Registered number
07484254
Salter Cyclones Limited
Filleted Accounts
31 December 2023
Salter Cyclones Limited
Company Information
Directors
G J C Childs
I M Daniels
L M Emanuel
P F Salter
Accountants
Anderson Griffin
Rotunda Buildings
Montpellier Exchange
Cheltenham
Glos
Registered office
Cheltenham Film and Photographic Studios
Hatherley Lane
Cheltenham
Glos
Registered number
07484254
Salter Cyclones Limited
Registered number: 07484254
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 17,550 26,685
Current assets
Stocks 235,961 242,034
Debtors 4 102,386 184,205
Cash at bank and in hand 1,635,910 1,557,593
1,974,257 1,983,832
Creditors: amounts falling due within one year 5 (212,371) (250,674)
Net current assets 1,761,886 1,733,158
Net assets 1,779,436 1,759,843
Capital and reserves
Called up share capital 40 40
Profit and loss account 1,779,396 1,759,803
Shareholders' funds 1,779,436 1,759,843
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.
I M Daniels
Director
Approved by the board on 31 January 2024
Salter Cyclones Limited
Notes to the Accounts
for the year ended 31 December 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:
Tooling over four years
Office equipment over four years
Motor vehicles over four 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.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 8
3 Tangible fixed assets
Tooling Office equipment Total
£ £ £
Cost
At 1 January 2023 207,254 45,902 253,156
Additions 4,042 - 4,042
At 31 December 2023 211,296 45,902 257,198
Depreciation
At 1 January 2023 195,934 30,537 226,471
Charge for the year 5,622 7,555 13,177
At 31 December 2023 201,556 38,092 239,648
Net book value
At 31 December 2023 9,740 7,810 17,550
At 31 December 2022 11,320 15,365 26,685
4 Debtors 2023 2022
£ £
Trade debtors 65,044 140,903
Other debtors 37,342 43,302
102,386 184,205
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 83,668 74,500
Taxation and social security costs 95,234 122,835
Other creditors 33,469 53,339
212,371 250,674
6 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 21,617 20,901
7 Controlling party
The company is controlled by the directors.
8 Other information
Salter Cyclones Limited is a private company limited by shares and incorporated in England. Its registered office is:
Cheltenham Film and Photographic Studios
Hatherley Lane
Cheltenham
Glos
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