Registered number
06466846
S J POLISHING LIMITED
Filleted Accounts
31 March 2023
S J POLISHING LIMITED
Registered number: 06466846
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 50,448 55,491
Tangible assets 4 38,018 6,144
88,466 61,635
Current assets
Debtors 5 29,296 66,670
Cash at bank and in hand 44,162 85,166
73,458 151,836
Creditors: amounts falling due within one year 6 (9,917) (47,987)
Net current assets 63,541 103,849
Total assets less current liabilities 152,007 165,484
Creditors: amounts falling due after more than one year 7 (30,198) (37,812)
Net assets 121,809 127,672
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 120,809 126,672
Shareholders' funds 121,809 127,672
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.
Marc Butler
Director
Approved by the board on 4 September 2023
S J POLISHING LIMITED
Notes to the Accounts
for the year ended 31 March 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).
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Equipment 15% Straight Line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 126,096
Additions -
At 31 March 2023 126,096
Amortisation
At 1 April 2022 70,605
Provided during the year 5,043
At 31 March 2023 75,648
Net book value
At 31 March 2023 50,448
At 31 March 2022 55,491
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Total
£ £
Cost
At 1 April 2022 18,409 18,409
Additions 38,583 38,583
At 31 March 2023 56,992 56,992
Depreciation
At 1 April 2022 12,265 12,265
Charge for the year 6,709 6,709
At 31 March 2023 18,974 18,974
Net book value
At 31 March 2023 38,018 38,018
At 31 March 2022 6,144 6,144
5 Debtors 2023 2022
£ £
Trade debtors 29,296 28,670
Other debtors - 38,000
29,296 66,670
6 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation Tax - 7,883
Taxation and social security costs 2,723 6,614
Other creditors 7,194 33,490
9,917 47,987
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 30,198 37,812
30,198 37,812
8 Other information
S J POLISHING LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
H Plaskow & Co
Chartered Certified Accountants
208 Green Lanes
Palmers Green
London
N13 5UE
S J POLISHING LIMITED 06466846 false 2022-04-01 2023-03-31 2023-03-31 VT Final Accounts October 2023 release 2 Marc Butler No description of principal activity 06466846 2021-04-01 2022-03-31 06466846 core:WithinOneYear 2022-03-31 06466846 core:AfterOneYear 2022-03-31 06466846 core:ShareCapital 2022-03-31 06466846 core:RetainedEarningsAccumulatedLosses 2022-03-31 06466846 2022-04-01 2023-03-31 06466846 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06466846 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 06466846 bus:Director40 2022-04-01 2023-03-31 06466846 1 2022-04-01 2023-03-31 06466846 2 2022-04-01 2023-03-31 06466846 core:Goodwill 2022-04-01 2023-03-31 06466846 core:PlantMachinery 2022-04-01 2023-03-31 06466846 countries:England 2022-04-01 2023-03-31 06466846 bus:FRS102 2022-04-01 2023-03-31 06466846 bus:FullAccounts 2022-04-01 2023-03-31 06466846 2023-03-31 06466846 core:WithinOneYear 2023-03-31 06466846 core:AfterOneYear 2023-03-31 06466846 core:ShareCapital 2023-03-31 06466846 core:RetainedEarningsAccumulatedLosses 2023-03-31 06466846 core:Goodwill 2023-03-31 06466846 core:PlantMachinery 2023-03-31 06466846 2022-03-31 06466846 core:Goodwill 2022-03-31 06466846 core:PlantMachinery 2022-03-31 iso4217:GBP xbrli:pure