Company Registration No. 10621087 (England and Wales)
SHERLING & PARTNERS LIMITED
ABRIDGED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2023
SHERLING & PARTNERS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
SHERLING & PARTNERS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
6
16,864
22,486
Current assets
Debtors
7
-
0
2,529
Creditors: amounts falling due within one year
8
(42,061)
(28,435)
Net current liabilities
(42,061)
(25,906)
Total assets less current liabilities
(25,197)
(3,420)
Creditors: amounts falling due after more than one year
9
(49,710)
(60,411)
Net liabilities
(74,907)
(63,831)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(74,908)
(63,832)
Total equity
(74,907)
(63,831)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 20 June 2023
A J Sherling
Director
Company Registration No. 10621087
SHERLING & PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Sherling & Partners Limited is a private company limited by shares incorporated in England and Wales. The company's registered office number and registered office address can be found on the Company Information page.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The validity of going concern basis of preparation is dependent on continued financial support from the company's director and other creditors and on the ability of the company to continue trading. Should the director and other creditors withdraw their support and the company be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities that might arise and re-classify fixed assets as current assets.true

1.3
Turnover

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

1.4
Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on reducing balance
1.5
Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Profit on disposal of tangible fixed assets
-
(1,864)
Depreciation of owned tangible fixed assets
5,622
7,495
SHERLING & PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
4
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
10,729
-
0
Under/(over) provision in previous year
-
0
(2,520)
Total current tax
10,729
(2,520)
Total current tax
10,729
(2,520)
5
Dividends
2023
2022
£
£
Interim paid
60,000
38,000
6
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
725
29,752
30,477
Depreciation and impairment
At 1 April 2022
553
7,438
7,991
Depreciation charged in the year
43
5,579
5,622
At 31 March 2023
596
13,017
13,613
Carrying amount
At 31 March 2023
129
16,735
16,864
At 31 March 2022
172
22,314
22,486
SHERLING & PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
0
2,529
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,498
12,132
Hire purchase contracts and finance leases
4,576
4,580
Directors' current accounts
164
18
Corporation tax
10,729
-
0
Other taxation and social security
16,224
9,171
Other creditors
-
0
1,439
Accruals
3,870
1,095
42,061
28,435
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans - 1-2 years
12,000
20,000
Bank loans - 2-5 years
21,877
20,000
Hire purchase contracts and finance leases
15,833
20,411
49,710
60,411
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