Registered number
10644185
Sewisfaction Ltd
Filleted Accounts
28 February 2023
Sewisfaction Ltd
Registered number: 10644185
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,067 2,526
Current assets
Stocks 8,000 6,212
Debtors 4 - 9,793
Cash at bank and in hand 1,518 3,355
9,518 19,360
Creditors: amounts falling due within one year 5 (27,114) (18,378)
Net current (liabilities)/assets (17,596) 982
Total assets less current liabilities (15,529) 3,508
Creditors: amounts falling due after more than one year 6 (68,606) (77,959)
Net liabilities (84,135) (74,451)
Capital and reserves
Called up share capital 10 10
Profit and loss account (84,145) (74,461)
Shareholders' funds (84,135) (74,451)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
S McMahon
Director
Approved by the board on 14 April 2024
Sewisfaction Ltd
Notes to the Accounts
for the year ended 28 February 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.
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:
Fixtures, fittings, tools and equipment 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.
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.
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 5
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 5,164
Additions 230
At 28 February 2023 5,394
Depreciation
At 1 March 2022 2,638
Charge for the year 689
At 28 February 2023 3,327
Net book value
At 28 February 2023 2,067
At 28 February 2022 2,526
4 Debtors 2023 2022
£ £
Other debtors - 9,793
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 23,128 14,390
Other creditors 3,986 3,988
27,114 18,378
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 68,606 68,369
Other creditors - 9,600
68,606 77,969
7 Other information
Sewisfaction Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 15, Holme Grange Craft Village
Heathlands Road
Wokingham
Berkshire
RG40 3AW
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