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COMPANY REGISTRATION NUMBER: 03703448
SIMON BLYTH ESTATE AGENTS (HUDDERSFIELD) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
28 February 2023
SIMON BLYTH ESTATE AGENTS (HUDDERSFIELD) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2023
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 6
SIMON BLYTH ESTATE AGENTS (HUDDERSFIELD) LIMITED
BALANCE SHEET
28 February 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
26,754
6,021
Current assets
Debtors
6
40,891
47,734
Cash at bank and in hand
136,774
194,332
------------
------------
177,665
242,066
Creditors: amounts falling due within one year
7
( 129,937)
( 176,973)
------------
------------
Net current assets
47,728
65,093
------------
------------
Total assets less current liabilities
74,482
71,114
Provisions
( 675)
------------
------------
Net assets
74,482
70,439
------------
------------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
74,382
70,339
------------
------------
Shareholders funds
74,482
70,439
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 28 February 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 September 2023 , and are signed on behalf of the board by:
Mr S H Blyth
Director
Company registration number: 03703448
SIMON BLYTH ESTATE AGENTS (HUDDERSFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Fairfield House, Hollowgate, Holmfirth, West Yorkshire, HD9 2DG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 9 ).
5. Tangible assets
Leasehold improvements
Motor vehicles
Office equipment
Total
£
£
£
£
Cost
At 1 March 2022
1,590
34,456
36,046
Additions
28,846
28,846
------------
------------
------------
------------
At 28 February 2023
1,590
28,846
34,456
64,892
------------
------------
------------
------------
Depreciation
At 1 March 2022
1,154
28,871
30,025
Charge for the year
65
7,211
837
8,113
------------
------------
------------
------------
At 28 February 2023
1,219
7,211
29,708
38,138
------------
------------
------------
------------
Carrying amount
At 28 February 2023
371
21,635
4,748
26,754
------------
------------
------------
------------
At 28 February 2022
436
5,585
6,021
------------
------------
------------
------------
6. Debtors
2023
2022
£
£
Trade debtors
6,015
20,128
Deferred tax asset
479
Prepayments and accrued income
8,945
9,932
Other debtors
25,452
17,674
------------
------------
40,891
47,734
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
9,126
9,142
Accruals and deferred income
7,047
8,204
Corporation tax
2,155
34,957
Social security and other taxes
11,619
8,360
Directors' loan accounts
74,766
99,766
Other creditors
25,224
16,544
------------
------------
129,937
176,973
------------
------------
8. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in debtors (note 6)
479
Included in provisions
( 675)
------------
------------
479
( 675)
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
479
( 675)
------------
------------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
18,039
26,747
Later than 1 year and not later than 5 years
3,160
22,250
------------
------------
21,199
48,997
------------
------------
11. Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,736 (2022 - £3,044). Contributions totalling £501 (2022 - £476) were payable to the fund at the balance sheet date and are included in creditors.
12. Related party transactions
The company is controlled by Mr S H Blyth (director). He is also a director of Simon Blyth Estate Agents (Barnsley) Limited and a partner in Simon Blyth Estate Agents. The following balances were due (to)/from the connected businesses and other related parties at the year end:
2023 2022
£ £
S H Blyth (director) (75,000) (75,000)
H McElhatton (director) (10,000)
P Stocks (director) 234 (14,766)
Simon Blyth Estate Agents (Barnsley) Limited 2,957 1,502
Simon Blyth Estate Agents (2,229) (1,854)