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Registration number: 13016805

Sutcliffe's of Farsley Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Sutcliffe's of Farsley Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Sutcliffe's of Farsley Limited

(Registration number: 13016805)
Balance Sheet as at 31 March 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Intangible assets

4

 

328,918

 

372,292

Tangible assets

5

 

1,949

 

2,293

   

330,867

 

374,585

Current assets

   

 

Stocks

6,350

 

5,800

 

Debtors

6

15,995

 

11,184

 

Cash at bank and in hand

 

81,489

 

149,358

 

 

103,834

 

166,342

 

Creditors: Amounts falling due within one year

7

(242,149)

 

(383,013)

 

Net current liabilities

   

(138,315)

 

(216,671)

Total assets less current liabilities

   

192,552

 

157,914

Provisions for liabilities

 

(400)

 

(400)

Net assets

   

192,152

 

157,514

Capital and reserves

   

 

Called up share capital

8

120

 

120

 

Profit and loss account

192,032

 

157,394

 

Total equity

   

192,152

 

157,514

 

Sutcliffe's of Farsley Limited

(Registration number: 13016805)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 September 2023 and signed on its behalf by:
 

.........................................
R J Sutcliffe
Director

 

Sutcliffe's of Farsley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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:
109 Town Street
Farsley
Pudsey
West Yorkshire
LS28 5HX

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

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.

The company's functional and presentation currency is pound sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

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 corporation 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.

 

Sutcliffe's of Farsley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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

Furniture, fittings and equipment

15% reducing balance basis

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

Over 10 years

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Sutcliffe's of Farsley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

Financial instruments


Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 7 (2022 - 6).

 

Sutcliffe's of Farsley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

433,738

433,738

At 31 March 2023

433,738

433,738

Amortisation

At 1 April 2022

61,446

61,446

Amortisation charge

43,374

43,374

At 31 March 2023

104,820

104,820

Carrying amount

At 31 March 2023

328,918

328,918

At 31 March 2022

372,292

372,292

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

2,878

2,878

At 31 March 2023

2,878

2,878

Depreciation

At 1 April 2022

585

585

Charge for the year

344

344

At 31 March 2023

929

929

Carrying amount

At 31 March 2023

1,949

1,949

At 31 March 2022

2,293

2,293

6

Debtors

Current

2023
£

2022
£

Trade debtors

10,995

8,989

Prepayments

5,000

413

Other debtors

-

1,782

 

15,995

11,184

 

Sutcliffe's of Farsley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

2023
£

2022
£

Due within one year

Loans and borrowings

179,849

327,383

Trade creditors

28,210

15,300

Taxation and social security

30,303

37,000

Accruals and deferred income

3,580

3,225

Other creditors

207

105

242,149

383,013

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £nil (2022 £1,984).

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A ordinary shares of £1 each

48

48

48

48

B ordinary shares of £1 each

48

48

48

48

C ordinary shares of £1 each

6

6

6

6

D ordinary shares of £1 each

6

6

6

6

E ordinary shares of £1 each

6

6

6

6

F ordinary shares of £1 each

6

6

6

6

 

120

120

120

120

 

Sutcliffe's of Farsley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Interest free loans

773

50,109

(50,882)

-

         
       

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Interest free loans

-

15,341

(14,568)

773

         
       

 

Expenditure with and payables to related parties

2023

Key management
£

Amounts payable to related party

179,849

2022

Key management
£

Amounts payable to related party

325,399