REGISTERED NUMBER: |
SARN ENTERPRISES LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2018 |
REGISTERED NUMBER: |
SARN ENTERPRISES LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2018 |
SARN ENTERPRISES LIMITED (REGISTERED NUMBER: 04239097) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SARN ENTERPRISES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2018 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SARN ENTERPRISES LIMITED (REGISTERED NUMBER: 04239097) |
BALANCE SHEET |
30 APRIL 2018 |
2018 | 2017 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings - |
non distributable |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
SARN ENTERPRISES LIMITED (REGISTERED NUMBER: 04239097) |
BALANCE SHEET - continued |
30 APRIL 2018 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors on behalf by: |
SARN ENTERPRISES LIMITED (REGISTERED NUMBER: 04239097) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2018 |
1. | STATUTORY INFORMATION |
Sarn Enterprises Limited is a |
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 |
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. |
Fair value measurement of investment property |
The company carries its investment property at fair value, with changes in fair value being recognised |
in profit or loss. The company uses a combination of open market valuations of similar properties |
within the same geographical location and third party information either directly related to the |
properties under ownership or that of similar properties in order to ascertain a fair value at the Balance |
Sheet date. If considered significantly different to the value held in the Balance Sheet, the directors will |
recognise the adjustment to fair value in profit or loss accordingly. |
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 |
Furniture and equipment | - |
Investment property |
Investment properties consist of land and buildings held for the purpose of earning rentals, capital |
appreciation or both. They are initially recognised at cost plus any directly attributable expenditure and |
are subsequently measured to fair value at each reporting date with the movement recognised |
immediately in profit or loss. |
SARN ENTERPRISES LIMITED (REGISTERED NUMBER: 04239097) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2018 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
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. |
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 the present value of future |
payments discounted at the 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. |
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. |
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 |
SARN ENTERPRISES LIMITED (REGISTERED NUMBER: 04239097) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2018 |
4. | TANGIBLE FIXED ASSETS |
Furniture |
and |
equipment |
£ |
COST |
At 1 May 2017 |
and 30 April 2018 |
DEPRECIATION |
At 1 May 2017 |
Charge for year |
At 30 April 2018 |
NET BOOK VALUE |
At 30 April 2018 |
At 30 April 2017 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2017 |
Fair value adjustment | 61,653 |
At 30 April 2018 |
NET BOOK VALUE |
At 30 April 2018 |
At 30 April 2017 |
Fair value at 30 April 2018 is represented by: |
£ |
Valuation in 2015 | 457,147 |
Valuation in 2018 | 61,653 |
518,800 |
The above valuations were carried out by the directors. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Amounts owed by related companies | - | 340,000 |
Prepayments and accrued income |
SARN ENTERPRISES LIMITED (REGISTERED NUMBER: 04239097) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2018 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Tax |
VAT | - | 339,650 |
Directors' loan accounts | 487,941 | 487,941 |
Accruals and deferred income |
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 (2017 : £487,941). No movement. |
During the year, rent was received from Wycombe Wanderers Football Club Limited. Amount £24,000 |
(2017 : £24,000). Both companies have common directors. |
During the year, consultancy fees were charged to related companies (aggregated). Amount £100,000 |
(2017 : £550,000). Amounts owed are included in prepayments and accrued income. |
Amounts owed by related companies (aggregated) were £Nil (2017 : £340,000). |
Related companies (aggregated) include : - |
Beechdean Dairies Limited |
Beechdean Manufacturing Limited |
AJ Howard and SH Howard are directors and shareholders in both companies. |