Snowboy Systems Limited 07232705 false 2022-05-01 2023-04-30 2023-04-30 The principal activity of the company is that of the provision of special effects and services to the media. Digita Accounts Production Advanced 6.30.9574.0 true 07232705 2022-05-01 2023-04-30 07232705 2023-04-30 07232705 bus:OrdinaryShareClass1 2023-04-30 07232705 core:CurrentFinancialInstruments 2023-04-30 07232705 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 07232705 core:Goodwill 2023-04-30 07232705 core:FurnitureFittingsToolsEquipment 2023-04-30 07232705 core:MotorVehicles 2023-04-30 07232705 core:OtherPropertyPlantEquipment 2023-04-30 07232705 bus:SmallEntities 2022-05-01 2023-04-30 07232705 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 07232705 bus:FullAccounts 2022-05-01 2023-04-30 07232705 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 07232705 bus:RegisteredOffice 2022-05-01 2023-04-30 07232705 bus:Director1 2022-05-01 2023-04-30 07232705 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 07232705 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 07232705 core:Goodwill 2022-05-01 2023-04-30 07232705 core:FurnitureFittingsToolsEquipment 2022-05-01 2023-04-30 07232705 core:MotorVehicles 2022-05-01 2023-04-30 07232705 core:OfficeEquipment 2022-05-01 2023-04-30 07232705 core:OtherPropertyPlantEquipment 2022-05-01 2023-04-30 07232705 core:PlantMachinery 2022-05-01 2023-04-30 07232705 countries:England 2022-05-01 2023-04-30 07232705 2022-04-30 07232705 core:Goodwill 2022-04-30 07232705 core:FurnitureFittingsToolsEquipment 2022-04-30 07232705 core:MotorVehicles 2022-04-30 07232705 core:OtherPropertyPlantEquipment 2022-04-30 07232705 2021-05-01 2022-04-30 07232705 2022-04-30 07232705 bus:OrdinaryShareClass1 2022-04-30 07232705 core:CurrentFinancialInstruments 2022-04-30 07232705 core:CurrentFinancialInstruments core:WithinOneYear 2022-04-30 07232705 core:FurnitureFittingsToolsEquipment 2022-04-30 07232705 core:MotorVehicles 2022-04-30 07232705 core:OtherPropertyPlantEquipment 2022-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07232705

Snowboy Systems Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Snowboy Systems Limited

(Registration number: 07232705)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

90,833

75,229

Current assets

 

Stocks

6

12,500

15,000

Debtors

7

42,895

61,957

Cash at bank and in hand

 

263,632

236,416

 

319,027

313,373

Creditors: Amounts falling due within one year

8

(76,532)

(85,407)

Net current assets

 

242,495

227,966

Total assets less current liabilities

 

333,328

303,195

Provisions for liabilities

(22,708)

(14,294)

Net assets

 

310,620

288,901

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

310,520

288,801

Shareholders' funds

 

310,620

288,901

 

Snowboy Systems Limited

(Registration number: 07232705)
Balance Sheet as at 30 April 2023

For the financial year ending 30 April 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 28 March 2024 and signed on its behalf by:
 


H J Stokes
Director

 

Snowboy Systems Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

1

General information

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

The address of its registered office is:
Unit 10 Glenside Ind Est
Essendine
Stamford
Lincolnshire
PE9 4LE
England

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Snowboy Systems Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

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.

 

Snowboy Systems Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 4 (2022 - 5).

 

Snowboy Systems Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2022

79,770

79,770

At 30 April 2023

79,770

79,770

Amortisation

At 1 May 2022

79,770

79,770

At 30 April 2023

79,770

79,770

Carrying amount

At 30 April 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2022

11,075

51,563

87,980

150,618

Additions

-

19,388

13,811

33,199

At 30 April 2023

11,075

70,951

101,791

183,817

Depreciation

At 1 May 2022

5,712

15,351

54,326

75,389

Charge for the year

1,342

10,250

6,003

17,595

At 30 April 2023

7,054

25,601

60,329

92,984

Carrying amount

At 30 April 2023

4,021

45,350

41,462

90,833

At 30 April 2022

5,363

36,212

33,654

75,229

6

Stocks

2023
£

2022
£

Other inventories

12,500

15,000

 

Snowboy Systems Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

40,731

59,974

Prepayments

2,164

1,983

 

42,895

61,957

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

20,859

17,010

Amounts owed to related parties

873

3,213

Taxation and social security

 

18,969

16,462

Other creditors

 

35,831

48,722

 

76,532

85,407

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100