Company registration number 03099903 (England and Wales)
SARCO STOPPER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
SARCO STOPPER LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
SARCO STOPPER LIMITED
STATEMENT OF FINANCIAL POSITION
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
6,960
3,462
Tangible assets
4
927,459
888,608
934,419
892,070
Current assets
Stocks
677,984
555,033
Debtors
5
544,786
432,883
Cash at bank and in hand
2,507,526
1,609,814
3,730,296
2,597,730
Creditors: amounts falling due within one year
6
(490,510)
(326,361)
Net current assets
3,239,786
2,271,369
Total assets less current liabilities
4,174,205
3,163,439
Provisions for liabilities
(12,189)
Net assets
4,162,016
3,163,439
Capital and reserves
Called up share capital
1
1
Revaluation reserve
37,500
37,500
Profit and loss reserves
4,124,515
3,125,938
Total equity
4,162,016
3,163,439
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 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.
SARCO STOPPER LIMITED
STATEMENT OF FINANCIAL POSITION
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 April 2024 and are signed on its behalf by:
W G MENZIES
Mr W G Menzies
Director
Company Registration No. 03099903
SARCO STOPPER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information
Sarco Stopper Limited is a private company limited by shares incorporated in England and Wales. The registered office is Regent House, 316 Beulah Hill, London, SE19 3HF.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
The ultimate parent company is Air Bag Stopper Holdings Limited, a company registered in Scotland, by virtue of its 100% ownership of the issued share capital.
FRS 102 Divergence
The directors have concluded that in order to give a fair representation a divergence from FRS 102 is required in regards to the requirement to depreciate buildings. The directors consider depreciating buildings would not provide a true and fair view of the value of the asset. As such buildings held by the company have not been depreciated contrary to section 17 FRS 102. The accounts comply with FRS 102 in all other respects.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, the life is presumed not to exceed ten years.
SARCO STOPPER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Patents
5 years straight line
1.7
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:
Freehold land and buildings
Nil
Plant and machinery
25% reducing balance
Fixtures fittings and equipment
25% reducing balance
Computer equipment
25% reducing balance
Motor vehicles
25% reducing balance
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.9
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.
1.10
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
1.11
Retirement benefits
The company operates a defined contribution plan for it's 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 Statement of comprehensive income 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.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
SARCO STOPPER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
24
23
3
Intangible fixed assets
Goodwill
Patents
Total
£
£
£
Cost
At 1 August 2022
30,000
29,707
59,707
Additions
5,991
5,991
At 31 July 2023
30,000
35,698
65,698
Amortisation and impairment
At 1 August 2022
30,000
26,245
56,245
Amortisation charged for the year
2,493
2,493
At 31 July 2023
30,000
28,738
58,738
Carrying amount
At 31 July 2023
6,960
6,960
At 31 July 2022
3,462
3,462
SARCO STOPPER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
4
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures fittings and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 August 2022
810,094
156,907
185,426
25,945
41,980
1,220,352
Additions
18,296
36,998
30,371
85,665
Disposals
(55,391)
(25,945)
(41,980)
(123,316)
At 31 July 2023
828,390
193,905
160,406
1,182,701
Depreciation
At 1 August 2022
117,501
154,939
18,846
40,458
331,744
Depreciation charged in the year
15,675
15,215
1,775
381
33,046
Eliminated in respect of disposals
(48,088)
(20,621)
(40,839)
(109,548)
At 31 July 2023
133,176
122,066
255,242
Carrying amount
At 31 July 2023
828,390
60,729
38,340
927,459
At 31 July 2022
810,094
39,406
30,487
7,099
1,522
888,608
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
466,938
377,260
Corporation tax recoverable
14,903
15,509
Other debtors
62,945
40,114
544,786
432,883
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
407,445
271,559
Taxation and social security
26,176
26,275
Other creditors
56,889
28,527
490,510
326,361
SARCO STOPPER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
29,638
25,277
Between two and five years
25,006
16,197
54,644
41,474
8
Related party transactions
Advances or creditors have been granted by the company to its directors as follows:
During the year, the directors made advances to the company of £624 and received credits of £Nil, resulting in amounts due by the company at the year end of £1,248 (2022 - £624).
There are no set repayments terms, nor is interest charged on the outstanding balance due.