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REGISTERED NUMBER: 07035658 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

SHERLOCK FUNERAL SERVICE LIMITED

SHERLOCK FUNERAL SERVICE LIMITED (REGISTERED NUMBER: 07035658)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


SHERLOCK FUNERAL SERVICE LIMITED (REGISTERED NUMBER: 07035658)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 38,850 61,050
Tangible assets 6 206,882 104,560
245,732 165,610

CURRENT ASSETS
Stocks 41,178 37,327
Debtors 7 2,031,667 1,981,289
Cash at bank and in hand 187,422 130,529
2,260,267 2,149,145
CREDITORS
Amounts falling due within one year 8 990,144 887,329
NET CURRENT ASSETS 1,270,123 1,261,816
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,515,855

1,427,426

CREDITORS
Amounts falling due after more than one
year

9

(112,345

)

(37,589

)

PROVISIONS FOR LIABILITIES (27,011 ) (1,816 )
NET ASSETS 1,376,499 1,388,021

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,376,399 1,387,921
SHAREHOLDERS' FUNDS 1,376,499 1,388,021

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

SHERLOCK FUNERAL SERVICE LIMITED (REGISTERED NUMBER: 07035658)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2023 and were signed on its behalf by:





Miss M R Stoneman - Director


SHERLOCK FUNERAL SERVICE LIMITED (REGISTERED NUMBER: 07035658)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Sherlock Funeral Service Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07035658

Registered office: Chancery House
3 Hatchlands Road
Redhill
Surrey
RH1 6AA

The presentation currency of the financial statements is the Pound Sterling (£).


All amounts in the financial statements have been rounded to the nearest £.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company either as a lessor or a lessee are operating lease or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
- Determine whether there are indicators of impairment of the company's tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. At each reporting period date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

Other key sources of estimation uncertainty

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

SHERLOCK FUNERAL SERVICE LIMITED (REGISTERED NUMBER: 07035658)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. ACCOUNTING POLICIES - continued

Turnover and revenue recognition
Turnover represents net invoiced sales of goods and services, excluding value added tax. Turnover is recognised when the company has satisfied its contractual obligation.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of fifteen years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

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 shorter.

Plant and machinery- 20% reducing balance, 25% on cost and 15% on reducing balance

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Basic financial assets, which include trade debtors, other debtors, loans to fellow group companies and cash and bank balances, are initially measured at the transaction price including transaction costs and are subsequently recognised at amortised cost.

Basic financial liabilities, including trade creditors, loans from fellow group companies, hire purchase liabilities and accruals, are initially recognised at transaction price and are subsequently recognised at amortised cost.

The company has no financial assets or financial liabilities measured at fair value, but the company does have external borrowings. The company is not exposed to risk arising from the interest rate benchmark reform as LIBOR is replaced with alternative benchmark interest rates.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.


SHERLOCK FUNERAL SERVICE LIMITED (REGISTERED NUMBER: 07035658)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 the 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.

Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 10 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 333,000
AMORTISATION
At 1 April 2022 271,950
Charge for year 22,200
At 31 March 2023 294,150
NET BOOK VALUE
At 31 March 2023 38,850
At 31 March 2022 61,050

SHERLOCK FUNERAL SERVICE LIMITED (REGISTERED NUMBER: 07035658)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 196,921
Additions 146,646
Disposals (31,210 )
At 31 March 2023 312,357
DEPRECIATION
At 1 April 2022 92,361
Charge for year 24,895
Eliminated on disposal (11,781 )
At 31 March 2023 105,475
NET BOOK VALUE
At 31 March 2023 206,882
At 31 March 2022 104,560

7. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 277,255 230,267
Amounts owed by group undertakings 844,122 879,669
Other debtors 736,964 690,241
1,858,341 1,800,177

Amounts falling due after more than one year:
Other debtors 173,326 181,112

Aggregate amounts 2,031,667 1,981,289

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 10) 15,394 6,518
Trade creditors 55,231 49,599
Amounts owed to group undertakings 826,969 749,448
Taxation and social security 12,330 9,659
Other creditors 80,220 72,105
990,144 887,329

SHERLOCK FUNERAL SERVICE LIMITED (REGISTERED NUMBER: 07035658)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 10) 112,345 37,589

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:
Hire purchase contracts

2023 2022
£ £
Net obligations repayable:
Within one year 15,394 6,518
Between one and five years 112,345 37,589
127,739 44,107


At 31 March 2023, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £70,875 (2022: £111,375).

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 127,739 44,107

Hire purchase liabilities are secured on the assets purchased.

12. CONTINGENT LIABILITIES

A cross guarantee is in place with National Westminster Bank plc to secure the monies owed to it by Sherlock Funeral Service Limited, J Stoneman and Sons Limited and Stoneman Funeral Service Limited. As at 31 March 2023 the amounts due to the bank by Sherlock Funeral Service Limited was £nil (2022: £nil), by J Stoneman and Sons Limited was £378,692 (2022: £419,104) and by Stoneman Funeral Service Limited was £nil (2022: £nil).

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company advanced a further £55,549 to the directors and the directors repaid amounts totalling £6,285. At the balance sheet date the company was owed £704,613 (2022: £655,349) by the directors. The amount is provided interest free and is repayable on demand.

14. PARENT COMPANY

J Stoneman & Sons Limited, a company registered in England and Wales, is regarded by the directors as being the company's parent company. Stoneman Group Holdings Limited, a company registered in England and Wales, is regarded by the directors as being the company's ultimate parent company. The registered office of both J Stoneman & Sons Limited and Stoneman Group Holdings Limited is Doran Court, Shaw's Corner, Redhill, Surrey, RH1 6AZ.