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Company registration number: 01892786
SAM Corporation Limited
Unaudited filleted financial statements
31 January 2024
SAM Corporation Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
SAM Corporation Limited
Directors and other information
Director Mr S Marks
Company number 01892786
Registered office Dukes Meadows
Dan Mason Drive
Chiswick
London
W4 2SH
SAM Corporation Limited
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4,133,194 3,047,350
_______ _______
4,133,194 3,047,350
Current assets
Stocks 263,915 209,164
Debtors 6 281,307 323,985
Cash at bank and in hand 32,794 74,472
_______ _______
578,016 607,621
Creditors: amounts falling due
within one year 7 ( 5,585,610) ( 5,445,437)
_______ _______
Net current liabilities ( 5,007,594) ( 4,837,816)
_______ _______
Total assets less current liabilities ( 874,400) ( 1,790,466)
_______ _______
Net liabilities ( 874,400) ( 1,790,466)
_______ _______
Capital and reserves
Called up share capital 15,000 15,000
Other reserves 424 424
Profit and loss account ( 889,824) ( 1,805,890)
_______ _______
Shareholder deficit ( 874,400) ( 1,790,466)
_______ _______
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges his 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 October 2024 , and are signed on behalf of the board by:
Mr S Marks
Director
Company registration number: 01892786
SAM Corporation Limited
Statement of changes in equity
Year ended 31 January 2024
Called up share capital Other reserves Profit and loss account Total
£ £ £ £
At 1 February 2022 15,000 424 ( 2,185,835) ( 2,170,411)
Profit for the year 379,945 379,945
_______ _______ _______ _______
Total comprehensive income for the year - - 379,945 379,945
_______ _______ _______ _______
At 31 January 2023 and 1 February 2023 15,000 424 ( 1,805,890) ( 1,790,466)
Profit for the year 916,066 916,066
_______ _______ _______ _______
Total comprehensive income for the year - - 916,066 916,066
_______ _______ _______ _______
At 31 January 2024 15,000 424 ( 889,824) ( 874,400)
_______ _______ _______ _______
SAM Corporation Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Dukes Meadows, Dan Mason Drive, Chiswick, London, W4 2SH.
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
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.
No provision for deferred taxation has been provided for in the financial statements, due to the amount not being material.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Long leasehold property - Straight line over the life of the lease
Short leasehold property - Straight line over the life of the lease
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 20 % straight line
Computer equipment - 25 % straight line
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.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 79 (2023: 75 ).
5. Tangible assets
Long leasehold property Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £ £ £
Cost
At 1 February 2023 550,465 3,236,303 1,568,939 346,607 26,467 101,257 5,830,038
Additions - 1,080,520 52,345 73,174 38,874 - 1,244,913
_______ _______ _______ _______ _______ _______ _______
At 31 January 2024 550,465 4,316,823 1,621,284 419,781 65,341 101,257 7,074,951
_______ _______ _______ _______ _______ _______ _______
Depreciation
At 1 February 2023 307,192 791,923 1,334,416 237,847 26,467 84,843 2,782,688
Charge for the year 7,541 67,119 45,826 29,568 4,304 4,711 159,069
_______ _______ _______ _______ _______ _______ _______
At 31 January 2024 314,733 859,042 1,380,242 267,415 30,771 89,554 2,941,757
_______ _______ _______ _______ _______ _______ _______
Carrying amount
At 31 January 2024 235,732 3,457,781 241,042 152,366 34,570 11,703 4,133,194
_______ _______ _______ _______ _______ _______ _______
At 31 January 2023 243,273 2,444,380 234,523 108,760 - 16,414 3,047,350
_______ _______ _______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 10,998 111,654
Other debtors 270,309 212,331
_______ _______
281,307 323,985
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 60,100 283,401
Social security and other taxes 226,366 183,046
Other creditors 5,299,144 4,978,990
_______ _______
5,585,610 5,445,437
_______ _______
8. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 110,000 110,000
Later than 1 year and not later than 5 years 440,000 440,000
Later than 5 years 2,896,667 3,006,667
_______ _______
3,446,667 3,556,667
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr S Marks ( 4,716,611) ( 620,434) 210,000 ( 5,127,045)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr S Marks ( 4,576,520) ( 460,091) 320,000 ( 4,716,611)
_______ _______ _______ _______