Registration number:
Snellers Ltd
for the Year Ended 30 June 2023
Snellers Ltd
Contents
Company Information |
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Directors' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Snellers Ltd
Company Information
Directors |
K Pankhania C Pankhania |
Company secretary |
C Pankhania |
Registered office |
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Accountants |
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Snellers Ltd
Directors' Report for the Year Ended 30 June 2023
The directors present their annual report on the affairs of Snellers Ltd, together with the unaudited financial statements for the year ended 30 June 2023.
Principal activity
The principal activity of the company is professional property consultancy.
Directors of the company
The directors who held office during the year and up to date of authorisation of this report were as follows:
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
Small companies provision statement
The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.
Approved and authorised by the
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Snellers Ltd
(Registration number: 07182336)
Balance Sheet as at 30 June 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
- |
- |
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Tangible assets |
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Investments |
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Current assets |
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Receivables |
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Cash at bank |
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Payables: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Payables: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Equity |
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Called up share capital |
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Share premium reserve |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Snellers Ltd
(Registration number: 07182336)
Balance Sheet as at 30 June 2023 (continued)
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
The directors of the company have elected not to include a copy of the Income statement within the financial statements.
The financial statements of Snellers Ltd were approved and authorised for issue by the
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Director
Snellers Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023
General information |
Snellers Ltd (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.
Accounting policies |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Critical judgements and key sources of estimation uncertainties
There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Snellers Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023 (continued)
2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises current tax and deferred tax.
Deferred taxation is provided in respect of all material timing differences between the profits as computed for taxation purposes and the profits as stated in the financial statements.
Tangible assets
Tangible assets is stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Equipment, fixtures and fittings |
25% reducing balance |
Website development costs |
25% straight line |
Computer equipment |
25% reducing balance |
Goodwill
Goodwill is amortised evenly over its estimated useful life, which is deemed to be a ten year period.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10% straight line |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise of bank balances.
Snellers Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023 (continued)
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Snellers Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023 (continued)
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Goodwill |
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Cost |
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At 1 July 2022 and 30 June 2023 |
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Amortisation |
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At 1 July 2022 and 30 June 2023 |
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Carrying amount |
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At 30 June 2023 |
- |
At 30 June 2022 |
- |
Tangible assets |
Office equipment |
Fixtures & fittings |
Total |
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Cost |
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At 1 July 2022 |
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Additions |
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At 30 June 2023 |
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Depreciation |
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At 1 July 2022 |
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Charge for the year |
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At 30 June 2023 |
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Carrying amount |
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At 30 June 2023 |
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At 30 June 2022 |
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Snellers Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023 (continued)
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost |
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At 1 July 2022 and 30 June 2023 |
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Carrying amount |
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At 30 June 2023 |
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At 30 June 2022 |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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England/Wales |
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Subsidiary undertakings |
Sneller Property Consultants Limited The principal activity of Sneller Property Consultants Limited is |
Snellers Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023 (continued)
Receivables |
2023 |
2022 |
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Trade receivables |
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Amounts owed by group undertakings |
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Other receivables |
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Prepayments |
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Payables |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade payables |
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Corporation tax |
78,853 |
37,837 |
Social security and other taxes |
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Pension contributions |
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Other payables |
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Accruals and deferred income |
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Due after one year |
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Loans and borrowings |
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Provisions for liabilities |
Deferred tax |
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At 1 July 2022 |
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Increase in existing provisions |
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At 30 June 2023 |
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Snellers Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023 (continued)
Share capital and reserves |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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200 |
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200 |
Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.
Share premium reserve
The share premium reserve represents premium paid for new shares above their nominal value net of issue costs and bonus share issues. This reserve forms part of the company's non-distributable reserves.
Related party transactions |
The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of paragraph 1AC.35 of FRS 102 - Small Entities the not to disclose transactions with entities that are wholly owned members of the the group.
There were no other related party transactions to disclose.