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Registration number: 12768436

Sheldon South West Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2022

 

Sheldon South West Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Sheldon South West Limited

Company Information

Director

NS Jago

Registered office

13 Silver Street
Barnstaple
Devon
EX32 8HR

Accountants

LCA Chartered Accountants
13 Silver Street
Barnstaple
Devon
EX32 8HR

 

Sheldon South West Limited

(Registration number: 12768436)
Balance Sheet as at 30 September 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

200,000

225,000

Tangible assets

5

4,359

4,484

 

204,359

229,484

Current assets

 

Stocks

1,513

4,187

Debtors

6

84,540

130,313

Cash at bank and in hand

 

59,068

18,285

 

145,121

152,785

Creditors: Amounts falling due within one year

7

(248,861)

(287,717)

Net current liabilities

 

(103,740)

(134,932)

Total assets less current liabilities

 

100,619

94,552

Provisions for liabilities

(160)

(36)

Net assets

 

100,459

94,516

Capital and reserves

 

Called up share capital

100

100

Retained earnings

100,359

94,416

Shareholders' funds

 

100,459

94,516

For the financial year ending 30 September 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Sheldon South West Limited

(Registration number: 12768436)
Balance Sheet as at 30 September 2022

Approved and authorised by the director on 29 September 2023
 

.........................................
NS Jago
Director

 

Sheldon South West Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

1

General information

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

The address of its registered office is:
13 Silver Street
Barnstaple
Devon
EX32 8HR

These financial statements were authorised for issue by the director on 29 September 2023.

2

Accounting policies

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.

Going concern

The financial statements have been prepared on a going concern basis.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Sheldon South West Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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

20% reducing balance

Office equipment

20% reducing balance

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

10% straight line

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

3

Staff numbers

The average number of persons employed by the company (excluding the director) during the year, was 6 (2021 - 3).

 

Sheldon South West Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2021

250,000

250,000

At 30 September 2022

250,000

250,000

Amortisation

At 1 October 2021

25,000

25,000

Amortisation charge

25,000

25,000

At 30 September 2022

50,000

50,000

Carrying amount

At 30 September 2022

200,000

200,000

At 30 September 2021

225,000

225,000

5

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 October 2021

3,365

2,240

5,605

Additions

649

217

866

At 30 September 2022

4,014

2,457

6,471

Depreciation

At 1 October 2021

673

448

1,121

Charge for the year

593

398

991

At 30 September 2022

1,266

846

2,112

Carrying amount

At 30 September 2022

2,748

1,611

4,359

At 30 September 2021

2,692

1,792

4,484

 

Sheldon South West Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

6

Debtors

Current

2022
£

2021
£

Trade debtors

71,884

109,763

Prepayments

523

1,423

Other debtors

12,133

19,127

 

84,540

130,313

7

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Trade creditors

7,365

26,920

Taxation and social security

23,817

31,818

Accruals and deferred income

1,445

1,350

Other creditors

216,234

227,629

248,861

287,717