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Registered number: 11061857
Shed London Limited
Financial Statements
For The Year Ended 30 November 2023
Nickleson & Co
7 Ludlow Road
London
W5 1NX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11061857
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 7,800 9,100
Tangible Assets 5 32,239 10,465
40,039 19,565
CURRENT ASSETS
Stocks 6 171,742 -
Debtors 7 262,975 322,453
Investments 8 50,000 50,000
Cash at bank and in hand 45,458 35,195
530,175 407,648
Creditors: Amounts Falling Due Within One Year 9 (198,156 ) (121,915 )
NET CURRENT ASSETS (LIABILITIES) 332,019 285,733
TOTAL ASSETS LESS CURRENT LIABILITIES 372,058 305,298
Creditors: Amounts Falling Due After More Than One Year 10 (15,000 ) (35,000 )
NET ASSETS 357,058 270,298
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 356,958 270,198
SHAREHOLDERS' FUNDS 357,058 270,298
Page 1
Page 2
For the year ending 30 November 2023 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 directors acknowledge their 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 N Stringer
Director
21st June 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Shed London Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11061857 . The registered office is 7 Ludlow Road, London, W5 1NX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 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
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. 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:
Fixtures & Fittings 25% Reducing balance basis
Computer Equipment 25% Reducing balance basis
2.5. 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.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2022: 6)
6 6
Page 3
Page 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2022 13,000
As at 30 November 2023 13,000
Amortisation
As at 1 December 2022 3,900
Provided during the period 1,300
As at 30 November 2023 5,200
Net Book Value
As at 30 November 2023 7,800
As at 1 December 2022 9,100
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 December 2022 4,776 11,454 16,230
Additions 10,259 21,323 31,582
As at 30 November 2023 15,035 32,777 47,812
Depreciation
As at 1 December 2022 2,078 3,687 5,765
Provided during the period 3,119 6,689 9,808
As at 30 November 2023 5,197 10,376 15,573
Net Book Value
As at 30 November 2023 9,838 22,401 32,239
As at 1 December 2022 2,698 7,767 10,465
6. Stocks
2023 2022
£ £
Work in progress 171,742 -
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 169,192 252,353
Other debtors/prepayments 93,783 70,100
262,975 322,453
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Page 5
8. Current Asset Investments
2023 2022
£ £
Unlisted investments 50,000 50,000
9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 74,809 9,402
Bank loans and overdrafts 10,000 14,911
Corporation tax 4,776 29,092
Other taxes and social security 15,997 17,550
VAT liability 76,559 8,236
Accruals 16,015 42,724
198,156 121,915
10. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 15,000 35,000
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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