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Slade & Sons Limited

Unaudited Financial Statements
Year Ended 30 April 2023

Registration number: 00497897

 

Slade & Sons Limited

Contents

Balance Sheet

1 to 2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 8

 

Slade & Sons Limited

Balance Sheet

30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4,865

170,724

Current assets

 

Stocks

3,000

3,000

Debtors

5

16,657

17,503

Cash at bank and in hand

 

30,781

300

 

50,438

20,803

Creditors: Amounts falling due within one year

6

(86,436)

(169,942)

Net current liabilities

 

(35,998)

(149,139)

Total assets less current liabilities

 

(31,133)

21,585

Provisions for liabilities

-

(11,812)

Net (liabilities)/assets

 

(31,133)

9,773

Capital and reserves

 

Called up share capital

8

11,300

11,300

Profit and loss account

(42,433)

(1,527)

Shareholders' (deficit)/funds

 

(31,133)

9,773

 

Slade & Sons Limited

Balance Sheet

30 April 2023

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 14 November 2023 and signed on its behalf by:
 

.........................................
M P Belcher
Director

 

Slade & Sons Limited

Statement of Changes in Equity

Year Ended 30 April 2023

Share capital
£

Profit and loss account
£

Total
£

At 1 May 2022

11,300

(1,527)

9,773

Loss for the year

-

(40,906)

(40,906)

At 30 April 2023

11,300

(42,433)

(31,133)

Share capital
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 May 2021

11,300

20,700

(110,481)

(78,481)

Profit for the year

-

-

88,254

88,254

Other comprehensive income

-

(20,700)

20,700

-

At 30 April 2022

11,300

-

(1,527)

9,773

 

Slade & Sons Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
21 Marsh Green Road North
Marsh Barton Trading Estate
Exeter
Devon
EX2 8NY

The principal place of business is:
Salcombe Road
Sidmouth
Devon
EX10 8PT

2

Accounting policies

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 Section 1A, and the Companies Act 2006.

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 functional and presentational currency is pounds sterling.

Going concern

The company's balance sheet shows net current liabilities of £35,998 (2022: £149,139). The continuation of the company's activities is therefore dependent upon the support of its directors. The accounts have been prepared on the going concern basis on the assumption that this support will continue.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

Fixtures and fittings

15% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Slade & Sons Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2023

Stocks

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 an employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments, all of which are classified as basic:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Slade & Sons Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2023

4

Tangible assets

Freehold property
£

Plant and machinery
 £

Motor vehicles
 £

Fixtures and fittings
 £

Total
£

Cost or valuation

At 1 May 2022

165,000

30,689

3,000

4,863

203,552

Disposals

(165,000)

-

-

-

(165,000)

At 30 April 2023

-

30,689

3,000

4,863

38,552

Depreciation

At 1 May 2022

-

25,703

2,999

4,126

32,828

Charge for the year

-

748

-

111

859

At 30 April 2023

-

26,451

2,999

4,237

33,687

Carrying amount

At 30 April 2023

-

4,238

1

626

4,865

At 30 April 2022

165,000

4,986

1

737

170,724

 

Slade & Sons Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2023

5

Debtors

2023
 £

2022
 £

Trade debtors

3,442

5,005

Prepayments

13,215

12,498

16,657

17,503

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank overdraft

7

-

6,250

Trade creditors

 

15,731

26,862

Taxation and social security

 

1,778

3,488

Other creditors

 

62,382

126,797

Accruals and deferred income

 

2,100

2,100

Amounts due to related undertakings

 

4,445

4,445

 

86,436

169,942

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

-

6,250

 

Slade & Sons Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

11,300

11,300

11,300

11,300