ACCOUNTS - Final Accounts


Caseware UK (AP4) 2016.0.181 2016.0.1812018-09-302018-09-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2017-10-01078739182017-10-012018-09-30078739182016-10-012017-09-30078739182018-09-30078739182017-09-3007873918 c:Director1 2017-10-012018-09-3007873918 c:Director3 2017-10-012018-09-3007873918 d:PlantMachinery 2017-10-012018-09-3007873918 d:PlantMachinery 2018-09-3007873918 d:PlantMachinery 2017-09-3007873918 d:PlantMachinery d:OwnedOrFreeholdAssets 2017-10-012018-09-3007873918 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2017-10-012018-09-3007873918 d:MotorVehicles 2017-10-012018-09-3007873918 d:MotorVehicles 2018-09-3007873918 d:MotorVehicles 2017-09-3007873918 d:MotorVehicles d:OwnedOrFreeholdAssets 2017-10-012018-09-3007873918 d:OfficeEquipment 2017-10-012018-09-3007873918 d:OfficeEquipment 2018-09-3007873918 d:OfficeEquipment 2017-09-3007873918 d:OfficeEquipment d:OwnedOrFreeholdAssets 2017-10-012018-09-3007873918 d:OwnedOrFreeholdAssets 2017-10-012018-09-3007873918 d:LeasedAssetsHeldAsLessee 2017-10-012018-09-3007873918 d:CurrentFinancialInstruments 2018-09-3007873918 d:CurrentFinancialInstruments 2017-09-3007873918 d:Non-currentFinancialInstruments 2018-09-3007873918 d:Non-currentFinancialInstruments 2017-09-3007873918 d:CurrentFinancialInstruments d:WithinOneYear 2018-09-3007873918 d:CurrentFinancialInstruments d:WithinOneYear 2017-09-3007873918 d:Non-currentFinancialInstruments d:AfterOneYear 2018-09-3007873918 d:Non-currentFinancialInstruments d:AfterOneYear 2017-09-3007873918 d:ShareCapital 2018-09-3007873918 d:ShareCapital 2017-09-3007873918 d:RetainedEarningsAccumulatedLosses 2018-09-3007873918 d:RetainedEarningsAccumulatedLosses 2017-09-3007873918 d:AcceleratedTaxDepreciationDeferredTax 2018-09-3007873918 d:AcceleratedTaxDepreciationDeferredTax 2017-09-3007873918 c:FRS102 2017-10-012018-09-3007873918 c:AuditExempt-NoAccountantsReport 2017-10-012018-09-3007873918 c:FullAccounts 2017-10-012018-09-3007873918 c:PrivateLimitedCompanyLtd 2017-10-012018-09-3007873918 d:WithinOneYear 2018-09-3007873918 d:WithinOneYear 2017-09-3007873918 d:BetweenOneFiveYears 2018-09-30iso4217:GBPxbrli:pure
Registered number: 07873918









SUPERIOR PRODUCTS UK LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2018

 
SUPERIOR PRODUCTS UK LIMITED
REGISTERED NUMBER: 07873918

BALANCE SHEET
AS AT 30 SEPTEMBER 2018

2018
2017
Note
£
£

Fixed assets
  

Tangible assets
 4 
33,629
44,154

  
33,629
44,154

Current assets
  

Stocks
 5 
321,459
253,808

Debtors: amounts falling due within one year
 6 
200,308
222,611

Cash at bank and in hand
  
133,840
106,038

  
655,607
582,457

Creditors: amounts falling due within one year
 7 
(203,290)
(237,805)

Net current assets
  
 
 
452,317
 
 
344,652

Total assets less current liabilities
  
485,946
388,806

Creditors: amounts falling due after more than one year
 8 
(2,159)
(5,809)

Provisions for liabilities
  

Deferred tax
 9 
(6,386)
(8,386)

  
 
 
(6,386)
 
 
(8,386)

Net assets
  
477,401
374,611


Capital and reserves
  

Called up share capital 
  
90
90

Profit and loss account
  
477,311
374,521

  
477,401
374,611


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.

Page 1

 
SUPERIOR PRODUCTS UK LIMITED
REGISTERED NUMBER: 07873918

BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2018

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 10 December 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 2018

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

Interest income

Interest income is recognised in the Profit and Loss Account using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
SUPERIOR PRODUCTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018

2.Accounting policies (continued)

 
2.5

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.

 
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, 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 4

 
SUPERIOR PRODUCTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

Financial instruments

The Company only enters into basic financial instrument 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.

Page 5

 
SUPERIOR PRODUCTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2017 - 2).


4.


Tangible fixed assets





Plant & machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 October 2017
25,975
29,498
6,468
61,941


Additions
-
-
549
549



At 30 September 2018

25,975
29,498
7,017
62,490



Depreciation


At 1 October 2017
13,302
-
4,485
17,787


Charge for the year on owned assets
789
7,374
532
8,695


Charge for the year on financed assets
2,379
-
-
2,379



At 30 September 2018

16,470
7,374
5,017
28,861



Net book value



At 30 September 2018
9,505
22,124
2,000
33,629



At 30 September 2017
12,673
29,498
1,983
44,154

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


2018
2017
£
£



Plant and machinery
7,137
9,516

7,137
9,516

Page 6

 
SUPERIOR PRODUCTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018

5.


Stocks

2018
2017
£
£

Finished goods and goods for resale
321,459
253,808



6.


Debtors

2018
2017
£
£


Trade debtors
199,228
221,658

Other debtors
600
600

Prepayments and accrued income
480
353

200,308
222,611



7.


Creditors: Amounts falling due within one year

2018
2017
£
£

Trade creditors
68,882
56,961

Amounts owed to other participating interests
54,000
105,803

Corporation tax
35,773
25,505

Other taxation and social security
38,490
43,491

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

Accruals and deferred income
2,600
2,500

203,290
237,805



8.


Creditors: Amounts falling due after more than one year

2018
2017
£
£

Net obligations under finance leases and hire purchase contracts
2,159
5,809

2,159
5,809


The following liabilities were secured:




Details of security provided:

Included within creditors are liabilities for which security has been provided by the company, which totals £5,704 (2017 - £9,354).

Page 7

 
SUPERIOR PRODUCTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018

9.


Deferred taxation




2018


£






At beginning of year
(8,386)


Charged to profit or loss
2,000



At end of year
(6,386)

The provision for deferred taxation is made up as follows:

2018
2017
£
£


Accelerated capital allowances
(6,386)
(8,386)


10.


Commitments under operating leases

At 30 September 2018 the Company had future minimum lease payments under non-cancellable operating leases as follows:

2018
2017
£
£


Not later than 1 year
8,244
4,122

Later than 1 year and not later than 5 years
16,488
-

24,732
4,122


Page 8