Saddington Baynes Ltd 31/03/2018 iXBRL

Company registration number: 03933251

Saddington Baynes Ltd

Unaudited filleted financial statements

31 March 2018

Saddington Baynes Ltd

Contents

Directors and other information

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Saddington Baynes Ltd

Directors and other information


Directors	Mr Christakis Christodoulou
	Mr James Digby-Jones
	Mrs Carolyne Digby-Jones	(Appointed 1 December 2017)
	Mrs Lisa Christodoulou	(Appointed 1 December 2017)


Company number	03933251


Registered office	Studio 3, 21 Wren Street
	London
	WC1X 0HF


Business address	Studio 3, 21 Wren Street
	London
	WC1X 0HF

Saddington Baynes Ltd

Statement of financial position

31 March 2018

		2018		2017
	Note	£	£	£	£

Fixed assets
Intangible assets	7	-		-
Tangible assets	8	315,208		374,938
		_______		_______
			315,208		374,938

Current assets
Debtors	9	1,329,738		908,964
Cash at bank and in hand		770,248		626,209
		_______		_______
		2,099,986		1,535,173
Creditors: amounts falling due
within one year	10	( 1,500,254)		( 436,671)
		_______		_______
Net current assets			599,732		1,098,502
			_______		_______
Total assets less current liabilities			914,940		1,473,440

Creditors: amounts falling due
after more than one year	11		( 617,000)		( 640,000)

Provisions for liabilities	12		( 2,242)		( 3,699)

			_______		_______
Net assets			295,698		829,741
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			295,598		829,641
			_______		_______
Shareholders funds			295,698		829,741
			_______		_______

For the year ending 31 March 2018 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 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 12 December 2018 , and are signed on behalf of the board by:

Mr Christakis Christodoulou

Director

Company registration number: 03933251

Saddington Baynes Ltd

Statement of changes in equity

Year ended 31 March 2018

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 April 2016	100	815,595	815,695

(Loss)/profit for the year		174,046	174,046
Other comprehensive income for the year:
Actuarial loss on Pension Obligations	-	( 40,000)	( 40,000)
	_______	_______	_______
Total comprehensive income for the year	-	134,046	134,046

Dividends paid and payable		( 120,000)	( 120,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 120,000)	( 120,000)

	_______	_______	_______
At 31 March 2017 and 1 April 2017	100	829,641	829,741

(Loss)/profit for the year		( 433,043)	( 433,043)
Other comprehensive income for the year:
Actuarial loss on Pension Obligations	-	39,000	39,000
	_______	_______	_______
Total comprehensive income for the year	-	( 394,043)	( 394,043)

Dividends paid and payable		( 140,000)	( 140,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 140,000)	( 140,000)

	_______	_______	_______
At 31 March 2018	100	295,598	295,698
	_______	_______	_______

Saddington Baynes Ltd

Notes to the financial statements

Year ended 31 March 2018

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Studio 3, 21 Wren Street, London, WC1X 0HF.

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.

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.

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.

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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

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:


Plant and machinery	-	33 %	reducing balance
Fittings fixtures and equipment	-	15 %	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.

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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

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.

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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

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 or 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.

Defined benefits plans & Pensions

The company recognises a defined net benefit pension asset or liability in the statement of financial position as the net total of the present value of its obligations and the fair value of plan assets out of which the obligations are to be settled. The defined benefit liability is measured on a discounted present value basis using a rate determined by reference to market yields at the reporting date on high quality corporate bonds. Defined benefit obligations and the related expenses are measured using the projected unit credit method. Plan surpluses are recognised as a defined benefit asset only to the extent that the surplus is recoverable either through reduced contributions in the future or through refunds from the plan. For a defined benefit scheme, the liability recorded in the balance sheet is the present value of the defined obligation at that date. The defined benefit obligation is calculated on an annual basis by independent actuaries.Actuarial gains and losses are recognised in full in the period in which they occur and are shown in Other Comprehensive Income. Current and past service costs, along with settlements or curtailments, are charged to the Income Statement. Interest on pension plan liabilities are recognised within finance expense. Net interest is determined by multiplying the net defined benefit liability by the discount rate, both as determined at the start of the reporting period, taking account of any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. Net interest is recognised in profit or loss.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Staff costs

The average number of persons employed by the company during the year amounted to 40 (2017: 38 ).

5. Directors remuneration

The directors aggregate remuneration in respect of qualifying services was:

	2018	2017
	£	£
Remuneration	29,472	16,224
Company contributions to pension schemes in respect of qualifying services	480,000	-
	_______	_______
	509,472	16,224
	_______	_______

6. Dividends

Equity dividends

	2018	2017
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year)	140,000	120,000
	_______	_______

7. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 April 2017 and 31 March 2018	1,400,000	1,400,000
	_______	_______
Amortisation
At 1 April 2017 and 31 March 2018	1,400,000	1,400,000
	_______	_______
Carrying amount
At 31 March 2018	-	-
	_______	_______
At 31 March 2017	-	-
	_______	_______

8. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Total
	£	£	£
Cost
At 1 April 2017	658,951	141,896	800,847
Additions	44,017	3,299	47,316
	_______	_______	_______
At 31 March 2018	702,968	145,195	848,163
	_______	_______	_______
Depreciation
At 1 April 2017	401,218	24,691	425,909
Charge for the year	89,211	17,835	107,046
	_______	_______	_______
At 31 March 2018	490,429	42,526	532,955
	_______	_______	_______
Carrying amount
At 31 March 2018	212,539	102,669	315,208
	_______	_______	_______
At 31 March 2017	257,733	117,205	374,938
	_______	_______	_______

9. Debtors

	2018	2017
	£	£
Trade debtors	1,165,028	608,373
Other debtors	164,710	300,591
	_______	_______
	1,329,738	908,964
	_______	_______

10. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	396,895	88,526
Corporation tax	-	183,495
Social security and other taxes	162,801	72,045
Other creditors	940,558	92,605
	_______	_______
	1,500,254	436,671
	_______	_______

11. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Pension Obligation	617,000	640,000
	_______	_______

Pension Costs - Employer Pension Obligations The Company has agreed to fund a defined benefit pension scheme in respect of key employees. The most recent actuarial valuation of the obligations of £617,000 (2017 - £640,000) was on 31/03/2018. During the year the expense incurred was £16,000 (2017 - £600,000). The principal assumptions used are: - Discount rate – 2.6% - Inflation RPI – 3.1% - Inflation CPI – 2.0% - Pre and Post Retirement morality – S2PA tables with improvements in the CMI 2016 model and a long term rate of improvement of 1.25% 2018 2017 Present value of defined benefit obligations £617,000 £640,000 Fair value of scheme assets £0 £0 Liability recognised in the balance sheet £617,000 £640,000 Movements in the present value of the defined benefit obligations were as follows: 2018 2017 At the beginning of the year £640,000 £x Current Service Cost £x £600,000 Interest cost £16,000 £x Actuarial loss (£39,000) £40,000 At end of year £617,000 £640,000

12. Provisions

	Deferred tax (note 13)	Total
	£	£
At 1 April 2017	3,699	3,699
Charges against provisions	( 1,457)	( 1,457)
	_______	_______
At 31 March 2018	2,242	2,242
	_______	_______

13. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2018	2017
	£	£
Included in provisions (note 12)	2,242	3,699
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	2018	2017
	£	£
Accelerated capital allowances	2,242	3,699
	_______	_______

14. 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	169,772	45,936
Later than 1 year and not later than 5 years	147,072	45,936
	_______	_______
	316,844	91,872
	_______	_______

15. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2018
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr Christakis Christodoulou	111,879	138,136	( 224,826)	25,189
	Mr James Digby-Jones	114,092	137,226	( 227,318)	24,000
		_______	_______	_______	_______
		225,971	275,362	( 452,144)	49,189
		_______	_______	_______	_______

2017
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr Christakis Christodoulou	( 18,461)	111,879	18,461	111,879
	Mr James Digby-Jones	( 25,221)	114,092	25,221	114,092
		_______	_______	_______	_______
		( 43,682)	225,971	43,682	225,971
		_______	_______	_______	_______

16. Controlling party

Christakis Christodoulou is the ultimate controlling party by virtue of his majority shareholding in The Saddington Baynes Group Ltd.