Registered number
04239616
Sidaways Limited
Filleted Accounts
31 January 2023
Sidaways Limited
Registered number: 04239616
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 38,249 57,374
Tangible assets 4 44,662 55,061
82,911 112,435
Current assets
Debtors 5 152,916 133,653
Cash at bank and in hand 104,260 123,849
257,176 257,502
Creditors: amounts falling due within one year 6 (151,817) (164,787)
Net current assets 105,359 92,715
Total assets less current liabilities 188,270 205,150
Creditors: amounts falling due after more than one year 7 (7,137) (20,091)
Provisions for liabilities (4,606) (5,941)
Net assets 176,527 179,118
Capital and reserves
Called up share capital 103 103
Share premium 14,372 14,372
Profit and loss account 162,052 164,643
Shareholders' funds 176,527 179,118
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Jeremy Sidaway
Director
Approved by the board on 18 October 2023
Sidaways Limited
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
The financial statement are presented in sterling which is the functional currency of the company and are rounded to the nearest pound.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Income from services rendered on a non subscription fee basis is recognised by reference to the stage of completion of the contract, and income from services rendered on a subscription fee basis is recognised as the subscription invoice falls due.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Property improvements over the lease term
Plant and machinery over 5 years straight line
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 14 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2022 334,780
At 31 January 2023 334,780
Amortisation
At 1 February 2022 277,406
Provided during the year 19,125
At 31 January 2023 296,531
Net book value
At 31 January 2023 38,249
At 31 January 2022 57,374
Goodwill is being written off in equal annual instalments over its estimated economic life of between eleven and twenty years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 February 2022 48,058 92,985 141,043
Additions - 3,128 3,128
At 31 January 2023 48,058 96,113 144,171
Depreciation
At 1 February 2022 17,386 68,596 85,982
Charge for the year 4,341 9,186 13,527
At 31 January 2023 21,727 77,782 99,509
Net book value
At 31 January 2023 26,331 18,331 44,662
At 31 January 2022 30,672 24,389 55,061
5 Debtors 2023 2022
£ £
Trade debtors 121,744 96,841
Amounts recoverable on contracts 8,301 10,028
Other debtors 22,871 26,784
152,916 133,653
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 12,606 18,238
Trade creditors 6,383 5,235
Taxation and social security costs 118,857 116,162
Other creditors 13,971 25,152
151,817 164,787
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 7,137 20,091
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 19,743 38,329
The loans are secured by way of a fixed and floating charge over the company's assets.
9 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 45,500 71,500
10 Other information
Sidaways Limited is a private company limited by shares and incorporated in England. Its registered office is:
5 Providence Court
Pynes Hill
Exeter
Devon
EX2 5JL
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