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Sew Perfect (Oxted) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

Registration number: 10901140

 

Sew Perfect (Oxted) Ltd

Contents

Statement of financial position

1

Notes to the Unaudited Financial Statements

2 to 7

 

Sew Perfect (Oxted) Ltd

(Registration number: 10901140)
Statement of financial position as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

77,000

82,500

Tangible assets

5

3,576

4,769

 

80,576

87,269

Current assets

 

Debtors

137,851

-

Cash at bank and in hand

 

25,315

96,134

 

163,166

96,134

Creditors: Amounts falling due within one year

6

(191,537)

(134,487)

Net current liabilities

 

(28,371)

(38,353)

Total assets less current liabilities

 

52,205

48,916

Creditors: Amounts falling due after more than one year

6

(55,333)

(28,333)

Provisions for liabilities

(679)

(906)

Net (liabilities)/assets

 

(3,807)

19,677

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

(3,808)

19,676

Shareholders' (deficit)/funds

 

(3,807)

19,677

For the financial year ending 31 August 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 Income statement.

Approved and authorised by the director on 8 February 2024
 

.........................................
Mr A Roshan
Director

 

Sew Perfect (Oxted) Ltd

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

1

General information

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

The address of its registered office is:
Solo House
The Courtyard
London Road
Horsham
West Sussex
RH12 1AT

These financial statements were authorised for issue by the director on 8 February 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Sew Perfect (Oxted) Ltd

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

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.

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 statement of financial position 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

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 20 years

 

Sew Perfect (Oxted) Ltd

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

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.

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 income statement 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.

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 6 (2022 - 6).

 

Sew Perfect (Oxted) Ltd

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2022

110,000

110,000

At 31 August 2023

110,000

110,000

Amortisation

At 1 September 2022

27,500

27,500

Amortisation charge

5,500

5,500

At 31 August 2023

33,000

33,000

Carrying amount

At 31 August 2023

77,000

77,000

At 31 August 2022

82,500

82,500

5

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 September 2022

18,152

18,152

At 31 August 2023

18,152

18,152

Depreciation

At 1 September 2022

13,383

13,383

Charge for the year

1,193

1,193

At 31 August 2023

14,576

14,576

Carrying amount

At 31 August 2023

3,576

3,576

At 31 August 2022

4,769

4,769

 

Sew Perfect (Oxted) Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

10,000

10,000

Trade creditors

 

3,043

316

Taxation and social security

 

16,206

30,042

Accruals and deferred income

 

4,550

4,550

Other creditors

 

157,738

89,579

 

191,537

134,487

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

55,333

28,333

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         
 

Sew Perfect (Oxted) Ltd

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

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

37,000

-

Other borrowings

18,333

28,333

55,333

28,333

2023
£

2022
£

Current loans and borrowings

Other borrowings

10,000

10,000