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Registered Number: 10699294
England

 

 

 

SANDIFORDS RETAIL LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 April 2022

End date: 31 March 2023
Accountants' report on the unaudited financial statements to the directors of Sandifords Retail Limited.

In accordance with our terms of engagement and in order to assist you to fulfill your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 31 March 2023 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our engagement.  Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's Board of Directors that we have done so and state those matter that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's Board of Directors, as a body, for our work or for this report.

You have acknowledged on the Balance Sheet as at year ended 31 March 2023 your duty to ensure that the company has kept the correct accounting records and to prepare financial statements that give a true and fair view under the companies Act 2006. You consider that the company is exempt form statutory requirement for an audit for the period.

We have not been instructed to carry out and audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.



....................................................
Stonebridge Accountants
19a Chorley Old Road
Bolton
BL1 3AD
23 November 2023
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3 130,000    130,000 
Tangible fixed assets 4 44,299    54,786 
174,299    184,786 
Current assets      
Stocks 32,256    31,866 
Debtors 3,435    39 
Cash at bank and in hand 27,547    21,840 
63,238    53,745 
Creditors: amount falling due within one year (40,111)   (37,783)
Net current assets 23,127    15,962 
 
Total assets less current liabilities 197,426    200,748 
Creditors: amount falling due after more than one year (58,949)   (80,700)
Provisions for liabilities 835    198 
Net assets 139,312    120,246 
 

Capital and reserves
     
Called up share capital 5 100    100 
Profit and loss account 139,212    120,146 
Shareholder's funds 139,312    120,246 
 


For the 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.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 23 November 2023 and were signed on its behalf by:


-------------------------------
Mr Craig Sandiford
Director
2
General Information
Sandifords Retail Limited is a private company, limited by shares, registered in England, registration number 10699294, registration address 1 Hindley Road, Westhoughton, Bolton, BL5 2JU.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 20% Straight Line
Fixtures and Fittings 10% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 11 (2022 : 13).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 April 2022 130,000    130,000 
Additions  
Disposals  
At 31 March 2023 130,000    130,000 
Amortisation
At 01 April 2022  
Charge for year  
On disposals  
At 31 March 2023  
Net book values
At 31 March 2023 130,000    130,000 
At 31 March 2022 130,000    130,000 


4.

Tangible fixed assets

Cost or valuation Motor Vehicles   Fixtures and Fittings   Improvements to property   Total
  £   £   £   £
At 01 April 2022 53,175    21,482    16,227    90,884 
Additions      
Disposals      
At 31 March 2023 53,175    21,482    16,227    90,884 
Depreciation
At 01 April 2022 28,158    7,940      36,098 
Charge for year 8,339    2,148      10,487 
On disposals      
At 31 March 2023 36,497    10,088      46,585 
Net book values
Closing balance as at 31 March 2023 16,678    11,394    16,227    44,299 
Opening balance as at 01 April 2022 25,017    13,542    16,227    54,786 


5.

Share Capital

Authorised
100 Class A shares of £1.00 each
Allotted, called up and fully paid
2023
£
  2022
£
100 Class A shares of £1.00 each 100    100 
100    100 

3