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Registration number: 09427429

Surecorp Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2018

Stapletons
Chartered Certified Accountants
4 Market Street
Crediton
Devon
EX17 2AJ

 

Surecorp Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 5

 

Surecorp Limited

Company Information

Directors

Mr RC Breen

Mr M A Breen

Dallington Properties Limited

Registered office

c/o Marshall Hatchick
Solicitors
22 Church Street
Woodbridge
IP12 1DH

Accountants

Stapletons
Chartered Certified Accountants
4 Market Street
Crediton
Devon
EX17 2AJ

 

Surecorp Limited

(Registration number: 09427429)
Balance Sheet as at 28 February 2018

Note

2018
£

2017
£

Current assets

 

Stocks

3

1,550,000

1,500,000

Cash at bank and in hand

 

32,074

23,900

 

1,582,074

1,523,900

Creditors: Amounts falling due within one year

4

(802,339)

(741,088)

Total assets less current liabilities

 

779,735

782,812

Creditors: Amounts falling due after more than one year

4

(800,000)

(800,000)

Net liabilities

 

(20,265)

(17,188)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(20,365)

(17,288)

Total equity

 

(20,265)

(17,188)

For the financial year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 13 November 2018 and signed on its behalf by:
 




 

Mr RC Breen

Director

 

Surecorp Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

1

General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
c/o Marshall Hatchick
Solicitors
22 Church Street
Woodbridge
IP12 1DH
England

The principal place of business is:
60 Webbs Road
London
SW11 6SE

These financial statements were authorised for issue by the Board on 13 November 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - '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 and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Surecorp Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Stocks

2018
£

2017
£

Work in progress

1,550,000

1,500,000

4

Creditors

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

5

-

738

Other creditors

 

802,339

740,350

 

802,339

741,088

Due after one year

 

Loans and borrowings

5

800,000

800,000

 

Surecorp Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

5

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Bank borrowings

700,000

700,000

Other borrowings

100,000

100,000

800,000

800,000

2018
£

2017
£

Current loans and borrowings

Bank overdrafts

-

738