Registered number
11785070
Albert's Shed Southwater Ltd
Filleted Accounts
31 January 2024
Albert's Shed Southwater Ltd
Registered number: 11785070
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 211,011 220,934
Current assets
Stocks 46,002 14,415
Debtors 4 - 164,913
Cash at bank and in hand 38,801 67,819
84,803 247,147
Creditors: amounts falling due within one year 5 (408,994) (386,209)
Net current liabilities (324,191) (139,062)
Total assets less current liabilities (113,180) 81,872
Creditors: amounts falling due after more than one year 6 (31,520) (37,477)
Net (liabilities)/assets (144,700) 44,395
Capital and reserves
Called up share capital 100 100
Profit and loss account (144,800) 44,295
Shareholder's funds (144,700) 44,395
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.
Daniel Fletcher
Director
Approved by the board on 9 August 2024
Albert's Shed Southwater Ltd
Notes to the Accounts
for the year ended 31 January 2024
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 assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected usefull life, as follows:
Office equipment 20% reducing balance
Furniture and fictures 20 % reducing balance
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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 66 71
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 February 2023 138,330 145,818 284,148
Additions - 8,247 8,247
At 31 January 2024 138,330 154,065 292,395
Depreciation
At 1 February 2023 - 63,214 63,214
Charge for the year - 18,170 18,170
At 31 January 2024 - 81,384 81,384
Net book value
At 31 January 2024 138,330 72,681 211,011
At 31 January 2023 138,330 82,604 220,934
4 Debtors 2024 2023
£ £
Other debtors - 164,913
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 12,757 15,852
Trade creditors 114,746 133,509
Taxation and social security costs 69,267 166,683
Other creditors 212,224 70,165
408,994 386,209
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 31,520 37,477
7 Other information
Albert's Shed Southwater Ltd is a private company limited by shares and incorporated in England. Its registered office is:
124 City Road
London City Road
London
EC1V 2NX
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