Seaward Material Solutions Ltd FILLETED ACCOUNTS COVER
Seaward Material Solutions Ltd
Company No. 08425863
Information for Filing with The Registrar
31 March 2017
Seaward Material Solutions Ltd DIRECTORS REPORT REGISTRAR
The Directors present their report and the accounts for the year ended 31 March 2017.
Principal activities
The principal activity of the company during the year under review was leather merchandising.
Directors
The Directors who served at any time during the year were as follows:
A. Seaward
H. Seaward
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
A. Seaward
Director
20 October 2017
Seaward Material Solutions Ltd BALANCE SHEET REGISTRAR
at
31 March 2017
Company No.
08425863
Notes
2017
2016
£
£
Fixed assets
Tangible assets
2
- 327
- 327
Current assets
Debtors
3
108,034 79,471
Cash at bank and in hand
263,589 98,159
371,623 177,630
Creditors: Amount falling due within one year
4
(136,481)
(19,628)
Net current assets
235,142 158,002
Total assets less current liabilities
235,142 158,329
Net assets
235,142 158,329
Capital and reserves
Called up share capital
100 100
Profit and loss account
5
235,042 158,229
Total equity
235,142 158,329
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 March 2017 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 20 October 2017
And signed on its behalf by:
A. Seaward
Director
20 October 2017
Seaward Material Solutions Ltd NOTES TO THE ACCOUNTS REGISTRAR
for the year ended 31 March 2017
1
Accounting policies
Basis of preparation
The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006 . There were no material departures from that standard.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
2
Tangible fixed assets
Fixtures, fittings and equipment
Total
£
£
Cost or revaluation
At 1 April 2016
1,314 1,314
At 31 March 2017
1,314 1,314
Depreciation
At 1 April 2016
987 987
Charge for the year
327 327
At 31 March 2017
1,314 1,314
Net book values
At 31 March 2017
- -
At 31 March 2016
327 327
3
Debtors
2017
2016
£
£
Trade debtors
23,405 7,499
Prepayments and accrued income
84,629 71,972
108,034 79,471
4
Creditors:
amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
1,384 651
Corporation tax
25,459 9,480
Other taxes and social security
10,229 2,315
Other creditors
16,909 1,463
Accruals and deferred income
82,500 5,719
136,481 19,628
5
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
6
Dividends
2017
2016
£
£
Dividends for the period:
Dividends paid in the period
20,000
20,000
20,000 20,000
Dividends by type:
Equity dividends
20,000 20,000
20,000
20,000
7
Related party disclosures
Controlling parties
Immediate controlling parties
A Seaward and H Seaward who equally own all of the issued share capital
8
Additional information
Its registered number is:
08425863
Its registered office is:
50 Brookfield Way
Street
Somerset
BA16 0UE
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