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Registration number: 07966213

S & D Pollitt Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

S & D Pollitt Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

S & D Pollitt Ltd

Company Information

Director

Mr A Sankey

Registered office

Unit 140
Bradley Hall Trading Estate
Standish
Standish
Wigan
WN6 0XQ

Accountants

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
S & D Pollitt Ltd
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of S & D Pollitt Ltd for the year ended 28 February 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of S & D Pollitt Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of S & D Pollitt Ltd and state those matters that we have agreed to state to the Board of Directors of S & D Pollitt Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S & D Pollitt Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that S & D Pollitt Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of S & D Pollitt Ltd. You consider that S & D Pollitt Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of S & D Pollitt Ltd. 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 statutory accounts.

......................................

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

27 November 2023

 

S & D Pollitt Ltd

(Registration number: 07966213)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

241,175

215,734

Current assets

 

Stocks

5

27,249

38,722

Debtors

6

1,395,365

1,365,582

Cash at bank and in hand

 

180,579

156,143

 

1,603,193

1,560,447

Creditors: Amounts falling due within one year

7

(939,013)

(933,323)

Net current assets

 

664,180

627,124

Total assets less current liabilities

 

905,355

842,858

Creditors: Amounts falling due after more than one year

7

(89,727)

(117,072)

Provisions for liabilities

(32,422)

(30,833)

Net assets

 

783,206

694,953

Capital and reserves

 

Called up share capital

8

200

200

Retained earnings

783,006

694,753

Shareholders' funds

 

783,206

694,953

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 November 2023
 

 

S & D Pollitt Ltd

(Registration number: 07966213)
Balance Sheet as at 28 February 2023

.........................................
Mr A Sankey
Director

 

S & D Pollitt Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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:
Unit 140
Bradley Hall Trading Estate
Standish
Standish
Wigan
WN6 0XQ

These financial statements were authorised for issue by the director on 27 November 2023.

2

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

S & D Pollitt Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

The receivables for which monies have been received through the factoring arrangement have not been derecognised from the trade receivables balance.

 

S & D Pollitt Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

S & D Pollitt Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 40 (2022 - 31).

 

S & D Pollitt Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

171,169

178,796

349,965

Additions

45,742

51,001

96,743

Disposals

(27,950)

-

(27,950)

At 28 February 2023

188,961

229,797

418,758

Depreciation

At 1 March 2022

58,137

76,094

134,231

Charge for the year

29,787

17,495

47,282

Eliminated on disposal

(3,930)

-

(3,930)

At 28 February 2023

83,994

93,589

177,583

Carrying amount

At 28 February 2023

104,967

136,208

241,175

At 28 February 2022

113,032

102,702

215,734

5

Stocks

2023
£

2022
£

Work in progress

27,249

38,722

 

S & D Pollitt Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

579,958

421,092

Amounts owed by related parties

771,126

921,113

Prepayments

 

20,949

11,014

Other debtors

 

23,332

12,363

   

1,395,365

1,365,582

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

46,395

44,623

Trade creditors

 

417,186

382,403

Taxation and social security

 

174,791

183,828

Accruals and deferred income

 

54,851

31,523

Other creditors

 

245,790

290,946

 

939,013

933,323

Creditors include bank loans and overdrafts, invoice factoring liabilities and net obligations under finance lease and hire purchase contracts which are secured of £27,253 (2022 - £25,954).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

89,727

117,072

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £39,895 (2022 - £48,030).

 

S & D Pollitt Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

100

100

100

100

Ordinary B shares of £1 each

100

100

100

100

 

200

200

200

200

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

49,832

69,042

Hire purchase contracts

39,895

48,030

89,727

117,072

2023
£

2022
£

Current loans and borrowings

Bank borrowings

19,142

18,669

Hire purchase contracts

27,253

25,954

46,395

44,623

10

Parent and ultimate parent undertaking

The company's immediate parent is Ottoben Ltd, incorporated in England and Wales.

 The ultimate parent is Berg Holdings Limited, incorporated in England and Wales.