Registered number
04155693
J S Savage Limited
Filleted Accounts
31 October 2023
J S Savage Limited
Registered number: 04155693
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 518,295 533,748
Current assets
Stocks 8,938 10,290
Debtors 5 10,603 5,600
Cash at bank and in hand 1,108 4,058
20,649 19,948
Creditors: amounts falling due within one year 6 (254,797) (259,382)
Net current liabilities (234,148) (239,434)
Total assets less current liabilities 284,147 294,314
Creditors: amounts falling due after more than one year 7 (466,778) (490,921)
Net liabilities (182,631) (196,607)
Capital and reserves
Called up share capital 2 2
Profit and loss account (182,633) (196,609)
Shareholder's funds (182,631) (196,607)
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.
J S H Savage
Director
Approved by the board on 30 July 2024
J S Savage Limited
Notes to the Accounts
for the year ended 31 October 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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 1,400
At 31 October 2023 1,400
Amortisation
At 1 November 2022 1,400
At 31 October 2023 1,400
Net book value
At 31 October 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 482,749 127,485 40,015 650,249
At 31 October 2023 482,749 127,485 40,015 650,249
Depreciation
At 1 November 2022 8,201 93,785 14,515 116,501
Charge for the year - 6,953 8,500 15,453
At 31 October 2023 8,201 100,738 23,015 131,954
Net book value
At 31 October 2023 474,548 26,747 17,000 518,295
At 31 October 2022 474,548 33,700 25,500 533,748
5 Debtors 2023 2022
£ £
Trade debtors 3,409 1,110
Other debtors 7,194 4,490
10,603 5,600
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 3,513 4,185
Taxation and social security costs (983) 1,115
Other creditors 242,267 244,082
254,797 259,382
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 188,096 198,096
Other creditors 278,682 292,825
466,778 490,921
8 Other information
J S Savage Limited is a private company limited by shares and incorporated in England. Its registered office is:
10 The Ford
Ridgeway
Sheffield
S12 3YD
J S Savage Limited 04155693 false 2022-11-01 2023-10-31 2023-10-31 VT Final Accounts April 2022 J S H Savage No description of principal activity 04155693 2021-11-01 2022-10-31 04155693 core:WithinOneYear 2022-10-31 04155693 core:AfterOneYear 2022-10-31 04155693 core:ShareCapital 2022-10-31 04155693 core:RetainedEarningsAccumulatedLosses 2022-10-31 04155693 2022-11-01 2023-10-31 04155693 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 04155693 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 04155693 bus:Director40 2022-11-01 2023-10-31 04155693 1 2022-11-01 2023-10-31 04155693 2 2022-11-01 2023-10-31 04155693 core:LandBuildings 2022-11-01 2023-10-31 04155693 core:PlantMachinery 2022-11-01 2023-10-31 04155693 core:Vehicles 2022-11-01 2023-10-31 04155693 countries:England 2022-11-01 2023-10-31 04155693 bus:FRS102 2022-11-01 2023-10-31 04155693 bus:FullAccounts 2022-11-01 2023-10-31 04155693 2023-10-31 04155693 core:WithinOneYear 2023-10-31 04155693 core:AfterOneYear 2023-10-31 04155693 core:ShareCapital 2023-10-31 04155693 core:RetainedEarningsAccumulatedLosses 2023-10-31 04155693 core:Goodwill 2023-10-31 04155693 core:LandBuildings 2023-10-31 04155693 core:PlantMachinery 2023-10-31 04155693 core:Vehicles 2023-10-31 04155693 2022-10-31 04155693 core:Goodwill 2022-10-31 04155693 core:LandBuildings 2022-10-31 04155693 core:PlantMachinery 2022-10-31 04155693 core:Vehicles 2022-10-31 iso4217:GBP xbrli:pure