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Registration number: 02797097

Frederick Sherrell Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Frederick Sherrell Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 8

 

Frederick Sherrell Limited

Company Information

Directors

Mr J Rickeard

Mr R Gould

Mr N J Singleton

Company secretary

Mr R Gould

Registered office

66 West Street
Tavistock
Devon
PL19 8AJ

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Frederick Sherrell Limited
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Frederick Sherrell Limited for the year ended 28 February 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Frederick Sherrell Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Frederick Sherrell Limited and state those matters that we have agreed to state to the Board of Directors of Frederick Sherrell Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Frederick Sherrell Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Frederick Sherrell Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Frederick Sherrell Limited. You consider that Frederick Sherrell Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Frederick Sherrell Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

14 September 2023

 

Frederick Sherrell Limited

(Registration number: 02797097)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,217

3,628

Current assets

 

Stocks

5

15,577

51,479

Debtors

6

130,200

146,133

Cash at bank and in hand

 

181,879

212,843

 

327,656

410,455

Creditors: Amounts falling due within one year

7

(29,541)

(44,769)

Net current assets

 

298,115

365,686

Total assets less current liabilities

 

301,332

369,314

Provisions for liabilities

(611)

(689)

Net assets

 

300,721

368,625

Capital and reserves

 

Called up share capital

2,953

3,455

Capital redemption reserve

7,053

6,551

Retained earnings

290,715

358,619

Shareholders' funds

 

300,721

368,625

 

Frederick Sherrell Limited

(Registration number: 02797097)
Balance Sheet as at 28 February 2023

For the financial 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 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.

Approved and authorised by the Board on 14 September 2023 and signed on its behalf by:
 

.........................................

Mr R Gould

Company secretary and director

 

Frederick Sherrell Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
66 West Street
Tavistock
Devon
PL19 8AJ

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' 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.

Revenue recognition

Turnover comprises the fair value of the consideration received for the provision of specialist engineering geology, environmental and geotechnical engineering consultancy services in the ordinary course of the company's activities. Turnover is shown net of value added tax, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity.

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.

 

Frederick Sherrell Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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

Plant and machinery

33% straight line basis

Fixtures and fittings

15% reducing balance basis

Investments

Fixed asset investments are included in the financial statements at fair value at the balance sheet date. The surplus or deficit on revaluation is transferred to the profit and loss account during the year, and at the reporting date the overall revaluation gain or loss (net of deferred tax) is transferred from the distributable profit and loss reserve to a separate non-distributable reserve.

Stocks

Work in progress is stated at the lower of cost and estimated selling price less costs to complete and sell. The company does not hold any physical stocks.

The cost of work in progress comprises direct labour costs and those overheads that have been incurred in the course of the work. At each reporting date, work in progress is assessed for impairment, and any impairment loss is recognised immediately in profit or loss.

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 6 (2022 - 6).

 

Frederick Sherrell Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2022

11,072

59,841

70,913

Additions

-

2,150

2,150

Disposals

-

(2,250)

(2,250)

At 28 February 2023

11,072

59,741

70,813

Depreciation

At 1 March 2022

9,776

57,509

67,285

Charge for the year

193

2,368

2,561

Eliminated on disposal

-

(2,250)

(2,250)

At 28 February 2023

9,969

57,627

67,596

Carrying amount

At 28 February 2023

1,103

2,114

3,217

At 28 February 2022

1,296

2,332

3,628

5

Stocks

2023
£

2022
£

Work in progress

15,577

51,479

6

Debtors

2023
£

2022
£

Trade debtors

88,502

80,657

Prepayments

7,061

14,899

Other debtors

34,637

50,577

130,200

146,133

 

Frederick Sherrell Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

157

-

Taxation and social security

24,013

37,630

Accruals and deferred income

4,504

4,375

Other creditors

867

2,764

29,541

44,769

8

Related party transactions

During the year, the company made advances totalling £18,928 (2022: £22,485) to a director. The director made repayments during the year of £30,594 (2022: £22,883). The balance outstanding at the year-end was £11,079 (2022: £22,593). Interest is charged at HMRC published rates and is calculated on a monthly basis. This loan is repayable on demand.

During the year, the company made advances totalling £517 (2022: £4,423) to a director. The director made repayments during the year of £4,423 (2022: £4,542). The company wrote off the loan during the year, therefore the amount outstanding at the year-end was nil (2022: £4,423). No interest has been charged on this balance.

During the year, the company made advances totalling £31,265 (2022: £23,397) to a further director. The director made repayments during the year of £31,562 (2022: £20,555). The balance outstanding at the year-end was £23,558 (2022: £23,561). Interest is charged at HMRC published rates and is calculated on a monthly basis. This loan is repayable on demand.