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REGISTERED NUMBER: 03693319 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 January 2023

for

Sibton Country Supplies Ltd.

Sibton Country Supplies Ltd. (Registered number: 03693319)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Sibton Country Supplies Ltd.

Company Information
for the Year Ended 31 January 2023







DIRECTORS: Miss P Lear
Mr A Dale





SECRETARY: Miss P Lear





REGISTERED OFFICE: The Forge
Pouy Street
Sibton
Saxmundham
Suffolk
IP17 2JH





REGISTERED NUMBER: 03693319 (England and Wales)





ACCOUNTANTS: Turner & Ellerby
Chartered Certified Accountants
5 Church Street
Framlingham
Woodbridge
Suffolk
IP13 9BQ

Sibton Country Supplies Ltd. (Registered number: 03693319)

Balance Sheet
31 January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 12,751 7,148

CURRENT ASSETS
Stocks 54,335 48,720
Debtors 5 7,292 13,221
Cash at bank and in hand 4,058 11,673
65,685 73,614
CREDITORS
Amounts falling due within one year 6 74,908 75,546
NET CURRENT LIABILITIES (9,223 ) (1,932 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,528

5,216

CREDITORS
Amounts falling due after more than one
year

7

-

1,556
NET ASSETS 3,528 3,660

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 2,528 2,660
SHAREHOLDERS' FUNDS 3,528 3,660

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Sibton Country Supplies Ltd. (Registered number: 03693319)

Balance Sheet - continued
31 January 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 October 2023 and were signed on its behalf by:





Mr A Dale - Director


Sibton Country Supplies Ltd. (Registered number: 03693319)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Sibton Country Supplies Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
At the 31 January 2023 the company was insolvent. the financial statements however have been prepared on a going concern basis. In meeting the companies working capital requirements the directors have agreed to continue to support the company for the next 12 months. On the basis that the directors consider,with their support, it appropriate to prepare the financial statements on a going concern basis, the financial statements do not contain any adjustments that would result from the withdrawal of their support

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Showroom Improvements - not provided
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Sibton Country Supplies Ltd. (Registered number: 03693319)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Showroom and Motor Computer
Improvements fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2022 - 8,559 17,570 1,230 27,359
Additions 7,390 - - - 7,390
At 31 January 2023 7,390 8,559 17,570 1,230 34,749
DEPRECIATION
At 1 February 2022 - 6,970 12,011 1,230 20,211
Charge for year - 397 1,390 - 1,787
At 31 January 2023 - 7,367 13,401 1,230 21,998
NET BOOK VALUE
At 31 January 2023 7,390 1,192 4,169 - 12,751
At 31 January 2022 - 1,589 5,559 - 7,148

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 February 2022
and 31 January 2023 17,570
DEPRECIATION
At 1 February 2022 12,011
Charge for year 1,390
At 31 January 2023 13,401
NET BOOK VALUE
At 31 January 2023 4,169
At 31 January 2022 5,559

Sibton Country Supplies Ltd. (Registered number: 03693319)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 5,085 10,741
VAT 2,207 2,305
Prepayments - 175
7,292 13,221

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 1,556 2,333
Trade creditors 15,296 17,376
Directors' current accounts 55,706 53,522
Accrued expenses 2,350 2,315
74,908 75,546

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts - 1,556