Caseware UK (AP4) 2018.0.196 2018.0.196 2019-09-302019-09-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2018-10-01 07873918 2018-10-01 2019-09-30 07873918 2017-10-01 2018-09-30 07873918 2019-09-30 07873918 2018-09-30 07873918 c:Director1 2018-10-01 2019-09-30 07873918 c:Director3 2018-10-01 2019-09-30 07873918 d:PlantMachinery 2018-10-01 2019-09-30 07873918 d:PlantMachinery 2019-09-30 07873918 d:PlantMachinery 2018-09-30 07873918 d:PlantMachinery d:OwnedOrFreeholdAssets 2018-10-01 2019-09-30 07873918 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2018-10-01 2019-09-30 07873918 d:MotorVehicles 2018-10-01 2019-09-30 07873918 d:MotorVehicles 2019-09-30 07873918 d:MotorVehicles 2018-09-30 07873918 d:MotorVehicles d:OwnedOrFreeholdAssets 2018-10-01 2019-09-30 07873918 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2018-10-01 2019-09-30 07873918 d:OfficeEquipment 2018-10-01 2019-09-30 07873918 d:OfficeEquipment 2019-09-30 07873918 d:OfficeEquipment 2018-09-30 07873918 d:OfficeEquipment d:OwnedOrFreeholdAssets 2018-10-01 2019-09-30 07873918 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2018-10-01 2019-09-30 07873918 d:OwnedOrFreeholdAssets 2018-10-01 2019-09-30 07873918 d:LeasedAssetsHeldAsLessee 2018-10-01 2019-09-30 07873918 d:CurrentFinancialInstruments 2019-09-30 07873918 d:CurrentFinancialInstruments 2018-09-30 07873918 d:Non-currentFinancialInstruments 2019-09-30 07873918 d:Non-currentFinancialInstruments 2018-09-30 07873918 d:CurrentFinancialInstruments d:WithinOneYear 2019-09-30 07873918 d:CurrentFinancialInstruments d:WithinOneYear 2018-09-30 07873918 d:Non-currentFinancialInstruments d:AfterOneYear 2019-09-30 07873918 d:Non-currentFinancialInstruments d:AfterOneYear 2018-09-30 07873918 d:ShareCapital 2019-09-30 07873918 d:ShareCapital 2018-09-30 07873918 d:RetainedEarningsAccumulatedLosses 2019-09-30 07873918 d:RetainedEarningsAccumulatedLosses 2018-09-30 07873918 d:AcceleratedTaxDepreciationDeferredTax 2019-09-30 07873918 d:AcceleratedTaxDepreciationDeferredTax 2018-09-30 07873918 c:FRS102 2018-10-01 2019-09-30 07873918 c:AuditExempt-NoAccountantsReport 2018-10-01 2019-09-30 07873918 c:FullAccounts 2018-10-01 2019-09-30 07873918 c:PrivateLimitedCompanyLtd 2018-10-01 2019-09-30 07873918 d:WithinOneYear 2019-09-30 07873918 d:WithinOneYear 2018-09-30 07873918 d:BetweenOneFiveYears 2019-09-30 07873918 d:BetweenOneFiveYears 2018-09-30 07873918 2 2018-10-01 2019-09-30 iso4217:GBP xbrli:pure
Registered number: 07873918









SUPERIOR PRODUCTS UK LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2019

 
SUPERIOR PRODUCTS UK LIMITED
REGISTERED NUMBER: 07873918

BALANCE SHEET
AS AT 30 SEPTEMBER 2019

2019
2018
Note
£
£

Fixed assets
  

Tangible assets
 4 
26,286
33,629

Current assets
  

Stocks
  
352,911
321,459

Debtors: amounts falling due within one year
 5 
170,474
200,308

Cash at bank and in hand
  
68,390
133,840

  
591,775
655,607

Creditors: amounts falling due within one year
 6 
(134,846)
(203,290)

Net current assets
  
 
 
456,929
 
 
452,317

Total assets less current liabilities
  
483,215
485,946

Creditors: amounts falling due after more than one year
 7 
-
(2,159)

Provisions for liabilities
  

Deferred tax
 8 
(4,994)
(6,386)

Net assets
  
478,221
477,401


Capital and reserves
  

Called up share capital 
  
90
90

Profit and loss account
  
478,131
477,311

  
478,221
477,401


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 the 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 2019

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 8 January 2020.




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 2019

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.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
SUPERIOR PRODUCTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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 2019

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 
2.10

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2018 - 2).

Page 5

 
SUPERIOR PRODUCTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019

4.


Tangible fixed assets





Plant & machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 October 2018
25,975
29,498
7,017
62,490


Additions
-
-
1,789
1,789


Disposals
-
-
(4,183)
(4,183)



At 30 September 2019

25,975
29,498
4,623
60,096



Depreciation


At 1 October 2018
16,470
7,374
5,017
28,861


Charge for the year on owned assets
592
5,531
604
6,727


Charge for the year on financed assets
1,784
-
-
1,784


Disposals
-
-
(3,562)
(3,562)



At 30 September 2019

18,846
12,905
2,059
33,810



Net book value



At 30 September 2019
7,129
16,593
2,564
26,286



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

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


2019
2018
£
£



Plant and machinery
5,353
7,137


5.


Debtors

2019
2018
£
£


Trade debtors
161,643
199,228

Amounts owed by joint ventures and associated undertakings
8,473
-

Prepayments
358
480

Other debtors
-
600

170,474
200,308


Page 6

 
SUPERIOR PRODUCTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019

6.


Creditors: Amounts falling due within one year

2019
2018
£
£

Trade creditors
63,022
68,882

Accruals
2,649
2,600

Obligations under hire purchase contracts
2,054
3,545

Amounts owed to other participating interests
-
54,000

Corporation tax
25,325
35,773

Other taxation and social security
41,796
38,490

134,846
203,290



7.


Creditors: Amounts falling due after more than one year

2019
2018
£
£

Net obligations under hire purchase contracts
-
2,159


Secured creditors
Included within creditors are liabilities for which security has been provided by the company, which totals £2,054 (2018 - £5,704).


8.


Deferred taxation




2019


£






At beginning of year
(6,386)


Charged to profit or loss
1,392



At end of year
(4,994)

The provision for deferred taxation is made up as follows:

2019
2018
£
£


Accelerated capital allowances
4,994
6,386

Page 7

 
SUPERIOR PRODUCTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019

9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £20,000 (2018 - £nil). Contributions totalling £nil (2018 - £nil) were payable to the fund at the balance sheet date and are included in creditors.


10.


Commitments under operating leases

At 30 September 2019 the Company had future minimum lease payments under non-cancellable operating leases as follows:

2019
2018
£
£


Not later than 1 year
8,244
8,244

Later than 1 year and not later than 5 years
8,244
16,488

16,488
24,732


Page 8