Registered number
01655789
Snippersgate '88 Limited
Filleted Accounts
30 April 2023
Snippersgate '88 Limited
Registered number: 01655789
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 953,023 872,982
Current assets
Stocks 1,146,306 1,223,230
Debtors 4 133,294 9,876
Cash at bank and in hand 50,049 27,328
1,329,649 1,260,434
Creditors: amounts falling due within one year 5 (451,501) (390,998)
Net current assets 878,148 869,436
Total assets less current liabilities 1,831,171 1,742,418
Provisions for liabilities (116,520) (101,313)
Net assets 1,714,651 1,641,105
Capital and reserves
Called up share capital 58,286 58,286
Share premium 44,713 44,713
Revaluation reserve 6 788,246 724,653
Profit and loss account 823,406 813,453
Shareholders' funds 1,714,651 1,641,105
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
E.G. Lawson
Director
Approved by the board on 28 July 2023
Snippersgate '88 Limited
Notes to the Accounts
for the year ended 30 April 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and 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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 1% per annum - straight line
Fixtures, fittings, tools and equipment 15% per annum - reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 8
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 May 2022 880,000 5,122 885,122
Additions - 1,774 1,774
Surplus on revaluation 70,000 - 70,000
At 30 April 2023 950,000 6,896 956,896
Depreciation
At 1 May 2022 8,800 3,340 12,140
Charge for the year - 533 533
Surplus on revaluation (8,800) - (8,800)
At 30 April 2023 - 3,873 3,873
Net book value
At 30 April 2023 950,000 3,023 953,023
At 30 April 2022 871,200 1,782 872,982
Freehold land and buildings: 2023 2022
£ £
Historical cost 156,186 156,186
Cumulative depreciation based on historical cost (51,506) (49,944)
207,692 206,130
4 Debtors 2023 2022
£ £
Trade debtors 125,380 3,118
Other debtors 7,914 6,758
133,294 9,876
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 132,306 40,311
Taxation and social security costs 26,450 54,974
Other creditors 292,745 295,713
451,501 390,998
6 Revaluation reserve 2023 2022
£ £
At 1 May 2022 724,653 723,135
Gain on revaluation of land and buildings 78,800 -
Deferred taxation arising on the revaluation of land and buildings (15,207) 1,518
At 30 April 2023 788,246 724,653
7 Other information
Snippersgate '88 Limited is a private company limited by shares and incorporated in England. Its registered office is:
South Hetton Road
Easington Lane
Houghton-le-Spring
Tyne and Wear
DH5 0LG
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