Company registration number 04252223 (England and Wales)
ALAN SEWELL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
ALAN SEWELL LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
ALAN SEWELL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
688,295
627,745
Current assets
Stocks
10,894
14,592
Debtors
4
248,421
272,451
Cash at bank and in hand
367,114
340,513
626,429
627,556
Creditors: amounts falling due within one year
5
(158,614)
(179,609)
Net current assets
467,815
447,947
Total assets less current liabilities
1,156,110
1,075,692
Provisions for liabilities
(86,250)
(51,680)
Net assets
1,069,860
1,024,012
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
1,059,860
1,014,012
Total equity
1,069,860
1,024,012

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 December 2023 and are signed on its behalf by:
Mr AW Sewell
Mr DS Metcalfe
Director
Director
Company Registration No. 04252223
ALAN SEWELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information

Alan Sewell Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sadler Lane Garage, Sadler Lane, Evenwood, Bishop Auckland, County Durham, DL14 9SH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% straight line
Plant and machinery
15% reducing balance
Fixtures and fittings
10% straight line
Website
25% straight line
Motor vehicles
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

ALAN SEWELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

ALAN SEWELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
13
14
ALAN SEWELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
3
Tangible fixed assets
Freehold property
Plant and machinery
Fixtures and fittings
Website
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 November 2022
441,427
278,914
16,020
8,330
1,179,160
1,923,851
Additions
-
0
6,077
-
0
-
0
124,606
130,683
At 31 October 2023
441,427
284,991
16,020
8,330
1,303,766
2,054,534
Depreciation and impairment
At 1 November 2022
104,476
240,298
14,173
8,330
928,829
1,296,106
Depreciation charged in the year
8,829
6,027
671
-
0
54,606
70,133
At 31 October 2023
113,305
246,325
14,844
8,330
983,435
1,366,239
Carrying amount
At 31 October 2023
328,122
38,666
1,176
-
0
320,331
688,295
At 31 October 2022
336,951
38,616
1,847
-
0
250,331
627,745
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
199,802
220,492
Other debtors
48,619
51,959
248,421
272,451
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
50,022
72,443
Corporation tax
51,703
40,604
Other taxation and social security
35,323
42,972
Other creditors
21,566
23,590
158,614
179,609
2023-10-312022-11-01false19 December 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr A W SewellMr D S Metcalfe042522232022-11-012023-10-31042522232023-10-31042522232022-10-3104252223core:LandBuildingscore:OwnedOrFreeholdAssets2023-10-3104252223core:PlantMachinery2023-10-3104252223core:FurnitureFittings2023-10-3104252223core:ComputerEquipment2023-10-3104252223core:MotorVehicles2023-10-3104252223core:LandBuildingscore:OwnedOrFreeholdAssets2022-10-3104252223core:PlantMachinery2022-10-3104252223core:FurnitureFittings2022-10-3104252223core:ComputerEquipment2022-10-3104252223core:MotorVehicles2022-10-3104252223core:CurrentFinancialInstrumentscore:WithinOneYear2023-10-3104252223core:CurrentFinancialInstrumentscore:WithinOneYear2022-10-3104252223core:CurrentFinancialInstruments2023-10-3104252223core:CurrentFinancialInstruments2022-10-3104252223core:ShareCapital2023-10-3104252223core:ShareCapital2022-10-3104252223core:RetainedEarningsAccumulatedLosses2023-10-3104252223core:RetainedEarningsAccumulatedLosses2022-10-3104252223bus:Director12022-11-012023-10-3104252223bus:Director22022-11-012023-10-3104252223core:LandBuildingscore:OwnedOrFreeholdAssets2022-11-012023-10-3104252223core:PlantMachinery2022-11-012023-10-3104252223core:FurnitureFittings2022-11-012023-10-3104252223core:ComputerEquipment2022-11-012023-10-3104252223core:MotorVehicles2022-11-012023-10-31042522232021-11-012022-10-3104252223core:LandBuildingscore:OwnedOrFreeholdAssets2022-10-3104252223core:PlantMachinery2022-10-3104252223core:FurnitureFittings2022-10-3104252223core:ComputerEquipment2022-10-3104252223core:MotorVehicles2022-10-31042522232022-10-3104252223core:WithinOneYear2023-10-3104252223core:WithinOneYear2022-10-3104252223bus:PrivateLimitedCompanyLtd2022-11-012023-10-3104252223bus:SmallCompaniesRegimeForAccounts2022-11-012023-10-3104252223bus:FRS1022022-11-012023-10-3104252223bus:AuditExemptWithAccountantsReport2022-11-012023-10-3104252223bus:FullAccounts2022-11-012023-10-31xbrli:purexbrli:sharesiso4217:GBP