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Company registration number: 07103832
SAPPHIRE LOUVRES LIMITED
Unaudited filleted financial statements
31 December 2023
SAPPHIRE LOUVRES LIMITED
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
SAPPHIRE LOUVRES LIMITED
Directors and other information
Directors Mr D J Brown
Miss S A Logie
Secretary Miss S A Logie
Company number 07103832
Registered office Unit 21 Harrowbrook Road
Harrowbrook Industrial Estate
Hinckley
Leicestershire
LE10 3DJ
Business address Unit 21 Harrowbrook Road
Harrowbrook Industrial Estate
Hinckley
Leicestershire
LE10 3DJ
Accountants MKD (UK) LIMITED
33 Cleeve
Abbotsgate
Tamworth
Staffordshire
B77 2QD
Bankers Barclays Bank Plc
Leicester Narborough Road Branch
Narborough Road
Leicester
Leicestershire
LE87 2BB
SAPPHIRE LOUVRES LIMITED
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 200,515 98,623
_______ _______
200,515 98,623
Current assets
Stocks 250,389 362,934
Debtors 7 472,400 592,576
Cash at bank and in hand 438,135 150,397
_______ _______
1,160,924 1,105,907
Creditors: amounts falling due
within one year 8 ( 451,746) ( 481,181)
_______ _______
Net current assets 709,178 624,726
_______ _______
Total assets less current liabilities 909,693 723,349
Creditors: amounts falling due
after more than one year 9 ( 41,265) -
Provisions for liabilities 10 ( 44,602) ( 22,301)
_______ _______
Net assets 823,826 701,048
_______ _______
Capital and reserves
Called up share capital 12 100 100
Profit and loss account 823,726 700,948
_______ _______
Shareholders funds 823,826 701,048
_______ _______
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their 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 30 September 2024 , and are signed on behalf of the board by:
Mr D J Brown Miss S A Logie
Director Director
Company registration number: 07103832
SAPPHIRE LOUVRES LIMITED
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2022 100 529,728 529,828
Profit for the year 273,136 273,136
_______ _______ _______
Total comprehensive income for the year - 273,136 273,136
Dividends paid and payable ( 101,916) ( 101,916)
_______ _______ _______
Total investments by and distributions to owners - ( 101,916) ( 101,916)
_______ _______ _______
At 31 December 2022 and 1 January 2023 100 700,948 701,048
Profit for the year 198,278 198,278
_______ _______ _______
Total comprehensive income for the year - 198,278 198,278
Dividends paid and payable ( 75,500) ( 75,500)
_______ _______ _______
Total investments by and distributions to owners - ( 75,500) ( 75,500)
_______ _______ _______
At 31 December 2023 100 823,726 823,826
_______ _______ _______
SAPPHIRE LOUVRES LIMITED
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 21 Harrowbrook Road, Harrowbrook Industrial Estate, Hinckley, Leicestershire, LE10 3DJ.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 - 15 % reducing balance
Plant and machinery - 15 % reducing balance
Computer equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
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.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2022: 17 ).
5. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 35,979 66,130
_______ _______
Deferred tax:
Origination and reversal of timing differences 22,301 7,194
_______ _______
Tax on profit 58,280 73,324
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the year is lower than (2022: higher than) the standard rate of corporation tax in the UK of 25.00 % (2022: 19.00%).
2023 2022
£ £
Profit before taxation 256,558 346,460
_______ _______
Profit multiplied by rate of tax 64,140 65,827
Effect of expenses not deductible for tax purposes - 3,835
Effect of capital allowances and depreciation ( 28,161) ( 3,532)
Deferred tax 22,301 7,194
_______ _______
Tax on profit 58,280 73,324
_______ _______
6. Tangible assets
Improvements to property Plant and machinery Computer equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 January 2023 6,625 122,528 5,751 46,222 181,126
Additions - 45,480 - 113,168 158,648
Disposals - - - ( 21,228) ( 21,228)
_______ _______ _______ _______ _______
At 31 December 2023 6,625 168,008 5,751 138,162 318,546
_______ _______ _______ _______ _______
Depreciation
At 1 January 2023 2,556 51,095 2,833 26,020 82,504
Charge for the year 610 17,537 438 31,734 50,319
Disposals - - - ( 14,792) ( 14,792)
_______ _______ _______ _______ _______
At 31 December 2023 3,166 68,632 3,271 42,962 118,031
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2023 3,459 99,376 2,480 95,200 200,515
_______ _______ _______ _______ _______
At 31 December 2022 4,069 71,433 2,918 20,202 98,622
_______ _______ _______ _______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 December 2023 62,960
_______
At 31 December 2022 -
_______
7. Debtors
2023 2022
£ £
Trade debtors 464,511 583,869
Prepayments and accrued income 4,727 8,707
Other debtor 3,162 -
_______ _______
472,400 592,576
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 231,966 208,026
Accruals and deferred income 11,357 36,550
Corporation tax 35,979 66,130
Social security and other taxes 149,902 168,475
Obligations under hire purchase finances 18,806 -
Other creditors 3,736 2,000
_______ _______
451,746 481,181
_______ _______
Barclay's Bank Plc hold a fixed and floating charge dated 13th June 2011.
Barclay's Security Trustee Limited hold a fixed and floating charge dated 27th August 2021.
The above charges were settled in full on the 6th February 2024.
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Obligations under hire purchase finances 41,265 -
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 January 2023 and 31 December 2023 44,602 44,602
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 10) 44,602 22,301
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Provisions 22,301 22,301
_______ _______
12. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
13. Capital commitments
There were no capital commitments as at 31 December 2023 (2022 - £0).
14. Contingent assets and liabilities
There were no contingent assets and liabilities as at 31 December 2023 (2022 - £0).
15. Controlling party
The company is controlled by Mr S Brown, the company's majority shareholder throughout the current and previous year.