Sapphire Promotions Limited
Unaudited Financial Statements
For the year ended 31 January 2023
Pages for Filing with Registrar
Company Registration No. 04203184 (England and Wales)
Sapphire Promotions Limited
Company Information
Director
Mr R Hill
Secretary
C Pilling
Company number
04203184
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Sapphire Promotions Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Sapphire Promotions Limited
Balance Sheet
As at 31 January 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
756,000
756,000
Investments
5
325,348
327,984
1,081,348
1,083,984
Current assets
Debtors
6
7,235
1,603
Cash at bank and in hand
42,092
62,379
49,327
63,982
Creditors: amounts falling due within one year
7
(13,285)
(35,634)
Net current assets
36,042
28,348
Total assets less current liabilities
1,117,390
1,112,332
Provisions for liabilities
(70,050)
(70,050)
Net assets
1,047,340
1,042,282
Capital and reserves
Called up share capital
8
2
2
Revaluation reserve
461,251
463,887
Profit and loss reserves
586,087
578,393
Total equity
1,047,340
1,042,282
Sapphire Promotions Limited
Balance Sheet (Continued)
As at 31 January 2023
Page 2
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 29 August 2023
Mr R Hill
Director
Company Registration No. 04203184
Sapphire Promotions Limited
Notes to the Financial Statements
For the year ended 31 January 2023
Page 3
1
Accounting policies
Company information
Sapphire Promotions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for services provided net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% straight line
Computer equipment
33.3% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
Fixed asset investments
Fixed asset investments are measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Sapphire Promotions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2023
1
Accounting policies
(Continued)
Page 4
1.7
Financial instruments
Basic financial instruments are measured at amortised cost. The company has no other financial instruments or basic financial instruments measured at fair value.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Sapphire Promotions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2023
Page 5
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2022 and 31 January 2023
2,637
Depreciation and impairment
At 1 February 2022 and 31 January 2023
2,637
Carrying amount
At 31 January 2023
At 31 January 2022
4
Investment property
2023
£
Fair value
At 1 February 2022 and 31 January 2023
756,000
Investment property comprises of a property held to earn rentals. The fair value of the investment property has been determined by the director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
325,348
327,984
Sapphire Promotions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2023
5
Fixed asset investments
(Continued)
Page 6
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 February 2022
327,984
Valuation changes
(2,636)
At 31 January 2023
325,348
Carrying amount
At 31 January 2023
325,348
At 31 January 2022
327,984
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,603
1,603
Other debtors
5,632
-
7,235
1,603
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,925
Corporation tax
2,298
18,211
Other taxation and social security
1,888
Other creditors
3,962
2,585
Accruals and deferred income
7,025
7,025
13,285
35,634
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
Sapphire Promotions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2023
Page 7
9
Controlling party
The director is of the opinion that there is no one ultimate controlling party.