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Company registration number: 11078742
Sante + Wade Limited
Information for Filing with The Registrar
30 November 2021
Sante + Wade Limited
Contents
Abridged statement of financial position
Notes to the financial statements
Sante + Wade Limited
Abridged statement of financial position
30 November 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 3,448 4,310
_______ _______
3,448 4,310
Current assets
Stocks 112,962 85,000
Debtors 4,569 1,106
Cash at bank and in hand 17,522 24,276
_______ _______
135,053 110,382
Creditors: amounts falling due
within one year ( 282,244) ( 150,611)
_______ _______
Net current liabilities ( 147,191) ( 40,229)
_______ _______
Total assets less current liabilities ( 143,743) ( 35,919)
_______ _______
Net liabilities ( 143,743) ( 35,919)
_______ _______
Capital and reserves
Called up share capital 6 1,000 1,000
Share premium account 250,000 250,000
Profit and loss account ( 394,743) ( 286,919)
_______ _______
Shareholders deficit ( 143,743) ( 35,919)
_______ _______
For the year ending 30 November 2021 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 30 November 2021 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 29 August 2022 , and are signed on behalf of the board by:
M O Asante
Director
Company registration number: 11078742
Sante + Wade Limited
Notes to the financial statements
Year ended 30 November 2021
1. General information
The company is a private company limited by shares, registered in the UK. The address of the registered office is Sante + Wade Limited, 86-90 Paul Street, 3rd Floor, London, England, EC2A 4NE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company meets its day to day working capital requirements through the continued support of itsshareholder for the foreseeable future, and at least 12 months from the date of signing these financial statements. On this basis the director considers that it is appropriate to prepare the financial statements on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
5. Tangible assets
£
Cost
At 1 December 2020 and 30 November 2021 6,292
_______
Depreciation
At 1 December 2020 1,982
Charge for the year 862
_______
At 30 November 2021 2,844
_______
Carrying amount
At 30 November 2021 3,448
_______
At 30 November 2020 4,310
_______
6. Called up share capital
Issued, called up and fully paid
2021 2020
No £ No £
A Ordinary shares of £ 1.00 each 725 725 725 725
B Ordinary shares of £ 1.00 each 275 275 275 275
_______ _______ _______ _______
1,000 1,000 1,000 1,000
_______ _______ _______ _______
It was agreed by the Board of Directors that Margaret Olusolabomi Asante who injected capital of £250,000 has been gifted to the company as an investment. It was therefore agreed a share premium of £344.8275 be appiled to each Ordinary A share in issue (that Margaret Olusolabomi Asante owns) which equates to £250,000.
7. Controlling party
The company is controlled by Margaret Olusolabomi Asante.