Sharp Heating & Electrical Ltd 12501368 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is Plumbing and heating Digita Accounts Production Advanced 6.30.9574.0 true 12501368 2022-04-01 2023-03-31 12501368 2023-03-31 12501368 bus:OrdinaryShareClass1 2023-03-31 12501368 bus:OrdinaryShareClass2 2023-03-31 12501368 bus:OrdinaryShareClass3 2023-03-31 12501368 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 12501368 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 12501368 core:CurrentFinancialInstruments 2023-03-31 12501368 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 12501368 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 12501368 core:FurnitureFittingsToolsEquipment 2023-03-31 12501368 core:MotorVehicles 2023-03-31 12501368 core:OtherPropertyPlantEquipment 2023-03-31 12501368 bus:SmallEntities 2022-04-01 2023-03-31 12501368 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 12501368 bus:FullAccounts 2022-04-01 2023-03-31 12501368 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 12501368 bus:RegisteredOffice 2022-04-01 2023-03-31 12501368 bus:Director1 2022-04-01 2023-03-31 12501368 bus:Director2 2022-04-01 2023-03-31 12501368 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 12501368 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 12501368 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 12501368 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 12501368 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 12501368 core:MotorVehicles 2022-04-01 2023-03-31 12501368 core:OfficeEquipment 2022-04-01 2023-03-31 12501368 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 12501368 core:PlantMachinery 2022-04-01 2023-03-31 12501368 countries:AllCountries 2022-04-01 2023-03-31 12501368 2022-03-31 12501368 core:FurnitureFittingsToolsEquipment 2022-03-31 12501368 core:MotorVehicles 2022-03-31 12501368 core:OtherPropertyPlantEquipment 2022-03-31 12501368 2021-04-01 2022-03-31 12501368 2022-03-31 12501368 bus:OrdinaryShareClass1 2022-03-31 12501368 bus:OrdinaryShareClass2 2022-03-31 12501368 bus:OrdinaryShareClass3 2022-03-31 12501368 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-03-31 12501368 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-03-31 12501368 core:CurrentFinancialInstruments 2022-03-31 12501368 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 12501368 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 12501368 core:FurnitureFittingsToolsEquipment 2022-03-31 12501368 core:MotorVehicles 2022-03-31 12501368 core:OtherPropertyPlantEquipment 2022-03-31 12501368 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 12501368 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12501368

Sharp Heating & Electrical Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Sharp Heating & Electrical Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Sharp Heating & Electrical Ltd

Company Information

Directors

D Sharp

C Sharp

Registered office

Unit 52 Olympus Park
Quedgeley
Gloucester
Gloucestershire
GL2 4AL

Accountants

Padam Walburn Accounting Services
80 Forest View Road
Tuffley
Gloucester
Gloucestershire
GL4 0BY

 

Sharp Heating & Electrical Ltd

(Registration number: 12501368)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

46,486

42,062

Current assets

 

Stocks

5,000

4,000

Debtors

5

40,246

24,299

Cash at bank and in hand

 

20,372

16,248

 

65,618

44,547

Creditors: Amounts falling due within one year

6

(75,986)

(41,956)

Net current (liabilities)/assets

 

(10,368)

2,591

Total assets less current liabilities

 

36,118

44,653

Creditors: Amounts falling due after more than one year

6

(16,365)

(23,585)

Net assets

 

19,753

21,068

Capital and reserves

 

Called up share capital

7

10

10

Retained earnings

19,743

21,058

Shareholders' funds

 

19,753

21,068

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:

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 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 November 2023 and signed on its behalf by:
 

 

Sharp Heating & Electrical Ltd

(Registration number: 12501368)
Balance Sheet as at 31 March 2023

.........................................
D Sharp
Director

.........................................
C Sharp
Director

 

Sharp Heating & Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
Unit 52 Olympus Park
Quedgeley
Gloucester
Gloucestershire
GL2 4AL
England

These financial statements were authorised for issue by the Board on 28 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.

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.

 

Sharp Heating & Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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

Motor vehicles

25% straight line

Computer equipment

33.3% straight line

Plant & equipment

20% straight line

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.

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.

 

Sharp Heating & Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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 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.

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 directors) during the year, was 6 (2022 - 4).

 

Sharp Heating & Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Computer equipment
 £

Motor vehicles
 £

Plant and equipment
£

Total
£

Cost or valuation

At 1 April 2022

-

48,100

-

48,100

Additions

711

18,250

358

19,319

At 31 March 2023

711

66,350

358

67,419

Depreciation

At 1 April 2022

-

6,038

-

6,038

Charge for the year

155

14,686

54

14,895

At 31 March 2023

155

20,724

54

20,933

Carrying amount

At 31 March 2023

556

45,626

304

46,486

At 31 March 2022

-

42,062

-

42,062

5

Debtors

Current

2023
£

2022
£

Trade debtors

11,339

15,237

Prepayments

11,265

1,727

Other debtors

17,642

7,335

 

40,246

24,299

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

7,220

7,220

Trade creditors

 

16,242

8,028

Taxation and social security

 

5,668

4,028

Accruals and deferred income

 

1,086

936

Other creditors

 

45,770

21,744

 

75,986

41,956

 

Sharp Heating & Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

16,365

23,585

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

8

8

8

8

Ordinary B shares of £1 each

1

1

1

1

Ordinary C shares of £1 each

1

1

1

1

 

10

10

10

10

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

16,365

23,585

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

7,220

7,220

9

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £250.00 (2022 - £Nil) per each Ordinary A shares

 

2,000

 

-

Interim dividend of £2,000.00 (2022 - £Nil) per each Ordinary B shares

 

2,000

 

-

   

4,000

 

-