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Registration number: 05976360

Sugartree West Limited

trading as Autograffiti

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Sugartree West Limited

trading as Autograffiti

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Sugartree West Limited

trading as Autograffiti

Company Information

Director

Mr Darren Harding

Registered office

Unit 2e
Tregoniggie Industrial Estate
Falmouth
Cornwall
TR11 4SN

Accountants

Julia Evans Accountants Ltd
79-81 Boslowick Road
Falmouth
Cornwall
TR11 4QD

 

Sugartree West Limited

trading as Autograffiti

(Registration number: 05976360)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

10,323

13,763

Current assets

 

Stocks

8,564

12,166

Debtors

6

7,275

10,260

Cash at bank and in hand

 

51,708

50,538

 

67,547

72,964

Creditors: Amounts falling due within one year

7

(15,622)

(19,780)

Net current assets

 

51,925

53,184

Total assets less current liabilities

 

62,248

66,947

Creditors: Amounts falling due after more than one year

7

(6,762)

(10,144)

Provisions for liabilities

(1,961)

(2,614)

Net assets

 

53,525

54,189

Capital and reserves

 

Called up share capital

2

2

Retained earnings

53,523

54,187

Shareholders' funds

 

53,525

54,189

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Sugartree West Limited

trading as Autograffiti

(Registration number: 05976360)
Balance Sheet as at 31 October 2023

Approved and authorised by the director on 28 April 2024
 

.........................................
Mr Darren Harding
Director

 

Sugartree West Limited

trading as Autograffiti

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

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

The address of its registered office is:
Unit 2e
Tregoniggie Industrial Estate
Falmouth
Cornwall
TR11 4SN

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.

Government grants

Government grants have been recognised under the accrual method.

Tax

Taxation represents the sum of tax currently payable and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

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.

 

Sugartree West Limited

trading as Autograffiti

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

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

Improvements to property

20% on cost

Equipment

25% on reducing balance

Motor vehicles

25% on 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 years straight line

 

Sugartree West Limited

trading as Autograffiti

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Sugartree West Limited

trading as Autograffiti

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

 

Sugartree West Limited

trading as Autograffiti

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

48,499

48,499

At 31 October 2023

48,499

48,499

Amortisation

At 1 November 2022

48,499

48,499

At 31 October 2023

48,499

48,499

Carrying amount

At 31 October 2023

-

-

5

Tangible assets

Improvements to property
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

1,470

22,367

14,049

37,886

At 31 October 2023

1,470

22,367

14,049

37,886

Depreciation

At 1 November 2022

1,470

9,786

12,867

24,123

Charge for the year

-

3,145

295

3,440

At 31 October 2023

1,470

12,931

13,162

27,563

Carrying amount

At 31 October 2023

-

9,436

887

10,323

At 31 October 2022

-

12,581

1,182

13,763

 

Sugartree West Limited

trading as Autograffiti

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

5,404

8,715

Prepayments

1,815

1,545

Other debtors

56

-

 

7,275

10,260

 

Sugartree West Limited

trading as Autograffiti

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

3,381

3,381

Trade creditors

 

1,615

2,925

Taxation and social security

 

4,660

10,304

Accruals and deferred income

 

1,938

1,865

Other creditors

 

4,028

1,305

 

15,622

19,780

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

6,762

10,144

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Hire purchase contracts

6,762

10,144

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

3,381

3,381