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Registration number: 04452977

Sheds n Chalets Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2022

 

Sheds n Chalets Limited

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 11

 

Sheds n Chalets Limited

Company Information

Directors

Mr Martin P Neve

Mrs Helen Neve

Registered office

Argyle House
10 West Street
Gorseinon
Swansea
SA4 4AA

Accountants

Fergusons & Peters Chartered Accountants
Argyle House
10 West Street
Gorseinon
Swansea
SA4 4AA

 

Sheds n Chalets Limited

Directors' Report for the Year Ended 31 May 2022

The directors present their report and the financial statements for the year ended 31 May 2022.

Directors of the company

The directors who held office during the year were as follows:

Mr Martin P Neve

Mrs Helen Neve

Principal activity

The principal activity of the company is the manufacturing of sheds and other wooden domestic products

Small companies provision statement

This report has 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 Board on 12 August 2022 and signed on its behalf by:
 

.........................................
Mr Martin P Neve
Director

 

Sheds n Chalets Limited

(Registration number: 04452977)
Balance Sheet as at 31 May 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

-

750

Tangible assets

5

190,606

186,322

 

190,606

187,072

Current assets

 

Stocks

6

73,965

81,240

Debtors

7

30,892

20,653

Cash at bank and in hand

 

13,371

41,910

 

118,228

143,803

Creditors: Amounts falling due within one year

8

(99,951)

(194,860)

Net current assets/(liabilities)

 

18,277

(51,057)

Net assets

 

208,883

136,015

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

208,881

136,013

Shareholders' funds

 

208,883

136,015

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.

Directors' 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 directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 August 2022 and signed on its behalf by:
 

.........................................
Mr Martin P Neve
Director

 

Sheds n Chalets 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 Wales.

The address of its registered office is:
Argyle House
10 West Street
Gorseinon
Swansea
SA4 4AA

These financial statements were authorised for issue by the Board on 12 August 2022.

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.

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.

 

Sheds n Chalets 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 & Machinery

10-20% per annum straight line

Motor Vehicles

25% per annum straight line

Short leasehold improvements

10% per annum straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years

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.

 

Sheds n Chalets Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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 directors) during the year, was 10 (2021 - 12).

 

Sheds n Chalets Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2021

15,000

15,000

At 31 May 2022

15,000

15,000

Amortisation

At 1 June 2021

14,250

14,250

Amortisation charge

750

750

At 31 May 2022

15,000

15,000

Carrying amount

At 31 May 2022

-

-

At 31 May 2021

750

750

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2021

51,786

102,549

151,811

306,146

Additions

-

11,695

31,086

42,781

Disposals

-

(24,882)

-

(24,882)

At 31 May 2022

51,786

89,362

182,897

324,045

Depreciation

At 1 June 2021

23,959

35,642

60,223

119,824

Charge for the year

4,645

18,499

14,741

37,885

Eliminated on disposal

-

(24,270)

-

(24,270)

At 31 May 2022

28,604

29,871

74,964

133,439

Carrying amount

At 31 May 2022

23,182

59,491

107,933

190,606

At 31 May 2021

27,827

66,907

91,588

186,322

Included within the net book value of land and buildings above is £23,182 (2021 - £27,827) in respect of short leasehold land and buildings.
 

 

Sheds n Chalets Limited

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

6

Stocks

2022
£

2021
£

Other inventories

73,965

81,240

7

Debtors

Current

2022
£

2021
£

Trade debtors

23,602

15,443

Prepayments

2,188

1,955

Other debtors

5,102

3,255

 

30,892

20,653

 

Sheds n Chalets Limited

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

8

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

17,255

41,408

Taxation and social security

30,013

15,414

Accruals and deferred income

7,833

8,536

Other creditors

44,850

129,502

99,951

194,860

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

10

Dividends

Final dividends paid

   

2022
£

 

2021
£

Final dividend of £33,750.00 (2021 - £33,000.00) per each Ordinary

 

67,500

 

66,000

         

11

Related party transactions

 

Sheds n Chalets Limited

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

Transactions with directors

2022

At 1 June 2021
£

Advances to director
£

Repayments by director
£

At 31 May 2022
£

Mr Martin P Neve

64,752

(77,126)

33,750

21,375

         
       

Mrs Helen Neve

64,752

(77,127)

33,750

21,375

         
       

 

2021

At 1 June 2020
£

Advances to director
£

Repayments by director
£

At 31 May 2021
£

Mr Martin P Neve

66,494

(34,742)

33,000

64,752

         
       

Mrs Helen Neve

66,494

(34,742)

33,000

64,752

         
       

 

 

Sheds n Chalets Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2022
£

2021
£

Remuneration

17,620

17,568

Contributions paid to money purchase schemes

42,000

49,002

59,620

66,570

Dividends paid to directors

   

2022
£

 

2021
£

Mrs Helen Neve

       

Ordinary

 

33,750

 

33,000

         

Mr Martin P Neve

       

Ordinary

 

33,750

 

33,000