Registration number:
Sanderson Maughan Limited
Unaudited Financial Statements
for the
Year Ended 31 March 2023
Sanderson Maughan Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Sanderson Maughan Limited
Company Information
Directors |
Mrs N J Maughan Mr J S Maughan Mr E J B Maughan |
Company secretary |
Mrs N J Maughan |
Registered office |
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Bankers |
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Accountants |
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Sanderson Maughan Limited
(Registration number: 04720982)
Balance Sheet
as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
- |
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Tangible assets |
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Investment property |
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Other financial assets |
375,141 |
409,282 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Other reserves |
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- |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The profit and loss account and directors' report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.
Sanderson Maughan Limited
(Registration number: 04720982)
Balance Sheet
as at 31 March 2023
Approved and authorised by the
.........................................
Mr J S Maughan
Director
Sanderson Maughan Limited
Notes to the Financial Statements
for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales within the United Kingdom..
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The currency in which the financial statements are presented is Sterling and they are rounded to the nearest pound.
Revenue recognition
Turnover represents advertising revenue charged to customers, excluding value added tax.
Advertising revenue is recognised when a customer pays for their advertisement and is apportioned to the accounting period to which it relates. Any revenue received in advance at the end of the financial year is carried forward to the period to which it relates.
Rents received and holiday letting income are recognised in the period to which they relate and and income received in advance is carried forward to the period to which it relates.
The Found gallery income is recognised from sale of goods and commissions received from artists when an item is sold during an exhibition.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Sanderson Maughan Limited
Notes to the Financial Statements
for the Year Ended 31 March 2023
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
20% of reducing balance |
Computer equipment |
10% reducing balance |
Investment property
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website development |
20% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with chnages in fair value recognised in profit or loss.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Sanderson Maughan Limited
Notes to the Financial Statements
for the Year Ended 31 March 2023
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Sanderson Maughan Limited
Notes to the Financial Statements
for the Year Ended 31 March 2023
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Sanderson Maughan Limited
Notes to the Financial Statements
for the Year Ended 31 March 2023
Intangible assets |
Website Development Costs |
Total |
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Cost or valuation |
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At 1 April 2022 |
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At 31 March 2023 |
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Amortisation |
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At 1 April 2022 |
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Amortisation charge |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
- |
- |
At 31 March 2022 |
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Tangible assets |
Land and buildings |
Fixtures and fittings |
Office equipment |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
- |
- |
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At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
- |
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Charge for the year |
- |
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At 31 March 2023 |
- |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Included within the net book value of land and buildings above is £419,422 (2022 - £419,422) in respect of freehold land and buildings.
Sanderson Maughan Limited
Notes to the Financial Statements
for the Year Ended 31 March 2023
Investment properties |
2023 |
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At 1 April |
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Additions |
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Fair value adjustments |
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At 31 March |
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The investment properties have been valued by the directors at 31 March 2023 and the basis of these valuations were that the investment properties were valued at open market values.
Sanderson Maughan Limited
Notes to the Financial Statements
for the Year Ended 31 March 2023
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 April 2022 |
409,282 |
409,282 |
Fair value adjustments |
(28,763) |
(28,763) |
Disposals |
(5,378) |
(5,378) |
At 31 March 2023 |
375,141 |
375,141 |
Impairment |
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Carrying amount |
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At 31 March 2023 |
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375,141 |
Stocks |
2023 |
2022 |
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Other inventories |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Directors' current account |
84,919 |
74,079 |
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Sanderson Maughan Limited
Notes to the Financial Statements
for the Year Ended 31 March 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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2023 |
2022 |
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Due after more than five years |
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After more than five years by instalments |
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- |
- |
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Included in the loans and borrowings are the following amounts due after more than five years:
Bank loans and overdrafts after five years
Sanderson Maughan Limited
Notes to the Financial Statements
for the Year Ended 31 March 2023
The carrying amount of the bank loans at the year end is £347,036 (2020 - £496,738) and the loans are secured on the investment properties.