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Company registration number:
11646801
SHROPSHIRE HI FI LIMITED
31 December 2023
HEYWOODS
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 2AB
SHROPSHIRE HI FI LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
SHROPSHIRE HI FI LIMITED
DIRECTORS AND OTHER INFORMATION
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Directors |
Mr P J Owen |
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Ms K T M Gromadzki |
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Company number |
11646801 |
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Registered office |
The Forge |
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Westbury |
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Shropshire |
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SY5 9QP |
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Business address |
The Forge |
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Westbury |
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Shropshire |
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SY5 9QP |
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Accountants |
Heywoods |
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Countrywide House |
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Knights Way |
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Shrewsbury |
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Shropshire |
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SY1 2AB |
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SHROPSHIRE HI FI LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SHROPSHIRE HI FI LIMITED
PERIOD ENDED 31 DECEMBER 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Shropshire Hi Fi Limited for the period ended 31 December 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Shropshire Hi Fi Limited, as a body, in accordance with the terms of our engagement letter dated 6 July 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Shropshire Hi Fi Limited and state those matters that we have agreed to state to the board of directors of Shropshire Hi Fi Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shropshire Hi Fi Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Shropshire Hi Fi Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Shropshire Hi Fi Limited. You consider that Shropshire Hi Fi Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Shropshire Hi Fi Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Heywoods
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 2AB
26 February 2024
SHROPSHIRE HI FI LIMITED
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023
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31/12/23 |
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31/10/22 |
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Note |
£ |
|
£ |
|
£ |
|
£ |
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|
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Fixed assets |
|
|
|
|
|
|
|
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Tangible assets |
|
5 |
- |
|
|
|
2,861 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
- |
|
|
|
2,861 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
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Stocks |
|
|
- |
|
|
|
8,971 |
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|
Cash at bank and in hand |
|
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16 |
|
|
|
670 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
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16 |
|
|
|
9,641 |
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|
Creditors: amounts falling due |
|
|
|
|
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|
within one year |
|
6 |
(
10,675) |
|
|
|
(
18,370) |
|
|
|
|
|
_______ |
|
|
|
_______ |
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Net current liabilities |
|
|
|
|
(
10,659) |
|
|
|
(
8,729) |
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|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
(
10,659) |
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|
|
(
5,868) |
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|
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Provisions for liabilities |
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- |
|
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|
(
262) |
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|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net liabilities |
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|
|
|
(
10,659) |
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|
|
(
6,130) |
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|
|
|
|
_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
|
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|
|
1 |
|
|
|
1 |
Profit and loss account |
|
|
|
|
(
10,660) |
|
|
|
(
6,131) |
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|
|
|
|
_______ |
|
|
|
_______ |
Shareholders deficit |
|
|
|
|
(
10,659) |
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|
|
(
6,130) |
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|
|
|
|
_______ |
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|
_______ |
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For the period ending 31 December 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.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
19 February 2024
, and are signed on behalf of the board by:
Mr P J Owen
Director
Company registration number:
11646801
SHROPSHIRE HI FI LIMITED
STATEMENT OF CHANGES IN EQUITY
PERIOD ENDED 31 DECEMBER 2023
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|
Called up share capital |
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Profit and loss account |
Total |
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£ |
|
£ |
£ |
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At 1 November 2021 |
|
1 |
|
(
3,692) |
(
3,691) |
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Loss for the period |
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|
|
(
2,439) |
(
2,439) |
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|
_______ |
|
_______ |
_______ |
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Total comprehensive income for the period |
|
- |
|
(
2,439) |
(
2,439) |
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|
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|
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|
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|
_______ |
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_______ |
_______ |
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At 31 October 2022 and 1 November 2022 |
|
1 |
|
(
6,131) |
(
6,130) |
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Loss for the period |
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(
4,529) |
(
4,529) |
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|
_______ |
|
_______ |
_______ |
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Total comprehensive income for the period |
|
- |
|
(
4,529) |
(
4,529) |
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_______ |
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_______ |
_______ |
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At 31 December 2023 |
|
1 |
|
(
10,660) |
(
10,659) |
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_______ |
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_______ |
_______ |
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SHROPSHIRE HI FI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD ENDED 31 DECEMBER 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Forge, Westbury, Shropshire, SY5 9QP.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company is insolvent and ceased trading on 31 December 2023. The remaining assets were transferred to the directors who will settle all liabilities of the company.
Turnover
Turnover is measured at the value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax where appropriate.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
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:
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Fittings fixtures and equipment |
- |
15 % |
reducing balance |
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Stocks
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
2
(2022:
2
).
5.
Tangible assets
|
|
Fixtures, fittings and equipment |
Total |
|
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|
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|
|
£ |
£ |
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Cost |
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At 1 November 2022 |
3,928 |
3,928 |
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Disposals |
(
3,928) |
(
3,928) |
|
|
|
|
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|
_______ |
_______ |
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At 31 December 2023 |
- |
- |
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|
_______ |
_______ |
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Depreciation |
|
|
|
|
|
|
|
|
At 1 November 2022 |
1,067 |
1,067 |
|
|
|
|
|
|
Disposals |
(
1,067) |
(
1,067) |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 December 2023 |
- |
- |
|
|
|
|
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|
_______ |
_______ |
|
|
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Carrying amount |
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At 31 December 2023 |
- |
- |
|
|
|
|
|
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|
_______ |
_______ |
|
|
|
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|
|
At 31 October 2022 |
2,861 |
2,861 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
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6.
Creditors: amounts falling due within one year
|
|
|
31/12/23 |
31/10/22 |
|
|
|
£ |
£ |
|
Trade creditors |
|
41 |
113 |
|
Social security and other taxes |
|
- |
187 |
|
Other creditors |
|
10,634 |
18,070 |
|
|
|
_______ |
_______ |
|
|
|
10,675 |
18,370 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Directors advances, credits and guarantees
|
During the period the directors entered into the following advances and credits with the company: |
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Period ended 31/12/23 |
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Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Mr P J Owen |
(
17,570) |
(
1,175) |
8,750 |
(
9,995) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
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|
Year ended 31/10/22 |
|
|
|
|
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|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Mr P J Owen |
(
18,064) |
- |
494 |
(
17,570) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
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