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COMPANY REGISTRATION NUMBER: 02443345
SELECT SHOPFITTERS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
SELECT SHOPFITTERS LIMITED
FINANCIAL STATEMENTS
PERIOD FROM 1 MAY 2022 TO 31 MARCH 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
SELECT SHOPFITTERS LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2023
31 Mar 23
30 Apr 22
Note
£
£
£
Fixed assets
Tangible assets
5
1,240,219
1,241,721
Current assets
Debtors
6
737
14,440
Cash at bank and in hand
104,137
63,345
---------
--------
104,874
77,785
Creditors: amounts falling due within one year
7
120,284
154,856
---------
---------
Net current liabilities
15,410
77,071
------------
------------
Total assets less current liabilities
1,224,809
1,164,650
Creditors: amounts falling due after more than one year
8
303,322
219,164
Provisions
Taxation including deferred tax
14,882
11,877
------------
------------
Net assets
906,605
933,609
------------
------------
Capital and reserves
Called up share capital
40,000
40,000
Capital redemption reserve
9
10,000
10,000
Profit and loss account
9
856,605
883,609
---------
---------
Shareholders funds
906,605
933,609
---------
---------
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 comprehensive income has not been delivered.
For the period 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 period 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 .
SELECT SHOPFITTERS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 1 December 2023 , and are signed on behalf of the board by:
Mr J Marton
Director
Company registration number: 02443345
SELECT SHOPFITTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 MAY 2022 TO 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 Numeric House, 98 Station Road, Sidcup, Kent, DA15 7BY, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 the statement of comprehensive income. The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors
Debtors are initially recorded at fair value and are assessed for impairment at each reporting date. If any impairments exist the debtors are remeasured to the present value of the expected future cash inflows.
Creditors
Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.
Statement of cash flows
The company has taken advantage of the small companies exemptions and not prepared a statement of cash flows.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in other comprehensive income.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Judgements and key sources of estimation uncertainty
There are no significant estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Revenue refers to the revenue earned from the Company's principal activity; the provision of shopfitting and specialist joinery. The revenue shown in the statement of comprehensive income represents amounts invoiced during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2022: 2 ).
5. Tangible assets
Land and buildings
Motor vehicles
Investment Property
Total
£
£
£
£
Cost
At 1 May 2022 and 31 March 2023
485,716
15,110
750,000
1,250,826
---------
--------
---------
------------
Depreciation
At 1 May 2022
9,105
9,105
Charge for the period
1,502
1,502
---------
--------
---------
------------
At 31 March 2023
10,607
10,607
---------
--------
---------
------------
Carrying amount
At 31 March 2023
485,716
4,503
750,000
1,240,219
---------
--------
---------
------------
At 30 April 2022
485,716
6,005
750,000
1,241,721
---------
--------
---------
------------
The Investment Property was transferred from Freehold Property at a value of £427,676 in June 2014. The directors have considered the fair value of the Investment Property at the reporting date and concluded the carrying value is reasonable, no fair value adjustment is necessary for the year. Included in Land and Buildings is non-depreciable land with a book value of £150,000. Included in Investment Property is non-depreciable land with a book value of £100,000.
6. Debtors
31 Mar 23
30 Apr 22
£
£
Trade debtors
737
1,535
Other debtors
12,905
----
--------
737
14,440
----
--------
7. Creditors: amounts falling due within one year
31 Mar 23
30 Apr 22
£
£
Bank loans and overdrafts
1,269
23,950
Trade creditors
46,003
54,991
Corporation tax
3,485
Social security and other taxes
7,453
16,141
Other creditors
62,074
59,774
---------
---------
120,284
154,856
---------
---------
8. Creditors: amounts falling due after more than one year
31 Mar 23
30 Apr 22
£
£
Bank loans and overdrafts
303,322
219,164
---------
---------
9. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Included in the profit and loss reserves are non distributable amounts of £322,324.
10. Controlling party
The company was controlled throughout the current and previous period by its directors, J Marton and C A Marton by virtue of the fact that between them they own 100% of the company's issued share capital.