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Registered number: 06922583
Sheiling Properties Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2023
Cunnington and Co Limited
Edward House
Grange Business Park
Whetstone
Leicester
LE8 6EP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 06922583
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 20,886 26,725
20,886 26,725
CURRENT ASSETS
Stocks 5 2,594,575 1,182,464
Debtors 6 219,709 905,111
Cash at bank and in hand 1,072,319 2,117,244
3,886,603 4,204,819
Creditors: Amounts Falling Due Within One Year 7 (1,550,450 ) (1,802,633 )
NET CURRENT ASSETS (LIABILITIES) 2,336,153 2,402,186
TOTAL ASSETS LESS CURRENT LIABILITIES 2,357,039 2,428,911
PROVISIONS FOR LIABILITIES
Provisions For Charges (670 ) (670 )
NET ASSETS 2,356,369 2,428,241
CAPITAL AND RESERVES
Called up share capital 8 2,050 2,050
Profit and Loss Account 2,354,319 2,426,191
SHAREHOLDERS' FUNDS 2,356,369 2,428,241
Page 1
Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr I D Bullions
Director
24th July 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Sheiling Properties Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06922583 . The registered office is 20 Hawthorn Crescent, Burbage, Leicestershire, LE10 2JP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% on reducing balance
Motor Vehicles 25% straight line
Computer Equipment 33% on reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 November 2022 3,694 31,115 7,742 42,551
Additions - - 1,260 1,260
As at 31 October 2023 3,694 31,115 9,002 43,811
Depreciation
As at 1 November 2022 2,015 7,779 6,032 15,826
Provided during the period 285 5,834 980 7,099
As at 31 October 2023 2,300 13,613 7,012 22,925
...CONTINUED
Page 3
Page 4
Net Book Value
As at 31 October 2023 1,394 17,502 1,990 20,886
As at 1 November 2022 1,679 23,336 1,710 26,725
5. Stocks
2023 2022
£ £
Work in progress 2,594,575 1,182,464
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 200 200
Prepayments and accrued income 161 199
Corporation tax recoverable assets 211,863 211,863
VAT 6,367 -
Other taxes and social security 1,118 -
Director's loan account - 692,849
219,709 905,111
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 6,972 7,227
Other taxes and social security - 1,929
VAT - 3,386
Credit Card 3,757 1,279
Loan Option 1,521,266 1,776,366
House Deposits 6,427 6,427
Accruals and deferred income 12,000 6,019
Director's loan account 28 -
1,550,450 1,802,633
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2,050 2,050
Page 4