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Company registration number: 01393707
Sidney Graham (Business Supplies) Limited
Unaudited filleted financial statements
for the year ended
31 March 2023
Prepared by:
THOMAS NOCK MARTIN LIMITED
CHARTERED ACCOUNTANTS
BRIERLEY HILL
Sidney Graham (Business Supplies) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Sidney Graham (Business Supplies) Limited
Directors and other information
Directors Ian Newbold
Matthew Newbold
Jon Barnes
Secretary Matthew Newbold
Company number 01393707
Registered office 236-240 Station Road
Kings Heath
Birmingham
West Midlands
B14 7TE
Business address 236-240 Station Road
Kings Heath
Birmingham
West Midlands
B14 7TE
Accountants Thomas Nock Martin Limited
5 Hagley Court South
The Waterfront
Brierley Hill
West Midlands
DY5 1XE
Bankers The Royal Bank of Scotland plc
144 New Street
Birmingham
B2 4NY
Sidney Graham (Business Supplies) Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Sidney Graham (Business Supplies) Limited
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sidney Graham (Business Supplies) Limited for the year ended 31 March 2023 which comprise the statement of financial position and related notes 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 /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Sidney Graham (Business Supplies) Limited, as a body, in accordance with the terms of our engagement letter dated 19 February 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Sidney Graham (Business Supplies) Limited and state those matters that we have agreed to state to the board of directors of Sidney Graham (Business Supplies) Limited 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 Sidney Graham (Business Supplies) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Sidney Graham (Business Supplies) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Sidney Graham (Business Supplies) Limited. You consider that Sidney Graham (Business Supplies) Limited 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 financial statements of Sidney Graham (Business Supplies) Limited. 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 financial statements.
Thomas Nock Martin Limited
Chartered Accountants
5 Hagley Court South
The Waterfront
Brierley Hill
West Midlands
DY5 1XE
27 November 2023
Sidney Graham (Business Supplies) Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 6,587 1,624
Investments 7 3,000 3,000
_______ _______
9,587 4,624
Current assets
Stocks 5,817 6,146
Debtors 8 103,215 59,988
Cash at bank and in hand 304,675 479,199
_______ _______
413,707 545,333
Creditors: amounts falling due
within one year 9 ( 101,075) ( 112,295)
_______ _______
Net current assets 312,632 433,038
_______ _______
Total assets less current liabilities 322,219 437,662
Creditors: amounts falling due
after more than one year 10 ( 22,500) ( 32,500)
_______ _______
Net assets 299,719 405,162
_______ _______
Capital and reserves
Called up share capital 12 5,000 5,000
Profit and loss account 294,719 400,162
_______ _______
Shareholders funds 299,719 405,162
_______ _______
For the 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 November 2023 , and are signed on behalf of the board by:
Matthew Newbold
Director
Company registration number: 01393707
Sidney Graham (Business Supplies) Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 236-240 Station Road, Kings Heath, Birmingham, West Midlands, B14 7TE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the 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.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - 33.33 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and trade creditors, other debtors and creditors.Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Dividends
Equity dividends
2023 2022
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 96,000 108,000
_______ _______
6. Tangible assets
Computer equipment Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 52,330 50,999 13,645 116,974
Additions 8,087 - - 8,087
_______ _______ _______ _______
At 31 March 2023 60,417 50,999 13,645 125,061
_______ _______ _______ _______
Depreciation
At 1 April 2022 52,108 50,934 12,308 115,350
Charge for the year 2,770 20 334 3,124
_______ _______ _______ _______
At 31 March 2023 54,878 50,954 12,642 118,474
_______ _______ _______ _______
Carrying amount
At 31 March 2023 5,539 45 1,003 6,587
_______ _______ _______ _______
At 31 March 2022 222 65 1,337 1,624
_______ _______ _______ _______
7. Investments
Other investments other than loans Total
£ £
Cost
At 1 April 2022 and 31 March 2023 3,000 3,000
_______ _______
Impairment
At 1 April 2022 and 31 March 2023 - -
_______ _______
Carrying amount
At 31 March 2023 3,000 3,000
_______ _______
At 31 March 2022 3,000 3,000
_______ _______
8. Debtors
2023 2022
£ £
Trade debtors 96,712 46,451
Other debtors 6,503 13,537
_______ _______
103,215 59,988
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans 10,000 10,000
Trade creditors 68,710 80,960
Social security and other taxes 14,522 13,443
Other creditors 7,843 7,892
_______ _______
101,075 112,295
_______ _______
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans 22,500 32,500
_______ _______
11. Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £ 24,242 (2022: £ 20,242 ).
12. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 5,000 5,000 5,000 5,000
_______ _______ _______ _______