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Registration number: 08087924

Saddleworth Accountancy Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2022

 

Saddleworth Accountancy Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Saddleworth Accountancy Limited

Company Information

Director

Mr Adrian Green

Company secretary

Mrs Catherine Green

Registered office

8 Brookhill Close
Diggle
Oldham
Lancashire
OL3 5NH

Accountants

Bright Partnership LLP
Chartered Accountants & Business Advisors
26 Edward Court
Broadheath
Altrincham
WA14 5GL

 

Saddleworth Accountancy Limited

(Registration number: 08087924)
Balance Sheet as at 31 May 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

1,366

1,767

Current assets

 

Debtors

6

24,668

53,314

Cash at bank and in hand

 

192,875

140,576

 

217,543

193,890

Creditors: Amounts falling due within one year

7

(24,008)

(26,117)

Net current assets

 

193,535

167,773

Net assets

 

194,901

169,540

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

194,801

169,440

Shareholders' funds

 

194,901

169,540

For the financial year ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 7 September 2022
 

.........................................
Mr Adrian Green
Director

 

Saddleworth Accountancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
8 Brookhill Close
Diggle
Oldham
Lancashire
OL3 5NH
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Saddleworth Accountancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

33% Straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Saddleworth Accountancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2021 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2022
£

2021
£

Depreciation expense

1,050

959

 

Saddleworth Accountancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

5

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2021

6,181

6,181

Additions

649

649

At 31 May 2022

6,830

6,830

Depreciation

At 1 June 2021

4,414

4,414

Charge for the year

1,050

1,050

At 31 May 2022

5,464

5,464

Carrying amount

At 31 May 2022

1,366

1,366

At 31 May 2021

1,767

1,767

6

Debtors

Current

2022
£

2021
£

Trade debtors

10,488

41,904

Prepayments

350

350

Other debtors

13,830

11,060

 

24,668

53,314

7

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

73

66

Taxation and social security

16,805

19,634

Other creditors

7,130

6,417

24,008

26,117

 

Saddleworth Accountancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Related party transactions

Directors' remuneration

The director's remuneration for the year was as follows:

2022
£

2021
£

Remuneration

38,525

31,728

Contributions paid to money purchase schemes

8,556

8,556

47,081

40,284