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Registration number: 02132070

Snows Commercials Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 June 2023

 

Snows Commercials Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Snows Commercials Limited

Company Information

Directors

NL Snow

PL Snow

Company secretary

NL Snow

Registered office

Vimpennys Lane Business Park
Vimpennys Lane
Compton Greenfield
Bristol
South Gloucester
BS35 5RY

Accountants

G W Jones & Co
Accountants
Office 1 The Coach House
24-26 Station Road
Shirehampton
Bristol
BS11 9TX

 

Snows Commercials Limited

(Registration number: 02132070)
Abridged Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

337,829

318,927

Current assets

 

Stocks

5

493,694

382,197

Debtors

6

175,055

227,023

Cash at bank and in hand

 

1,015,965

1,055,574

 

1,684,714

1,664,794

Prepayments and accrued income

 

4,537

6,427

Creditors: Amounts falling due within one year

(87,852)

(103,778)

Net current assets

 

1,601,399

1,567,443

Total assets less current liabilities

 

1,939,228

1,886,370

Provisions for liabilities

(18,005)

(19,634)

Accruals and deferred income

 

(27,113)

(25,596)

Net assets

 

1,894,110

1,841,140

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

1,894,010

1,841,040

Shareholders' funds

 

1,894,110

1,841,140

For the financial year ending 30 June 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 and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Snows Commercials Limited

(Registration number: 02132070)
Abridged Balance Sheet as at 30 June 2023

Approved and authorised by the Board on 6 October 2023 and signed on its behalf by:
 

.........................................
NL Snow
Company secretary and director

.........................................
PL Snow
Director

 

Snows Commercials Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 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:
Vimpennys Lane Business Park
Vimpennys Lane
Compton Greenfield
Bristol
South Gloucester
BS35 5RY

These financial statements were authorised for issue by the Board on 6 October 2023.

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 abridged 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 abridged 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. 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.

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.

 

Snows Commercials Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

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

Freehold property

4% reducing balance

Leasehold

4% reducing balance

Plant and machinery

25% reducing balance

Office equipment

33% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Snows Commercials Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2022 - 14).

 

Snows Commercials Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

623,025

180,423

396,201

594,244

1,793,893

Additions

39,293

6,821

-

11,847

57,961

At 30 June 2023

662,318

187,244

396,201

606,091

1,851,854

Depreciation

At 1 July 2022

409,663

166,734

321,750

576,819

1,474,966

Charge for the year

8,665

6,018

18,612

5,764

39,059

At 30 June 2023

418,328

172,752

340,362

582,583

1,514,025

Carrying amount

At 30 June 2023

243,990

14,492

55,839

23,508

337,829

At 30 June 2022

213,362

13,689

74,451

17,425

318,927

Included within the net book value of land and buildings above is £88,411 (2022 - £92,094) in respect of freehold land and buildings and £155,581 (2022 - £121,268) in respect of long leasehold land and buildings.
 

 

Snows Commercials Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

5

Stocks

2023
£

2022
£

Other inventories

493,694

382,197

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A ordinary share of £1 each

90

90

90

90

B ordinary share of £1 each

10

10

10

10

 

100

100

100

100

8

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £55.55 (2022 - £533.33) per each A ordinary share

 

5,000

 

48,000

Interim dividend of £7,500.00 per each B ordinary share

 

75,000

 

75,000

   

80,000

 

123,000

9

Related party transactions

 

Snows Commercials Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

Transactions with directors

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

NL Snow

Directors loan account

82,889

52,900

(75,000)

60,789

         
       

 

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

At 30 June 2022
£

NL Snow

Directors loan account

103,489

54,400

(75,000)

82,889

         
       

 

 

Snows Commercials Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

9,984

17,252

Contributions paid to money purchase schemes

37,000

12,000

46,984

29,252