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Registration number: 00546064

Sussex Forge Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Sussex Forge Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Sussex Forge Limited

Company Information

Directors

R N Miers

Mrs W M Miers

Mrs S Butler

Registered office

Finmere Road
Eastbourne
East Sussex
BN22 8QG

 

Sussex Forge Limited

(Registration number: 00546064)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

5

600,000

550,000

Current assets

 

Debtors

6

1,438

195

Cash at bank and in hand

 

30,667

23,929

 

32,105

24,124

Creditors: Amounts falling due within one year

7

(13,572)

(14,268)

Net current assets

 

18,533

9,856

Total assets less current liabilities

 

618,533

559,856

Provisions for liabilities

(56,342)

(46,842)

Net assets

 

562,191

513,014

Capital and reserves

 

Called up share capital

8

3,000

3,000

Retained earnings

559,191

510,014

Shareholders' funds

 

562,191

513,014

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Sussex Forge Limited

(Registration number: 00546064)
Balance Sheet as at 31 May 2024

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 August 2024 and signed on its behalf by:
 

.........................................
R N Miers
Director

 

Sussex Forge Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
Finmere Road
Eastbourne
East Sussex
BN22 8QG

These financial statements were authorised for issue by the Board on 6 August 2024.

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.

Investment properties

In accordance with FRS102 section 16, properties held for long term investment are included in the Balance Sheet at fair value. The surpluses or deficits on such properties are recognised in the profit and loss. Depreciation is not provided in respect of such freehold properties.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Sussex Forge Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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

Investment property

No depreciation

Office Equipment

33% Straight Line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the Director's. The Director's use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Sussex Forge Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

450

450

At 31 May 2024

450

450

Depreciation

At 1 June 2023

450

450

At 31 May 2024

450

450

Carrying amount

At 31 May 2024

-

-

5

Investment properties

2024
£

At 1 June

550,000

Fair value adjustments

50,000

At 31 May

600,000

The fair value of the company's Investment Property was revalued at 31 May 2024 by the directors'.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £107,720 (2023 - £107,720.)

There has been no valuation of investment property by an independent valuer.

 

Sussex Forge Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Debtors

Current

2024
£

2023
£

Other debtors

1,438

195

 

1,438

195

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

168

95

Taxation and social security

8,944

9,402

Accruals and deferred income

1,050

1,005

Other creditors

3,410

3,766

13,572

14,268

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

3,000

3,000

3,000

3,000