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COMPANY REGISTRATION NUMBER: 01099949
Sedbury Stores Limited
Filleted Unaudited Financial Statements
31 December 2023
Sedbury Stores Limited
Financial Statements
Year ended 31st December 2023
Contents
Page
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Sedbury Stores Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Sedbury Stores Limited
Year ended 31st 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 Sedbury Stores Limited for the year ended 31st December 2023, which comprise the statement of financial position and the 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Sedbury Stores Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Sedbury Stores Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sedbury Stores Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Sedbury Stores 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 profit of Sedbury Stores Limited. You consider that Sedbury Stores Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Sedbury Stores 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.
WALTER HUNTER & CO LIMITED Chartered accountants
24 Bridge Street Newport South Wales NP20 4SF
7 March 2024
Sedbury Stores Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
3,622
Investments
6
1,425,000
1,450,000
------------
------------
1,425,000
1,453,622
Current assets
Debtors
7
932
829
Cash at bank and in hand
323,463
309,678
---------
---------
324,395
310,507
Creditors: amounts falling due within one year
8
38,692
36,404
---------
---------
Net current assets
285,703
274,103
------------
------------
Total assets less current liabilities
1,710,703
1,727,725
Creditors: amounts falling due after more than one year
9
27,061
27,061
Provisions
Taxation including deferred tax
188,057
194,307
------------
------------
Net assets
1,495,585
1,506,357
------------
------------
Capital and reserves
Called up share capital
24,000
24,000
Revaluation reserve
564,172
582,922
Profit and loss account
907,413
899,435
------------
------------
Shareholders funds
1,495,585
1,506,357
------------
------------
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.
For the year ending 31st 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 year 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 .
Sedbury Stores Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 7 March 2024 , and are signed on behalf of the board by:
Mr AV Venn
Director
Company registration number: 01099949
Sedbury Stores Limited
Notes to the Financial Statements
Year ended 31st December 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Gooseleaze, Lower Road, St. Briavels, Lydney, Gloucestershire, GL15 6SA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 the income statement. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements have been rounded to the nearest £.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair 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. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and 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:
Motor vehicles
-
25% straight line
Investments
Investment property is included at fair value. Gains are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Motor vehicles
Total
£
£
Cost or valuation
At 1st January 2023 and 31st December 2023
17,388
17,388
--------
--------
Depreciation
At 1st January 2023
13,766
13,766
Charge for the year
3,622
3,622
--------
--------
At 31st December 2023
17,388
17,388
--------
--------
Carrying amount
At 31st December 2023
--------
--------
At 31st December 2022
3,622
3,622
--------
--------
6. Investments
Other investments other than loans
£
Cost
At 1st January 2023
1,450,000
Revaluations
( 25,000)
------------
At 31st December 2023
1,425,000
------------
Impairment
At 1st January 2023 and 31st December 2023
------------
Carrying amount
At 31st December 2023
1,425,000
------------
At 31st December 2022
1,450,000
------------
Investment properties for which fair value can be measured reliably are measured at fair value at each reporting date with changes in fair value recognised in the Statement of Comprehensive Income. Properties are valued on an open market valuation on a freehold basis, conducted by the Director of the company.
7. Debtors
2023
2022
£
£
Trade debtors
932
829
----
----
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
10,758
10,756
Corporation tax
13,142
11,754
Other creditors
14,792
13,894
--------
--------
38,692
36,404
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
27,061
27,061
--------
--------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr AV Venn
( 12,550)
( 766)
( 13,316)
--------
----
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr AV Venn
( 8,494)
( 4,056)
( 12,550)
-------
-------
--------
11. Related party transactions
The directors of the company are also the controlling parties in Bertopack Services Ltd (Company No. 1184206). Transactions between the companies are carried out on an 'arms length' basis. Any inter-company borrowings are interest free. At 31st December 2023 the company owed Bertopack Services Limited £27,061 (2022: £27,061). No repayments were made during the period.