSETS

Stocks

1,970,634

1,741,892

Debtors

6

1,195,839

1,587,156

Cash at bank and in hand

28,258

18,411

3,194,731

3,347,459

CREDITORS

Amounts falling due within one year

7

1,304,043

1,457,503

NET CURRENT ASSETS

1,890,688

1,889,956

TOTAL ASSETS LESS CURRENT LIABILITIES

2,178,556

2,229,330

CREDITORS

Amounts falling due after more than one year

8

280,173

338,232

NET ASSETS

1,898,383

1,891,098

CAPITAL AND RESERVES

Called up share capital

10

1,000,095

1,000,095

Capital redemption reserve

11

5

5

Retained earnings

11

898,283

890,998

SHAREHOLDERS' FUNDS

1,898,383

1,891,098

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 27 September 2018 and were signed on its behalf by:

Mr E F Buckley - Director

1.	STATUTORY INFORMATION

Sabre Instrument Valves Limited is a private company, limited by shares , registered in England and Wales. 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 - going concern

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 financial statements have been prepared on a going concern basis which assumes that the company will

continue to have the support of its parent company.

Turnover

Turnover comprises revenues recognised by the company in respect of goods and services supplied, exclusive of

Value Added Tax and trade discounts.

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.

Tangible fixed assets

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

Leasehold improvements

-

2% on cost

Tooling

-

33.33% on cost and 10% on cost

Plant and machinery

-

10% on cost

Factory fixtures and fittings

-

10% on cost

Office equipment

-

20% on cost and 10% 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.

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.

Operating leases

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the

term of the lease.

Goodwill

In accordance with FRS10, purchased goodwill which has been capitalised is being amortised over twenty years.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2016 - 38 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2017

and 31 December 2017

43,695

AMORTISATION

At 1 January 2017

28,600

Amortisation for year

2,200

At 31 December 2017

30,800

NET BOOK VALUE

At 31 December 2017

12,895

At 31 December 2016

15,095

5.	TANGIBLE FIXED ASSETS

Leasehold

Plant and

improvements

Tooling

machinery

£

£

£

COST

At 1 January 2017

124,431

149,966

315,467

Additions

-

1,185

-

Disposals

-

-

(34,076

)

At 31 December 2017

124,431

151,151

281,391

DEPRECIATION

At 1 January 2017

12,750

143,133

202,836

Charge for year

2,488

2,896

17,423

Eliminated on disposal

-

-

(34,076

)

At 31 December 2017

15,238

146,029

186,183

NET BOOK VALUE

At 31 December 2017

109,193

5,122

95,208

At 31 December 2016

111,681

6,833

112,631

Factory

fixtures

and

Office

fittings

equipment

Totals

£

£

£

COST

At 1 January 2017

239,159

419,313

1,248,336

Additions

1,182

2,016

4,383

Disposals

-

-

(34,076

)

At 31 December 2017

240,341

421,329

1,218,643

DEPRECIATION

At 1 January 2017

190,208

375,130

924,057

Charge for year

8,199

22,683

53,689

Eliminated on disposal

-

-

(34,076

)

At 31 December 2017

198,407

397,813

943,670

NET BOOK VALUE

At 31 December 2017

41,934

23,516

274,973

At 31 December 2016

48,951

44,183

324,279

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

678,116

1,016,201

Due from group undertakings

263,700

285,289

Other debtors

129,870

220,300

Prepayments

124,153

65,366

1,195,839

1,587,156

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Bank loans and overdrafts

225,213

219,892

Amounts owed to group undertakings

66,090

202,472

Social security and other taxes

32,022

36,393

Trade creditors

693,683

389,881

Accrued expenses

165,182

138,846

Other creditors

101,174

470,019

Sales deposits held in advance

20,679

-

1,304,043

1,457,503

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.17

31.12.16

£

£

Bank loans - 1-2 years

59,592

58,384

Bank loans - 2-5 years

186,316

182,540

Bank loans more 5 yr by instal

34,265

97,308

280,173

338,232

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

34,265

97,308

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.17

31.12.16

£

£

Bank overdrafts

166,836

162,698

Bank loans

338,550

395,426

505,386

558,124

RBS Invoice Finance Limited holds a debenture over monies due or to become due. The agreement is dated

12th November 2012.

NatWest bank plc holds a debenture over monies due or to become due. The agreement is dated 23rd November

2001.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.17

31.12.16

value:

£

£

95

Ordinary A

£1

95

95

1,000,000

Ordinary B

£1

1,000,000

1,000,000

1,000,095

1,000,095

11.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 January 2017

890,998

5

891,003

Profit for the year

7,285

7,285

At 31 December 2017

898,283

5

898,288

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

ANTHONY KNOWLES (Senior Statutory Auditor)

for and on behalf of Hale Financial Limited

13.	OTHER FINANCIAL COMMITMENTS

The company is party to a guarantee securing the bank overdrafts of the other group companies. At 31st

December 2017, net group borrowings amounted to £287,156 (2016 : £285,618).

14.	RELATED PARTY DISCLOSURES

During the year ended 31st December 2017 sales of £nil (2016 : £NIL) were made to fellow group companies.

The management charge of £55,000 (2016 : £105,000) was payable to the holding company.

Amounts due from and to group companies at 31st December 2017 have been disclosed under debtors and

creditors in the notes to the financial statements.

15.	ULTIMATE CONTROLLING PARTY

The controlling party is Sabre Holdings (UK) Limited.