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Registration number: 1364704

Four Seasons Sheepskins (Street) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Four Seasons Sheepskins (Street) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Four Seasons Sheepskins (Street) Limited

Company Information

Directors

YH Carey

AL Slocombe

PR Carey

MH Slocombe

Registered office

105 High Street
Street
BA16 0EY

Accountants

Janet Essex Chartered Accountants
Chartered Accountants
Saville Court
11 Saville Place
Clifton
Bristol
BS8 4EJ

 

Four Seasons Sheepskins (Street) Limited

(Registration number: 1364704)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

87,500

87,500

Investment property

5

1,281,035

1,281,035

 

1,368,535

1,368,535

Current assets

 

Stocks

7

161,521

169,914

Debtors

8

6,081

6,400

Cash at bank and in hand

 

42,127

31,200

 

209,729

207,514

Creditors: Amounts falling due within one year

9

(374,359)

(387,409)

Net current liabilities

 

(164,630)

(179,895)

Net assets

 

1,203,905

1,188,640

Capital and reserves

 

Called up share capital

10

100

100

Revaluation reserve

897,163

897,163

Retained earnings

306,642

291,377

Shareholders' funds

 

1,203,905

1,188,640

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 March 2024 and signed on its behalf by:
 

.........................................
MH Slocombe
Director

 

Four Seasons Sheepskins (Street) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in Wales.

The address of its registered office is:
105 High Street
Street
BA16 0EY

These financial statements were authorised for issue by the Board on 8 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land

straight line - 0%

Freehold buildings

straight line - 4%

Fixtures and fittings

straight line - 20%

 

Four Seasons Sheepskins (Street) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

 

Four Seasons Sheepskins (Street) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Leases

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Rental income from operating leases is recognised on a straight line basis over the term of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 10).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

360,960

17,127

378,087

At 30 June 2023

360,960

17,127

378,087

Depreciation

At 1 July 2022

273,460

17,127

290,587

At 30 June 2023

273,460

17,127

290,587

Carrying amount

At 30 June 2023

87,500

-

87,500

At 30 June 2022

87,500

-

87,500

Included within the net book value of land and buildings above is £87,500 (2022 - £87,500) in respect of freehold land and buildings.
 

 

Four Seasons Sheepskins (Street) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Investment properties

2023
£

At 1 July

1,281,035

At 30 June

1,281,035

There has been no valuation of investment property by an independent valuer.

 

Four Seasons Sheepskins (Street) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Other financial assets (current and non-current)

Non-current financial assets

Cost or valuation

Impairment

Carrying amount

At 30 June 2023

7

Stocks

2023
£

2022
£

Finished goods and goods for resale

161,521

169,914

8

Debtors

Current

2023
£

2022
£

Trade debtors

2,731

2,731

Other debtors

3,350

3,669

 

6,081

6,400

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

12

38,739

35,627

Trade creditors

 

69,428

59,190

Taxation and social security

 

8,975

9,065

Other creditors

 

257,217

283,527

 

374,359

387,409

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £38,739 (2022 - £35,627).

10

Share capital

Allotted, called up and fully paid shares

 

Four Seasons Sheepskins (Street) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

11

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

12

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

38,739

35,627

Bank borrowings

Bank overdraft is denominated in sterling with a nominal interest rate of variable%, and the final instalment is due on . The carrying amount at year end is £38,739 (2022 - £35,627).

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £38,739 (2022 - £35,627) and is repayable on demand.

13

Related party transactions

 

Four Seasons Sheepskins (Street) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

2,680

2,680

Contributions paid to money purchase schemes

1,000

1,000

3,680

3,680

Summary of transactions with other related parties

Loan due to M Slocombe, director at balance sheet date is £37,258. (2022 £73,189)
Loan due to PR Carey, director at balance sheet date is £123,528 (2022 £126,142)
Loan due to YH Carey, director at balance sheet date is £16,491 (2022 £16,491)
Loan due to AL Slocombe,director at balance sheet date is £12,936 (2022 £22,936)