Registered number
11785070
Albert's Shed Southwater Ltd
Filleted Accounts
31 January 2023
Albert's Shed Southwater Ltd
Registered number: 11785070
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 220,934 231,330
Current assets
Stocks 14,415 34,000
Debtors 4 164,913 15,039
Cash at bank and in hand 67,819 398,471
247,147 447,510
Creditors: amounts falling due within one year 5 (386,209) (613,901)
Net current liabilities (139,062) (166,391)
Total assets less current liabilities 81,872 64,939
Creditors: amounts falling due after more than one year 6 (37,477) (42,800)
Net assets 44,395 22,139
Capital and reserves
Called up share capital 100 100
Profit and loss account 44,295 22,039
Shareholder's funds 44,395 22,139
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Daniel Fletcher
Director
Approved by the board on 29 September 2023
Albert's Shed Southwater Ltd
Notes to the Accounts
for the year ended 31 January 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 assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected usefull life, as follows:
Office equipment 20% reducing balance
Furniture and fictures 20 % 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. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 71 49
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 February 2022 138,330 135,563 273,893
Additions - 10,255 10,255
At 31 January 2023 138,330 145,818 284,148
Depreciation
At 1 February 2022 - 42,563 42,563
Charge for the year - 20,651 20,651
At 31 January 2023 - 63,214 63,214
Net book value
At 31 January 2023 138,330 82,604 220,934
At 31 January 2022 138,330 93,000 231,330
4 Debtors 2023 2022
£ £
Other debtors 164,913 15,039
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 15,852 17,123
Trade creditors 133,509 146,139
Taxation and social security costs 166,683 202,059
Other creditors 70,165 248,580
386,209 613,901
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 37,477 42,800
7 Other information
Albert's Shed Southwater Ltd is a private company limited by shares and incorporated in England. Its registered office is:
124 City Road
London City Road
London
EC1V 2NX
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