Registered number
07285684
Sheds Ahead Ltd
Unaudited Filleted Accounts
30 June 2023
Sheds Ahead Ltd
Registered number: 07285684
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 5 18,951 23,699
Current assets
Stocks 10,000 10,000
Debtors 6 13,933 27,856
Cash at bank and in hand 4,942 10,019
28,875 47,875
Creditors: amounts falling due within one year 7 (162,456) (172,118)
Net current liabilities (133,581) (124,243)
Net liabilities (114,630) (100,544)
Capital and reserves
Called up share capital 100 100
Profit and loss account (114,730) (100,644)
Shareholders' funds (114,630) (100,544)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Alyson John
Director
Approved by the board on 21 February 2024
Sheds Ahead Ltd
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
2 Going concern
The financial statements have been prepared on a going concern basis. The company's ongoing activities are dependent upon the continued support of the director who has undertaken to provide such support for the foreseeable future. If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 7
4 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2022 10,000
At 30 June 2023 10,000
Amortisation
At 1 July 2022 10,000
At 30 June 2023 10,000
Net book value
At 30 June 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
5 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 458 3,195 48,347 52,000
Additions - 2,550 - 2,550
At 30 June 2023 458 5,745 48,347 54,550
Depreciation
At 1 July 2022 458 2,459 25,384 28,301
Charge for the year - 148 7,150 7,298
At 30 June 2023 458 2,607 32,534 35,599
Net book value
At 30 June 2023 - 3,138 15,813 18,951
At 30 June 2022 - 736 22,963 23,699
6 Debtors 2023 2022
£ £
Trade debtors 11,893 25,816
Other debtors 2,040 2,040
13,933 27,856
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 21,731 23,158
Taxation and social security costs 5,535 2,433
Other creditors 135,190 146,527
162,456 172,118
8 Other information
Sheds Ahead Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Unit 44, Endeavour Close
Purcell Avenue Industrial Estate
Port Talbot
West Glamorgan
SA12 7PT
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