REGISTERED NUMBER: 04239097 (England and Wales)

SARN ENTERPRISES LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S H Howard

A J Howard

SECRETARY:

S H Howard

REGISTERED OFFICE:

Giggleswick

Speen Road

North Dean

High Wycombe

Buckinghamshire

HP14 4NL

REGISTERED NUMBER:

04239097 (England and Wales)

FIXED ASSETS

Tangible assets

4

5,421

6,098

Investment property

5

457,147

457,147

462,568

463,245

CURRENT ASSETS

Stocks

966,906

-

Debtors

6

890,000

1,700,000

Cash at bank

423,492

15,458

2,280,398

1,715,458

CREDITORS

Amounts falling due within one year

7

(939,939

)

(827,749

)

NET CURRENT ASSETS

1,340,459

887,709

TOTAL ASSETS LESS CURRENT LIABILITIES

1,803,027

1,350,954

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

1,803,025

1,350,952

SHAREHOLDERS' FUNDS

1,803,027

1,350,954

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 9 January 2018 and were signed on its behalf by:

S H Howard - Director

1.	STATUTORY INFORMATION

Sarn Enterprises Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements for the year ended 30 April 2017 are the first financial statements that

comply with Section 1A "Small Entities" of Financial Reporting Standard 102. The company

transitioned from previously extant UK GAAP to FRS 102 as at 1 May 2015. An explanation of how

transition to FRS 102 Section 1A "Small Entities" has affected the reported financial position and

financial performance is given in the notes to the financial statement.

Significant judgements and estimates

The preparation of financial statements requires management to make judgements, estimates and

assumptions about the carrying values of assets and liabilities that are not readily apparent from other

sources. The estimates and underlying 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 a continuing basis. Revisions to

accounting estimates are recognised in the period in which the estimate is revised 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.

Turnover

Sale of properties are recognised on completion if a legally binding contract has been exchanged. All

deposits received for pre-sales are held as payments on account and are not recognised until the

above conditions are satisfied.

Rental and sundry income is recognised in the period to which it relates.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Furniture and equipment

-

10% on cost

Investment property

The company's freehold investment properties are included in the fixed assets at their latest valuation

plus subsequent additions at cost; surpluses and deficits on valuation are recognised in the income

statement

This treatment as regards the company's investment properties may be a departure from the

requirements of the Companies Act concerning the depreciation of fixed assets. However, these

properties are not held for consumption but for investment and the director considers that systematic

annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for

the financial statements to give a true and fair view. Depreciation or amortisation is only one of many

factors reflected in the annual valuation and the amount might otherwise have been shown cannot be

separately identified or qualified.

Stocks

Long-term work in progress is valued at the amount of long-term contract costs incurred, net of

amounts transferred to cost of sales, after deducting foreseeable losses and payments on account not

matched with turnover.

Costs included relate to all direct expenditure as well as the costs associated with the purchase of

property.

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the

current or past reporting periods using tax rates that have been enacted or substantively enacted by

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 only to the extent that it is probable that they will

be recovered against future taxable profits or against the reversal of deferred tax liabilities.

Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the

reporting date that are expected to apply to the reversal of the timing difference.

Going concern

After reviewing the Company's forecasts and projections and taking into account the economic

conditions and possible changes in trading performance, 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.

Debtors

Trade and other debtors are measured at transaction price less any impairment unless the

arrangement constitutes a financing transaction in which case the transaction is measured at the

present value of the future receipts discounted at the prevailing market rate of interest . Loans are

initially measured at fair value and are subsequently measured at amortised cost using the effective

interest method less any impairment.

Creditors

Trade and other creditors are measured at their transaction price unless the arrangement constitutes a

financing transaction in which case the transaction is measured at present value of future payments

discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair

value net of their transaction costs. They are subsequently measured at amortised cost using the

effective interest method.

Cash at bank

Cash at bank in the balance sheet comprise cash at banks and in hand and short term deposits with

an original maturity date of three months or less.

Employee benefits

Short term employee benefits, including holiday entitlement, other non-monetary benefits and

contributions to defined contribution plans are recognised as an expense in the period in which they

are incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Furniture

and

equipment

£

COST

At 1 May 2016

and 30 April 2017

6,776

DEPRECIATION

At 1 May 2016

678

Charge for year

677

At 30 April 2017

1,355

NET BOOK VALUE

At 30 April 2017

5,421

At 30 April 2016

6,098

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2016

and 30 April 2017

457,147

NET BOOK VALUE

At 30 April 2017

457,147

At 30 April 2016

457,147

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Amounts owed by related companies

340,000

-

Prepayments and accrued income

550,000

1,700,000

890,000

1,700,000

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Tax

110,547

337,908

VAT

339,650

-

Directors' loan accounts

487,941

488,341

Accruals and deferred income

1,801

1,500

939,939

827,749

8.	RELATED PARTY DISCLOSURES

Included in creditors is a loan from AJ Howard and SH Howard, a director and shareholder in the

company. Amount owed at the year end being £487,941 (2016 : £488,341). Movement £400.

During the year, rent was received from Wycombe Wanderers Football Club Limited. Amount £24,000

(2016 : £18,000). Both companies have common directors.

During the year, consultancy fees were charged to related companies (aggregated) - Amount £550,000

(2016 : £1,700,000). Amounts owed are included in prepayment and accrued income..

Amounts owed by related companies (aggregated) were £340,000 (2015 : £Nil).

Related companies (aggregated) include : -

Beechdean Dairies Limited

Beechdean Manufacturing Limited

AJ Howard and SH Howard are directors and shareholders in both companies.

9.	FIRST YEAR ADOPTION

The company has adopted FRS 102 for the first time in the year ended 30 April 2017. The policies

applied under the entity's previous accounting framework are not materially different to FRS 102 and

have not impacted on the comparative period figures.