Company registration number 3917158 (England and Wales)
SLOMAN & ASSOCIATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
SLOMAN & ASSOCIATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SLOMAN & ASSOCIATES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
689,158
701,583
Investment properties
4
300,000
444,541
989,158
1,146,124
Current assets
Stocks
-
5,000
Debtors
5
24,514
93,328
Cash at bank and in hand
3,090
2,441
27,604
100,769
Creditors: amounts falling due within one year
6
(563,997)
(644,027)
Net current liabilities
(536,393)
(543,258)
Total assets less current liabilities
452,765
602,866
Creditors: amounts falling due after more than one year
7
(1,698,566)
(1,666,975)
Net liabilities
(1,245,801)
(1,064,109)
Capital and reserves
Called up share capital
8
2
2
Other reserves
82,876
Profit and loss reserves
(1,245,803)
(1,146,987)
Total equity
(1,245,801)
(1,064,109)
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.
SLOMAN & ASSOCIATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 21 November 2023
R M Sloman
Director
Company Registration No. 3917158
SLOMAN & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Sloman & Associates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Firs Close, St Martins, Oswestry, Shropshire, United Kingdom, SY11 3LT.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The director has indicated that he will not request repayment of his loan account until such time that the company has adequate reserves. He will continue to support the company so that it can meet its liabilities as and when they fall due for the foreseeable future. trueThe largest creditor, with a loan to the business of £500,000, has also agreed to continue to support the business. Consequently the accounts have been prepared on a going concern basis.
1.3
Turnover
The turnover shown in the Profit and Loss Account represents amounts receivable for goods and services supplied during the year, exclusive of Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer.
Revenue from the provision of professional services is recognised once the service has been performed.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold Property
Over 99 years
Plant and machinery
25% net book value
Holiday Lettings
20% straight line
Breeding Animals
25% net book value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured at director's estimate of fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
SLOMAN & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end 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. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.9
Financial instruments
The company only has financial instruments that are classified as basic financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and subsequently carried at amortised cost less impairment.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price and subsequently measured at amortised cost.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SLOMAN & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 1).
3
Tangible fixed assets
Leasehold Property
Plant and machinery
Holiday Lettings
Breeding Animals
Total
£
£
£
£
£
Cost
At 1 April 2022
978,378
154,859
18,265
4,000
1,155,502
Additions
1,072
1,072
At 31 March 2023
978,378
155,931
18,265
4,000
1,156,574
Depreciation and impairment
At 1 April 2022
284,255
149,226
16,438
4,000
453,919
Depreciation charged in the year
10,944
1,640
913
13,497
At 31 March 2023
295,199
150,866
17,351
4,000
467,416
Carrying amount
At 31 March 2023
683,179
5,065
914
689,158
At 31 March 2022
694,123
5,633
1,827
701,583
SLOMAN & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Investment property
2023
£
Fair value (Director's estimate)
At 1 April 2022
444,541
Revaluations
(144,541)
At 31 March 2023
300,000
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,519
1,764
Other debtors
21,995
91,564
24,514
93,328
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other borrowings
500,000
500,000
Trade creditors
2,975
10,928
Other creditors
6,667
103,104
Accruals and deferred income
54,355
29,995
563,997
644,027
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
1,698,566
1,666,975
Other creditors includes £1,698,566 (2022: £1,666,975) due to the director. No interest is charged on this balance.
SLOMAN & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
9
Related party transactions
Transactions with related parties
The company rents land from which it operates from the director, for which no charge is made.
The following amounts were outstanding at the reporting end date:
Amounts due from related parties - £6,116 (2022: £61,733)
Amounts due to related parties - £NIL (2022: £112,658)
During the year the company received rental income of £18,000 (2022: £20,000) and received consultancy income amounting to £51,765 (2022: £90,190) from related parties.