1 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,597 1,597 xbrli:pure xbrli:shares iso4217:GBP 04605741 2023-04-01 2024-03-31 04605741 2024-03-31 04605741 2023-03-31 04605741 2022-04-01 2023-03-31 04605741 2023-03-31 04605741 2022-03-31 04605741 bus:Director1 2023-04-01 2024-03-31 04605741 core:WithinOneYear 2024-03-31 04605741 core:WithinOneYear 2023-03-31 04605741 core:ShareCapital 2024-03-31 04605741 core:ShareCapital 2023-03-31 04605741 core:RetainedEarningsAccumulatedLosses 2024-03-31 04605741 core:RetainedEarningsAccumulatedLosses 2023-03-31 04605741 bus:SmallEntities 2023-04-01 2024-03-31 04605741 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04605741 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04605741 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04605741 bus:FullAccounts 2023-04-01 2024-03-31 04605741 core:ComputerEquipment 2023-04-01 2024-03-31 04605741 core:ComputerEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 04605741
Sheila Farrell Associates Limited
Filleted Unaudited Financial Statements
31 March 2024
Sheila Farrell Associates Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Current assets
Debtors
6
14
Cash at bank and in hand
70,511
104,166
--------
---------
70,525
104,166
Creditors: amounts falling due within one year
7
2,729
5,287
--------
---------
Net current assets
67,796
98,879
--------
--------
Total assets less current liabilities
67,796
98,879
--------
--------
Net assets
67,796
98,879
--------
--------
Capital and reserves
Called up share capital
5
5
Profit and loss account
67,791
98,874
--------
--------
Shareholders funds
67,796
98,879
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 26 July 2024 , and are signed on behalf of the board by:
Mrs S Farrell
Director
Company registration number: 04605741
Sheila Farrell Associates Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hurst House, High Street, Ripley, Surrey, United Kingdom, GU23 6AY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Foreign currency
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
33% straight line
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2023 and 31 March 2024
1,597
1,597
-------
-------
Depreciation
At 1 April 2023 and 31 March 2024
1,597
1,597
-------
-------
Carrying amount
At 31 March 2024
-------
-------
At 31 March 2023
-------
-------
6. Debtors
2024
2023
£
£
Other debtors
14
----
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2
Social security and other taxes
1,905
Other creditors
2,729
3,380
-------
-------
2,729
5,287
-------
-------
8. Director's advances, credits and guarantees
At the year end, the company owed £859 to the director (2023: £800)