Acorah Software Products - Accounts Production 12.0.007 false true Margaret Holding Ltd true 1 January 2021 31 December 2021 31 December 2021 10897812 Mr Nicolas Gross iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10897812 2020-12-31 10897812 2021-12-31 10897812 2021-01-01 2021-12-31 10897812 frs-core:CurrentFinancialInstruments 2021-12-31 10897812 frs-core:CurrentFinancialInstruments 2021-01-01 2021-12-31 10897812 frs-core:Non-currentFinancialInstruments 2021-12-31 10897812 frs-core:Non-currentFinancialInstruments 2021-01-01 2021-12-31 10897812 frs-core:CurrentFinancialInstruments 2021-01-01 2021-12-31 10897812 frs-core:CurrentFinancialInstruments 2021-12-31 10897812 frs-core:AfterOneYear 2021-01-01 2021-12-31 10897812 frs-core:BetweenOneFiveYears 2021-01-01 2021-12-31 10897812 frs-core:BetweenOneFiveYears 2021-12-31 10897812 frs-core:ComputerEquipment 2021-12-31 10897812 frs-core:ComputerEquipment 2021-01-01 2021-12-31 10897812 frs-core:ComputerEquipment 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Registered number: 10897812
Sunset IT Distribution Ltd
Directors' Report and
Unaudited Financial Statements
For The Year Ended 31 December 2021
Page 1
Directors' Report and Unaudited Financial Statements
Contents
Page
Company Information 2
Directors' Report 3—4
Profit and Loss Account 5
Balance Sheet 6—7
Statement of Changes in Equity 8
Notes to the Financial Statements 9—13
Page 1
Page 2
Company Information
Director Mr Nicolas Gross
Company Number 10897812
Registered Office 70 Alston Drive
Bradwell Abbey
Milton Keynes
MK13 9HG
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2021 .
Statement of Directors' Responsibilities



The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent; and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal Activity
The company's principal activity continues to be that of the distribution of computer equipment throughout the UK and other European countries.


Review of Business
Despite the challenges posed by Covid-19 pandemic and Brexit the director considers that the financial performance of the company in the year has been satisfactory.The director continues to monitor the potential impact of Brexit on the business and to explore alternative logistical arrangements to ensure that the business can continue to supply its European customer base following the UK's exit from the Single Market.
Directors
The directors who held office during the year were as follows:
Mr Nicolas Gross APPOINTED 24/02/2021
Mr Gareth Mills RESIGNED 24/02/2021
Mr Terry O'Cleirigh RESIGNED 24/02/2021
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Post Balance Sheet Events

Since the balance sheet date interim dividends of £24,200 have been declared and paid in respect of the financial year ending December 31st 2022.
Small Company Rules
This report has 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.



On behalf of the board
Mr Nicolas Gross
Director
22/08/2022
Page 4
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Profit and Loss Account
2021 2020
Notes £ £
TURNOVER 5,501,920 8,333,162
Cost of sales (4,375,942 ) (6,496,279 )
GROSS PROFIT 1,125,978 1,836,883
Distribution costs (68,590 ) (55,570 )
Administrative expenses (870,434 ) (1,005,473 )
Other operating income 41,011 103,030
OPERATING PROFIT 227,965 878,870
Interest payable and similar charges (104,442 ) (107,433 )
PROFIT BEFORE TAXATION 123,523 771,437
Tax on Profit (28,487 ) (168,112 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 95,036 603,325
The notes on pages 9 to 13 form part of these financial statements.
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Balance Sheet
2021 2020
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 87,352 107,802
87,352 107,802
CURRENT ASSETS
Stocks 5 620,807 102,002
Debtors 6 1,178,327 1,657,892
Cash at bank and in hand 831,392 1,963,703
2,630,526 3,723,597
Creditors: Amounts Falling Due Within One Year 7 (2,624,610 ) (2,806,629 )
NET CURRENT ASSETS (LIABILITIES) 5,916 916,968
TOTAL ASSETS LESS CURRENT LIABILITIES 93,268 1,024,770
NET ASSETS 93,268 1,024,770
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 93,168 1,024,670
SHAREHOLDERS' FUNDS 93,268 1,024,770
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For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities
  • The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Mr Nicolas Gross
Director
22/08/2022
The notes on pages 9 to 13 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 January 2020 100 557,331 557,431
Profit for the year and total comprehensive income - 603,325 603,325
Dividends paid - (135,986) (135,986)
As at 31 December 2020 and 1 January 2021 100 1,024,670 1,024,770
Profit for the year and total comprehensive income - 95,036 95,036
Dividends paid - (1,026,538) (1,026,538)
As at 31 December 2021 100 93,168 93,268
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.3. Turnover
Turnover represents the fair value received and receivable in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. 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.



1.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account within administrative expenses over its estimated economic life of 3 years.
1.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Assets are depreciated from the date at whish they are brought into use. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 3 years straight line
Fixtures & Fittings 3 to 10 years straight line
Computer Equipment 2 to 3 years straight line
1.6. Stocks and Work in Progress
Stocks are valued at the lower of cost or net realisable value after making due allowance for obsolete and slow moving stocks. Cost includes all direct costs.


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1.7. Financial Instruments
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds basic financial instruments, which comprise cash at bank and in hand, trade and other debtors, borrowings and trade and other creditors. The company has chosen to apply the measurement and recognition provisions of Section 11 Basic Financial Instruments.

Financial assets – classified as basic financial instruments
Cash and Cash equivalents
Cash and cash equivalents include cash at bank and in hand and other short-term highly liquid investments with original maturities of three months or less which are classified as current asset investments.


Trade and other debtors
Trade and other debtors are initially recognised at the transaction price, including any transaction costs, and are subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the amount expected to be receivable, net of any impairment.

Financial liabilities – classified as basic financial instruments
Trade and other creditors and borrowings
Short term trade and other creditors and borrowings are measured at the transaction price. Other financial liabilities which constitute financing transactions are initially and subsequently measured at the present value of the future payments, discounted at a market rate of interest.

1.8. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are recognised in the Income Statement.
1.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2021 2020
Office and administration 2 2
Sales, marketing and distribution 4 6
Management 4 5
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3. Intangible Assets
Goodwill
£
Cost
As at 1 January 2021 15,000
As at 31 December 2021 15,000
Amortisation
As at 1 January 2021 15,000
As at 31 December 2021 15,000
Net Book Value
As at 31 December 2021 -
As at 1 January 2021 -
The goodwill relates to the purchase of the business and certain assets of Sunset (UK) Limited on 1st January 2018.
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2021 3,700 168,606 21,311 193,617
Additions - 214 12,885 13,099
As at 31 December 2021 3,700 168,820 34,196 206,716
Depreciation
As at 1 January 2021 658 73,034 12,123 85,815
Provided during the period 1,234 24,380 7,935 33,549
As at 31 December 2021 1,892 97,414 20,058 119,364
Net Book Value
As at 31 December 2021 1,808 71,406 14,138 87,352
As at 1 January 2021 3,042 95,572 9,188 107,802
5. Stocks
2021 2020
£ £
Stock - finished goods 620,807 102,002
620,807 102,002
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6. Debtors
2021 2020
£ £
Due within one year
Trade debtors 798,679 1,285,236
Prepayments and accrued income 19,759 22,651
Other debtors 153 50,200
VAT 141,436 299,805
Amounts owed by group undertakings 3,000 -
Amounts owed by associates 215,300 -
1,178,327 1,657,892
7. Creditors: Amounts Falling Due Within One Year
2021 2020
£ £
Trade creditors 351,707 761,246
Corporation tax 28,487 168,112
Other taxes and social security 21,056 58,498
Net wages - 270
Other creditors 2,017,215 1,517,538
Accruals and deferred income 206,145 300,965
2,624,610 2,806,629
Other creditors include a loan of £363,165 (2020 - £nil) from the director.
8. Share Capital
2021 2020
Allotted, Called up and fully paid 100 100
Issued share capital comprises 100 ordinary shares with a nominal value of £1 each.
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
Land and buildings Other
2021 2020 2021 2020
£ £ £ £
Within 1 year 81,250 81,250 3,276 2,522
Between 1 and 5 years 4,007 81,250 4,505 -
85,257 162,500 7,781 2,522
10. Post Balance Sheet Events

Interim dividends for 2022

Since the balance sheet date interim dividends of £ 24,200 have been declared and paid in respect of the financial year ending December 31st 2022.
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11. Related Party Transactions


Mercurio Ltd
The Company has entered into the following transactions with Mercurio Limited, a related party which
is jointly controlled by Nicolas Gross, who is a director and the ultimate beneficial owner of the Company.
Sales £7,835 (2020 - £333,122)
Purchases £171,617 (2020 - £1,587,912)
Net trading balance due to Mercurio Limited £134,455 (2020 - £55,654)
Loan account balance due from Mercurio Limited £36,000 (2021 - £12,000)
Loan account balance due to Mercurio Limited £310,742 (2021 - £nil)
The loans are non-interest bearing and are repayable on demand.

Searchlab Limited
The Company has entered into the following transactions with Searchlab Limited, a related party which is an associated company of Margaret Holdings Ltd, the sole shareholder of the Company
Sales to Searchlab Limited £5,135 (2020 - £nil)
Loan to Searchlab Limited £179,310 (2020 - £nil)
The loan is non-interest bearing and is repayable on demand.



















12. Ultimate Controlling Party
The company's ultimate controlling party is Margaret Holding Ltd by virtue of its ownership of 100% of the issued share capital in the company.

The ultimate controlling party is Nicolas Gross.


13. General Information
Sunset IT Distribution Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10897812 . The registered office is 70 Alston Drive, Bradwell Abbey, Milton Keynes, MK13 9HG.
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