Company Registration No. 09280474 (England and Wales)
S D Hardware Ltd
Unaudited accounts
for the year ended 31 March 2024
S D Hardware Ltd
Unaudited accounts
Contents
S D Hardware Ltd
Company Information
for the year ended 31 March 2024
Company Number
09280474 (England and Wales)
Registered Office
Unit 7
Forge Lane, Enterprise Park
Saltash
Cornwall
PL12 6LX
Accountants
Blackwell Bate Ltd
Brunel Court
122 Fore Street
Saltash
Cornwall
PL12 6JW
S D Hardware Ltd
Statement of financial position
as at 31 March 2024
Tangible assets
80,776
87,423
Inventories
214,461
215,749
Cash at bank and in hand
290,510
348,923
Creditors: amounts falling due within one year
(270,979)
(332,509)
Net current assets
468,375
490,402
Total assets less current liabilities
549,151
577,825
Creditors: amounts falling due after more than one year
-
(52,000)
Provisions for liabilities
Deferred tax
(20,193)
(16,610)
Net assets
528,958
509,215
Called up share capital
110
100
Profit and loss account
528,848
509,115
Shareholders' funds
528,958
509,215
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. The members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 18 July 2024 and were signed on its behalf by
Mr G Ewings
Director
Company Registration No. 09280474
S D Hardware Ltd
Notes to the Accounts
for the year ended 31 March 2024
S D Hardware Ltd is a private company, limited by shares, registered in England and Wales, registration number 09280474. The registered office is Unit 7, Forge Lane, Enterprise Park, Saltash, Cornwall, PL12 6LX.
2
Compliance with accounting standards
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on reducing balance
Fixtures & fittings
25% on reducing balance
Computer equipment
33% and 10% straight line
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss..
Cash and cash equivalents are basic financial assets and include cash in hand.
S D Hardware Ltd
Notes to the Accounts
for the year ended 31 March 2024
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the
lease.
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Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2023
18,452
62,589
15,367
63,005
159,413
Additions
18,171
-
50
329
18,550
At 31 March 2024
36,623
62,589
15,417
63,334
177,963
At 1 April 2023
11,227
5,253
11,020
44,490
71,990
Charge for the year
3,377
14,334
1,096
6,390
25,197
At 31 March 2024
14,604
19,587
12,116
50,880
97,187
At 31 March 2024
22,019
43,002
3,301
12,454
80,776
At 31 March 2023
7,225
57,336
4,347
18,515
87,423
Amounts falling due within one year
Trade debtors
215,275
244,840
Other debtors
19,108
13,399
S D Hardware Ltd
Notes to the Accounts
for the year ended 31 March 2024
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
-
24,000
Obligations under finance leases and hire purchase contracts
-
2,077
Trade creditors
146,032
189,423
Taxes and social security
74,319
53,377
Other creditors
50,628
63,632
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Creditors: amounts falling due after more than one year
2024
2023
8
Operating lease commitments
2024
2023
At 31 March 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
1,722
5,015
9
Average number of employees
During the year the average number of employees was 13 (2023: 12).