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Registration number: 10336727

Saunders & Long Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2022

 

Saunders & Long Limited

Contents
for the Year Ended 31 August 2022

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Saunders & Long Limited

Company Information
for the Year Ended 31 August 2022

Directors

N Saunders

J Long

S Sharp

N Heidegger

Registered office

4 St Albans Close
Windsor
Berkshire
SL4 1UT

Registered number

10336727 ( England and Wales )

Accountants

Windsor Accountancy Limited
Chartered Certified Accountants
St Stephens House
Arthur Road
Windsor
Berkshire
SL4 1RU

 

Saunders & Long Limited

(Registration number: 10336727)
Balance Sheet as at 31 August 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

30,453

35,087

Tangible assets

5

5,357

13,874

 

35,810

48,961

Current assets

 

Stocks

6

205,128

219,300

Debtors

7

22,242

18,486

Cash at bank and in hand

 

690

33,739

 

228,060

271,525

Creditors: Amounts falling due within one year

8

(286,109)

(250,123)

Net current (liabilities)/assets

 

(58,049)

21,402

Total assets less current liabilities

 

(22,239)

70,363

Creditors: Amounts falling due after more than one year

8

(32,500)

(38,125)

Net (liabilities)/assets

 

(54,739)

32,238

Capital and reserves

 

Called up share capital

2,273

2,273

Share premium reserve

1,029,283

1,029,283

Retained earnings

(1,086,295)

(999,318)

Shareholders' (deficit)/funds

 

(54,739)

32,238

For the financial year ending 31 August 2022 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.

 

Saunders & Long Limited

(Registration number: 10336727)
Balance Sheet as at 31 August 2022

Approved and authorised by the Board on 12 April 2024 and signed on its behalf by:
 

.........................................
N Saunders
Director

 

Saunders & Long Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

1

General information

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

The address of its registered office is:
4 St Albans Close
Windsor
Berkshire
SL4 1UT
United Kingdom

These financial statements were authorised for issue by the Board on 12 April 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.

Going concern

These financial statements have been prepared on the going concern basis on the understanding that the directors will continue to financially support the company for the forseeable future.

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.

 

Saunders & Long Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises 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.

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

Office equipment

25% Straight line

Plant and machinery

25% Straight line

Furniture & fittings

25% Straight line

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

Other intangibles

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.

 

Saunders & Long Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

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. Amounts classified as receivable within one year are not amortised.

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. 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. Amounts classified as payable within one year are not amortised.

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.

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.

 

Saunders & Long Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2021 - 4).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 September 2021

46,335

46,335

At 31 August 2022

46,335

46,335

Amortisation

At 1 September 2021

11,248

11,248

Amortisation charge

4,634

4,634

At 31 August 2022

15,882

15,882

Carrying amount

At 31 August 2022

30,453

30,453

At 31 August 2021

35,087

35,087

 

Saunders & Long Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2021

34,950

34,950

At 31 August 2022

34,950

34,950

Depreciation

At 1 September 2021

21,073

21,073

Charge for the year

8,520

8,520

At 31 August 2022

29,593

29,593

Carrying amount

At 31 August 2022

5,357

5,357

At 31 August 2021

13,874

13,874

6

Stocks

2022
£

2021
£

Other inventories

205,128

219,300

7

Debtors

Current

2022
£

2021
£

Trade debtors

5,927

13,010

Other debtors

16,315

5,476

 

22,242

18,486

 

Saunders & Long Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

10,000

11,876

Trade creditors

 

98,785

78,814

Taxation and social security

 

1,493

8,199

Accruals and deferred income

 

6,922

6,018

Other creditors

 

168,909

145,216

 

286,109

250,123

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

32,500

38,125

9

Loans and borrowings

Non-current loans and borrowings

2022
£

2021
£

Bank borrowings

32,500

38,125

Current loans and borrowings

2022
£

2021
£

Bank borrowings

10,000

11,876

 

Saunders & Long Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

10

Related party transactions

Transactions with directors

2022

At 1 September 2021
£

Advances to director
£

Repayments by director
£

At 31 August 2022
£

Director advances and credits

(32,585)

23,558

(26,151)

(35,178)

 

2021

At 1 September 2020
£

Advances to director
£

At 31 August 2021
£

Director advances and credits

(33,059)

474

(32,585)

 

Other transactions with directors

Amounts due to the directors were free of interest and deemed repayable on demand.