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Registration number: 02761807

Sapphire Products Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Sapphire Products Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

Sapphire Products Limited

(Registration number: 02761807)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

68,833

82,481

Current assets

 

Stocks

6

206,567

272,836

Debtors

7

181,886

199,536

Cash at bank and in hand

 

256,713

308,015

 

645,166

780,387

Creditors: Amounts falling due within one year

8

(48,255)

(105,504)

Net current assets

 

596,911

674,883

Net assets

 

665,744

757,364

Capital and reserves

 

Called up share capital

9

500

500

Retained earnings

665,244

756,864

Shareholders' funds

 

665,744

757,364

For the financial year ending 30 November 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 July 2025
 

.........................................
J F Wood
Director

 

Sapphire Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 3, Ivanhoe Business Park
Tom Bill Way
Smisby Road
Ashby de la Zouch
Leicestershire
LE65 2UY

These financial statements were authorised for issue by the director on 21 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Having considered all available information about the future, which is at least, but is not limited to, 12 months from the date when these financial statements are authorised for issue, management have concluded that it is appropriate to prepare these financial statements on a going concern basis.

 

Sapphire Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Judgements

Preparation of the financial statements requires management to make significant judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the change takes place if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% straight line

Fixtures and fittings

15% straight line

Office equipment

15% straight line

Motor vehicles

25% straight line

 

Sapphire Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Sapphire Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company under contracts of service (including the director) during the year, was 11 (2023: 11).

 

Sapphire Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2023

2,001

2,001

At 30 November 2024

2,001

2,001

Amortisation

At 1 December 2023

2,001

2,001

At 30 November 2024

2,001

2,001

Carrying amount

At 30 November 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

423,269

30,849

454,118

Additions

15,385

-

15,385

At 30 November 2024

438,654

30,849

469,503

Depreciation

At 1 December 2023

351,847

19,790

371,637

Charge for the year

24,072

4,961

29,033

At 30 November 2024

375,919

24,751

400,670

Carrying amount

At 30 November 2024

62,735

6,098

68,833

At 30 November 2023

71,422

11,059

82,481

6

Stocks

2024
£

2023
£

Other inventories

206,567

272,836

 

Sapphire Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

164,125

180,149

Prepayments

11,166

12,792

Other debtors

6,595

6,595

 

181,886

199,536

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

16,211

18,914

Taxation and social security

29,500

62,005

Accruals and deferred income

2,350

2,599

Other creditors

194

21,986

48,255

105,504

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

500

500

500

500

       

10

Dividends

2024

2023

£

£

Interim dividend of £149.00 (2023 - £187.37) per ordinary share

74,500

93,688

 

 

11

Related party transactions

 

Sapphire Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,570

10,780

Contributions paid to money purchase schemes

48,300

32,360

60,870

43,140

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

1

1

Loans from related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

194

194

At end of period

194

194

2023

Entities with joint control or significant influence
£

Total
£

At start of period

194

194

At end of period

194

194