Company registration number 02597685 (England and Wales)
Sheldon Bloomfield Ltd
Unaudited
financial statements
for the year ended 31 December 2023
PAGES FOR FILING WITH REGISTRAR
Sheldon Bloomfield Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
Sheldon Bloomfield Ltd
Balance sheet
as at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,618
16,358
Current assets
Stocks
1,475,312
1,410,104
Debtors
4
430,014
577,230
Cash at bank and in hand
489,754
532,344
2,395,080
2,519,678
Creditors: amounts falling due within one year
5
(260,116)
(356,296)
Net current assets
2,134,964
2,163,382
Total assets less current liabilities
2,139,582
2,179,740
Creditors: amounts falling due after more than one year
6
(24,786)
Net assets
2,139,582
2,154,954
Capital and reserves
Called up share capital
51
51
Capital redemption reserve
49
49
Profit and loss reserves
2,139,482
2,154,854
Total equity
2,139,582
2,154,954
Sheldon Bloomfield Ltd
Balance sheet (continued)
as at 31 December 2023
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 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 8 March 2024 and are signed on its behalf by:
Mr S M Bloomfield
Director
Company Registration No. 02597685
Sheldon Bloomfield Ltd
Notes to the financial statements
for the year ended 31 December 2023
- 3 -
1
Accounting policies
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.
Turnover
Turnover comprises revenue recognised by the company in respect of the sale of goods during the year excluding value added tax. Revenue is recognised on completion of the sale when an invoice for the goods is issued to the customer.
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:
Improvements to property
Straight line over the life of the lease
Fixtures, fittings & equipment
25% on cost
Computer equipment
33% on cost
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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 balance sheet when the company becomes party to the contractual provisions of the instrument.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
Sheldon Bloomfield Ltd
Notes to the financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies
(continued)
- 4 -
Deferred tax
Deferred tax is recognised on all timing differences between the carrying amount of of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is then settled or the asset realised, based on the tax rates that have been enacted or substantively enacted by the end of the reporting period.
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2022 - 4).
2023
2022
Number
Number
Total
4
4
3
Tangible fixed assets
Improvements to property
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2023
153,226
40,141
61,272
254,639
Additions
690
690
At 31 December 2023
153,226
40,831
61,272
255,329
Depreciation and impairment
At 1 January 2023
144,288
36,930
57,063
238,281
Depreciation charged in the year
8,938
998
2,494
12,430
At 31 December 2023
153,226
37,928
59,557
250,711
Carrying amount
At 31 December 2023
2,903
1,715
4,618
At 31 December 2022
8,938
3,211
4,209
16,358
Sheldon Bloomfield Ltd
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
369,991
495,963
Other debtors
60,023
81,267
430,014
577,230
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
Trade creditors
138,377
130,378
Corporation tax
34,435
83,575
Other taxation and social security
78,878
123,623
Other creditors
8,426
8,720
260,116
356,296
The bank loan has been guaranteed by the director.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
24,786
7
Company information
Sheldon Bloomfield Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 86 Station Parade, Harrogate, North Yorkshire, HG1 1HH.