Registered number
04508565
Black Sheep Ironworks Limited
Unaudited Filleted Accounts
For the Year Ended
31 August 2023
Black Sheep Ironworks Limited
Registered number: 04508565
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 35,713 42,842
Current assets
Stocks 59,500 58,000
Debtors 5 25,383 29,517
Cash at bank and in hand 73,782 47,293
158,665 134,810
Creditors: amounts falling due within one year 6 (86,435) (70,629)
Net current assets 72,230 64,181
Total assets less current liabilities 107,943 107,023
Provisions for liabilities (6,785) (8,140)
Net assets 101,158 98,883
Capital and reserves
Called up share capital 100 100
Profit and loss account 101,058 98,783
Shareholder's funds 101,158 98,883
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A R Townley
Director
Approved by the board on 28 March 2024
Black Sheep Ironworks Limited
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Alterations to leasehold over 10 years
Tools and equipment 10% reducing balance
Computers over 3 years
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2022 12,000
At 31 August 2023 12,000
Amortisation
At 1 September 2022 12,000
At 31 August 2023 12,000
Net book value
At 31 August 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2022 7,129 90,414 51,386 148,929
Additions - 2,039 - 2,039
At 31 August 2023 7,129 92,453 51,386 150,968
Depreciation
At 1 September 2022 7,129 64,358 34,600 106,087
Charge for the year - 4,971 4,197 9,168
At 31 August 2023 7,129 69,329 38,797 115,255
Net book value
At 31 August 2023 - 23,124 12,589 35,713
At 31 August 2022 - 26,056 16,786 42,842
5 Debtors 2023 2022
£ £
Trade debtors 17,978 24,177
Other debtors 7,405 5,340
25,383 29,517
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 61,020 44,523
Taxation and social security costs 22,687 23,698
Other creditors 2,728 2,408
86,435 70,629
7 Other information
Black Sheep Ironworks Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 15 Holme Mills Industrial Estate
Holme
Carnforth
Lancashire
LA6 1RD
Black Sheep Ironworks Limited 04508565 false 2022-09-01 2023-08-31 2023-08-31 VT Final Accounts October 2023 release 2 A R Townley No description of principal activity 04508565 2021-09-01 2022-08-31 04508565 core:WithinOneYear 2022-08-31 04508565 core:ShareCapital 2022-08-31 04508565 core:RetainedEarningsAccumulatedLosses 2022-08-31 04508565 2022-09-01 2023-08-31 04508565 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 04508565 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 04508565 bus:Director40 2022-09-01 2023-08-31 04508565 1 2022-09-01 2023-08-31 04508565 2 2022-09-01 2023-08-31 04508565 core:LandBuildings 2022-09-01 2023-08-31 04508565 core:PlantMachinery 2022-09-01 2023-08-31 04508565 core:Vehicles 2022-09-01 2023-08-31 04508565 countries:England 2022-09-01 2023-08-31 04508565 bus:FRS102 2022-09-01 2023-08-31 04508565 bus:FullAccounts 2022-09-01 2023-08-31 04508565 2023-08-31 04508565 core:WithinOneYear 2023-08-31 04508565 core:ShareCapital 2023-08-31 04508565 core:RetainedEarningsAccumulatedLosses 2023-08-31 04508565 core:Goodwill 2023-08-31 04508565 core:LandBuildings 2023-08-31 04508565 core:PlantMachinery 2023-08-31 04508565 core:Vehicles 2023-08-31 04508565 2022-08-31 04508565 core:Goodwill 2022-08-31 04508565 core:LandBuildings 2022-08-31 04508565 core:PlantMachinery 2022-08-31 04508565 core:Vehicles 2022-08-31 iso4217:GBP xbrli:pure