REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
SZAMPION LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
SZAMPION LIMITED |
SZAMPION LIMITED (REGISTERED NUMBER: 10628253) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
Page |
Company information | 1 |
Balance sheet | 2 |
Notes to the financial statements | 4 |
SZAMPION LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
266-268 High Street |
Waltham Cross |
Hertfordshire |
EN8 7EA |
SZAMPION LIMITED (REGISTERED NUMBER: 10628253) |
BALANCE SHEET |
29 FEBRUARY 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SZAMPION LIMITED (REGISTERED NUMBER: 10628253) |
BALANCE SHEET - continued |
29 FEBRUARY 2024 |
The financial statements were approved by the director and authorised for issue on |
SZAMPION LIMITED (REGISTERED NUMBER: 10628253) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
Szampion Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below. |
The financial statements are presented in pounds sterling, which is the functional currency of the company. |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgement and estimates have been made include: |
a - Critical judgements in applying accounting policies |
There are no critical judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements. |
b - Key accounting estimates and assumptions |
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. There are no key estimates and assumptions that have significant potential impact upon the carrying values of assets and liabilities. |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
TANGIBLE FIXED ASSETS |
Short leasehold | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
SZAMPION LIMITED (REGISTERED NUMBER: 10628253) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
FINANCIAL INSTRUMENTS |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash and other consideration, expected to be paid or received. |
However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
Financial assets that are measured at cost and amortised 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 Profit and Loss Account. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
HIRE PURCHASE AND LEASING COMMITMENTS |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
CASH AND CASH EQUIVALENTS. |
Cash and cash equivalents include cash in hand and at bank. Bank overdrafts are shown within borrowings in current liabilities. |
SZAMPION LIMITED (REGISTERED NUMBER: 10628253) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | and | Motor | Computer |
leasehold | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2023 |
Additions |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
5. | STOCKS |
29.2.24 | 28.2.23 |
£ | £ |
Stocks |
6. | DEBTORS |
29.2.24 | 28.2.23 |
£ | £ |
Amounts falling due within one year: |
Ziarenka Limited | 70,000 | 70,000 |
Ucur Properties Limited | 706,495 | 430,000 |
Oilex Limited | 281,510 | 175,000 |
Directors' current accounts | 43,260 | 292,315 |
Tax |
VAT |
Amounts falling due after more than one year: |
Rent deposits | 30,000 | 30,000 |
Aggregate amounts |
SZAMPION LIMITED (REGISTERED NUMBER: 10628253) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Hire purchase contracts |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 2,403 | - |
Pension fund | 3,902 | 11,958 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Hire purchase contracts |
9. | LOANS |
An analysis of the maturity of loans is given below: |
29.2.24 | 28.2.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29.2.24 | 28.2.23 |
value: | £ | £ |
Ordinary | £1.00 | 2 | 2 |
11. | RESERVES |
Retained |
earnings |
£ |
At 1 March 2023 |
Profit for the year |
Dividends | ( |
) |
At 29 February 2024 |
SZAMPION LIMITED (REGISTERED NUMBER: 10628253) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
12. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The director has borrowings from the company by way of a current account shown in current assets. Interest is receivable on the loan at the rate of 3% pa. Balance outstanding at end of year 28 February 2024 was £43,260 (2023:£292,315). Interest received during the year was £1,260 (2023: £8,514). |
13. | RELATED PARTY DISCLOSURES |
Included in debtors £70,000 (2023: £70,000) represents loans made to Ziarenka Limited in which Mr A Ucur is also a director and 50% shareholder. This is an interest free and unsecured loan having no fixed date of repayment. |
Included in debtors £706,495 (2023: £430,000) represents loans made to Ucur Properties Limited in which Mr A Ucur is also a director and 50% shareholder. This is an interest free and unsecured loan having no fixed date of repayment. |
Included in debtors £281,510 (2023: £175,000) represents loans made to Oilex Limited in which Mr A Ucur is also a director and 50% shareholder. This is an interest free and unsecured loan having no fixed date of repayment. |
14. | ULTIMATE CONTROLLING PARTY |
The controlling party is A Ucur. |