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COMPANY REGISTRATION NUMBER: 04221238
Sinclair Fitzsimmons Ltd
Filleted Unaudited Financial Statements
31 May 2022
Sinclair Fitzsimmons Ltd
Statement of Financial Position
31 May 2022
2022
2021
Note
£
£
£
Current assets
Stocks
250
Debtors
7
75,811
82,512
Cash at bank and in hand
11
--------
--------
75,811
82,773
Creditors: amounts falling due within one year
8
75,617
82,577
--------
--------
Net current assets
194
196
----
----
Total assets less current liabilities
194
196
----
----
Net assets
194
196
----
----
Capital and reserves
Called up share capital
100
100
Profit and loss account
94
96
----
----
Shareholders funds
194
196
----
----
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 Section 1A of 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 income and retained earnings has not been delivered.
For the year ending 31st May 2022 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 were approved by the board of directors and authorised for issue on 16 August 2022 , and are signed on behalf of the board by:
Mr R J Sinclair
Miss E A Fitzsimmons
Director
Director
Company registration number: 04221238
Sinclair Fitzsimmons Ltd
Notes to the Financial Statements
Year ended 31st May 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Loseby Lane, Leicester, LE1 5DR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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:
Goodwill
-
20% straight line
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fixtures, fittings and equipment
-
25% reducing balance
Impairment of fixed assets
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 3 ).
5. Intangible assets
Goodwill
£
Cost
At 1st June 2021 and 31st May 2022
5,340
-------
Amortisation
At 1st June 2021 and 31st May 2022
5,340
-------
Carrying amount
At 31st May 2022
-------
At 31st May 2021
-------
6. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1st June 2021 and 31st May 2022
2,298
2,298
-------
-------
Depreciation
At 1st June 2021 and 31st May 2022
2,298
2,298
-------
-------
Carrying amount
At 31st May 2022
-------
-------
At 31st May 2021
-------
-------
7. Debtors
2022
2021
£
£
Trade debtors
75,347
82,076
Other debtors
464
436
--------
--------
75,811
82,512
--------
--------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
10,921
10,427
Trade creditors
243
( 133)
Corporation tax
7
7
Social security and other taxes
9,934
13,091
Other creditors
54,512
59,185
--------
--------
75,617
82,577
--------
--------