Registered number
01931442
Sullivan Bros. Limited
Filleted Accounts
30 June 2023
Sullivan Bros. Limited
Registered number: 01931442
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Current assets
Stocks 6,204,634 5,854,634
Debtors 4 86,000 87,561
Cash at bank and in hand 8,626 15,415
6,299,260 5,957,610
Creditors: amounts falling due within one year 5 (2,665,206) (2,390,326)
Net current assets 3,634,054 3,567,284
Total assets less current liabilities 3,634,054 3,567,284
Creditors: amounts falling due after more than one year 6 (2,069,260) (2,069,260)
Provisions for liabilities (103) (125)
Net assets 1,564,691 1,497,899
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,564,591 1,497,799
Shareholders' funds 1,564,691 1,497,899
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.
T O'Sullivan
Director
Approved by the board on 24 January 2024
Sullivan Bros. Limited
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).
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022 81,602
At 30 June 2023 81,602
Depreciation
At 1 July 2022 81,602
At 30 June 2023 81,602
Net book value
At 30 June 2023 -
4 Debtors 2023 2022
£ £
Trade debtors 86,000 86,000
Other debtors - 1,561
86,000 87,561
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 4,610 14,699
Taxation and social security costs 29,715 17,894
Other creditors 2,630,881 2,357,733
2,665,206 2,390,326
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 2,069,260 2,069,260
7 Controlling party
There is no contolling party as the shares are held equally between the directors.
8 Other information
Sullivan Bros. Limited is a private company limited by shares and incorporated in England. Its registered office is:
Devonshire House
Manor Way
Borehamwood
Hertfordshire
WD6 1QQ
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