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REGISTERED NUMBER: 10028997 (England and Wales)






RUTLAND SHEDS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






RUTLAND SHEDS LIMITED (REGISTERED NUMBER: 10028997)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RUTLAND SHEDS LIMITED

COMPANY INFORMATION
for the year ended 29 February 2024







DIRECTORS: N H Price
E G Grant





REGISTERED OFFICE: 124-126 Sandon Road
Smethwick
Warley
West Midlands
B66 4AB





REGISTERED NUMBER: 10028997 (England and Wales)





ACCOUNTANTS: Weatherer Bailey Bragg
Chartered Accountants
100 Boldmere Road
Sutton Coldfield
West Midlands
B73 5UB

RUTLAND SHEDS LIMITED (REGISTERED NUMBER: 10028997)

BALANCE SHEET
29 February 2024

29/2/24 28/2/23
Notes £    £   
FIXED ASSETS
Intangible assets 4 8,347 12,520
Tangible assets 5 9,843 12,874
18,190 25,394

CURRENT ASSETS
Stocks 6 23,950 29,400
Debtors 7 23,322 26,540
Cash at bank 177,057 97,955
224,329 153,895
CREDITORS
Amounts falling due within one year 8 (84,533 ) (53,045 )
NET CURRENT ASSETS 139,796 100,850
TOTAL ASSETS LESS CURRENT
LIABILITIES

157,986

126,244

PROVISIONS FOR LIABILITIES (2,362 ) (2,446 )
NET ASSETS 155,624 123,798

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 155,524 123,698
SHAREHOLDERS' FUNDS 155,624 123,798

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

RUTLAND SHEDS LIMITED (REGISTERED NUMBER: 10028997)

BALANCE SHEET - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 August 2024 and were signed on its behalf by:





N H Price - Director


RUTLAND SHEDS LIMITED (REGISTERED NUMBER: 10028997)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 29 February 2024

1. STATUTORY INFORMATION

Rutland Sheds Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on installation.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33.3% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


RUTLAND SHEDS LIMITED (REGISTERED NUMBER: 10028997)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 41,735
AMORTISATION
At 1 March 2023 29,215
Amortisation for year 4,173
At 29 February 2024 33,388
NET BOOK VALUE
At 29 February 2024 8,347
At 28 February 2023 12,520

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 March 2023
and 29 February 2024 6,986 40,578 664 48,228
DEPRECIATION
At 1 March 2023 4,485 30,288 581 35,354
Charge for year 375 2,573 83 3,031
At 29 February 2024 4,860 32,861 664 38,385
NET BOOK VALUE
At 29 February 2024 2,126 7,717 - 9,843
At 28 February 2023 2,501 10,290 83 12,874

RUTLAND SHEDS LIMITED (REGISTERED NUMBER: 10028997)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024

6. STOCKS
29/2/24 28/2/23
£    £   
Stocks 23,950 29,400

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Trade debtors 11,750 13,250
Directors' loan accounts 8,798 10,914
Prepayments 2,774 2,376
23,322 26,540

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Trade creditors 28,159 15,697
Corporation tax payable 37,497 24,599
Social security & other taxes 2,136 1,618
VAT 13,486 5,990
Other creditors (307 ) 208
Accrued expenses 3,562 4,933
84,533 53,045

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29/2/24 28/2/23
value: £    £   
100 Ordinary £1 100 100

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

29/2/24 28/2/23
£    £   
E G Grant
Balance outstanding at start of year 3,238 11,839
Amounts advanced 37,364 35,399
Amounts repaid (39,500 ) (44,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,102 3,238

RUTLAND SHEDS LIMITED (REGISTERED NUMBER: 10028997)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

N H Price
Balance outstanding at start of year 7,676 13,580
Amounts advanced 39,520 38,096
Amounts repaid (39,500 ) (44,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 7,696 7,676

No interest is charged on loans to directors and there are no fixed repayment terms.