Company Registration No. 11972678 (England and Wales)
SupplySupplied.com Limited
Annual report and unaudited filleted accounts
for the year ended 31 May 2023
SupplySupplied.com Limited
Annual report and unaudited filleted accounts
Contents
SupplySupplied.com Limited
Company Information
for the year ended 31 May 2023
Company Number
11972678 (England and Wales)
Registered Office
39 Betjeman Way
Cleobury Mortimer
Kidderminster
DY14 8BB
England
Accountants
Prism Certified Accountants Ltd
4 Lochmore Close
Hinckley
Leicestershire
LE10 0TY
SupplySupplied.com Limited
Statement of financial position
as at 31 May 2023
Intangible assets
4,104
7,539
Tangible assets
1,201
2,018
Cash at bank and in hand
2,013
3,455
Creditors: amounts falling due within one year
(12,925)
(18,136)
Net current assets/(liabilities)
2,256
(1,870)
Total assets less current liabilities
7,561
7,687
Creditors: amounts falling due after more than one year
(2,429)
(7,075)
Called up share capital
2
2
Profit and loss account
5,130
610
Shareholders' funds
5,132
612
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 15 February 2024 and were signed on its behalf by
Martin Davey
Director
Company Registration No. 11972678
SupplySupplied.com Limited
Notes to the Accounts
for the year ended 31 May 2023
SupplySupplied.com Limited is a private company, limited by shares, registered in England and Wales, registration number 11972678. The registered office is 39 Betjeman Way, Cleobury Mortimer, Kidderminster, DY14 8BB, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102). The Financial Reporting Standard applicable in the UK and Republic of Ireland issued by the Financial Reporting Council.
The functional currency of SupplySupplied.com Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, The director continues to adopt the going concern basis in preparing the financial statements.
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Website - 20%
SupplySupplied.com Limited
Notes to the Accounts
for the year ended 31 May 2023
Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the assets carrying amount and the present value of estimated future cash flows, discounted at the financial assets original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the assets carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial in such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.
SupplySupplied.com Limited
Notes to the Accounts
for the year ended 31 May 2023
4
Intangible fixed assets
Other
5
Tangible fixed assets
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 June 2022
1,150
1,741
2,891
At 31 May 2023
1,150
1,741
2,891
Charge for the year
383
434
817
At 31 May 2023
479
1,211
1,690
At 31 May 2023
671
530
1,201
At 31 May 2022
1,054
964
2,018
Amounts falling due within one year
Trade debtors
12,329
12,811
SupplySupplied.com Limited
Notes to the Accounts
for the year ended 31 May 2023
7
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
2,610
-
Other creditors
6,255
4,941
Loans from directors
-
9,076
Within other creditors - the amount of £5,268 is interest bearing loan at rate of 6% from Start Up Loans and it will be repayable within one year.
8
Creditors: amounts falling due after more than one year
2023
2022
Other creditors
2,429
7,075
The amount of £2,429 is interest bearing loan at rate of 6% from Start Up Loans and it will be repayable after more than one year.
9
Transactions with related parties
As at 31 May 2023, remuneration of £10,000 was paid to the director Martin Davey. The director is the only key management personnel of the Company.
Included within Debtors : amounts falling due within one year is a loan of £839 was owed by Martin Davey. The loan is interest free and repayable on demand.
10
Average number of employees
During the year the average number of employees was 1 (2022: 1).