Sloan's Installation Services Limited 03676270 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of curtain wall installation Digita Accounts Production Advanced 6.30.9574.0 true 03676270 2022-04-01 2023-03-31 03676270 2023-03-31 03676270 core:RetainedEarningsAccumulatedLosses 2023-03-31 03676270 core:ShareCapital 2023-03-31 03676270 core:CurrentFinancialInstruments 2023-03-31 03676270 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 03676270 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 03676270 core:MotorVehicles 2023-03-31 03676270 core:OfficeEquipment 2023-03-31 03676270 core:PlantMachinery 2023-03-31 03676270 bus:SmallEntities 2022-04-01 2023-03-31 03676270 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 03676270 bus:FullAccounts 2022-04-01 2023-03-31 03676270 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 03676270 bus:RegisteredOffice 2022-04-01 2023-03-31 03676270 bus:Director2 2022-04-01 2023-03-31 03676270 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03676270 core:MotorVehicles 2022-04-01 2023-03-31 03676270 core:OfficeEquipment 2022-04-01 2023-03-31 03676270 core:PlantMachinery 2022-04-01 2023-03-31 03676270 countries:EnglandWales 2022-04-01 2023-03-31 03676270 2022-03-31 03676270 core:MotorVehicles 2022-03-31 03676270 core:OfficeEquipment 2022-03-31 03676270 core:PlantMachinery 2022-03-31 03676270 2021-04-01 2022-03-31 03676270 2022-03-31 03676270 core:RetainedEarningsAccumulatedLosses 2022-03-31 03676270 core:ShareCapital 2022-03-31 03676270 core:CurrentFinancialInstruments 2022-03-31 03676270 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 03676270 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 03676270 core:MotorVehicles 2022-03-31 03676270 core:OfficeEquipment 2022-03-31 03676270 core:PlantMachinery 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 03676270

Sloan's Installation Services Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Sloan's Installation Services Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Sloan's Installation Services Limited

(Registration number: 03676270)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

15,974

21,171

Current assets

 

Stocks

5

14,445

26,908

Debtors

6

23,380

39,556

Cash at bank and in hand

 

24,177

3,590

 

62,002

70,054

Creditors: Amounts falling due within one year

7

(45,651)

(45,355)

Net current assets

 

16,351

24,699

Total assets less current liabilities

 

32,325

45,870

Creditors: Amounts falling due after more than one year

7

(28,316)

(41,025)

Provisions for liabilities

(3,035)

(4,022)

Net assets

 

974

823

Capital and reserves

 

Called up share capital

2

2

Retained earnings

972

821

Shareholders' funds

 

974

823

 

Sloan's Installation Services Limited

(Registration number: 03676270)
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 6 October 2023 and signed on its behalf by:
 

.........................................
Mr JP Sloan
Director

 

Sloan's Installation Services 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:
60 Spitfire Way
Tunstall
Stoke-On-Trent
Staffordshire
ST6 5XQ
England

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 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.

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in relation to that of curtain wall installation. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Sloan's Installation Services Limited

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

Government grants

Government Grants are recognised using the accrual model. Grants which relate to revenue shall be
recognised in other operating income on a systematic basis over the periods in which the company recognises
the related costs for which the grant is intended to compensate.

Any amounts outstanding at the year end will be included within other debtors.

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.

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

15% reducing balance basis

Office equipment

33% straight line basis

Motor vehicles

25% reducing balance basis

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.

 

Sloan's Installation Services Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Sloan's Installation Services Limited

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

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

8,618

595

44,048

53,261

At 31 March 2023

8,618

595

44,048

53,261

Depreciation

At 1 April 2022

7,650

595

23,845

32,090

Charge for the year

146

-

5,051

5,197

At 31 March 2023

7,796

595

28,896

37,287

Carrying amount

At 31 March 2023

822

-

15,152

15,974

At 31 March 2022

968

-

20,203

21,171

5

Stocks

2023
£

2022
£

Work in progress

14,445

26,908

6

Debtors

Current

2023
£

2022
£

Trade debtors

-

6,650

Other debtors

23,380

32,906

 

23,380

39,556

 

Sloan's Installation Services Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

12,388

12,135

Trade creditors

 

-

684

Taxation and social security

 

4,672

1,816

Other creditors

 

28,591

30,720

 

45,651

45,355

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £7,367.40 (2022 - £9,823.20).

These hire purchases are secured by the assets themselves.

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,932

9,679

HP and finance lease liabilities

2,456

2,456

12,388

12,135

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

28,316

41,025