Company registration number 04002157 (England and Wales)
SHARP BROTHERS (SKIPS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
SHARP BROTHERS (SKIPS) LIMITED
COMPANY INFORMATION
Directors
Mr T E Sharp
Ms C Sharp
(Appointed 6 February 2024)
Mr G T Sharp
(Appointed 6 February 2024)
Secretary
Mrs N Sharp
Company number
04002157
Registered office
Unit 6 Albright Industrial Estate
Ferry Lane
Rainham
RM13 9BU
Accountants
Koshal Associates ( Chartered Accountant)
Gautam House
1 - 3 Shenley Avenue
Ruislip Manor
Middlesex
HA4 6BP
SHARP BROTHERS (SKIPS) LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 5
SHARP BROTHERS (SKIPS) LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SHARP BROTHERS (SKIPS) LIMITED FOR THE YEAR ENDED 31 MAY 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sharp Brothers (Skips) Limited for the year ended 31 May 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
It is your duty to ensure that Sharp Brothers (Skips) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sharp Brothers (Skips) Limited. You consider that Sharp Brothers (Skips) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Sharp Brothers (Skips) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Koshal Associates ( Chartered Accountant)
14 August 2024
Koshal Associates
Gautam House
1 - 3 Shenley Avenue
Ruislip Manor
Middlesex
HA4 6BP
SHARP BROTHERS (SKIPS) LIMITED
BALANCE SHEET
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,259,546
1,583,330
Current assets
Stocks
261,981
345,380
Debtors
5
2,243,964
2,126,778
Cash at bank and in hand
325,940
237,956
2,831,885
2,710,114
Creditors: amounts falling due within one year
6
(1,031,813)
(666,524)
Net current assets
1,800,072
2,043,590
Net assets
4,059,618
3,626,920
Capital and reserves
Called up share capital
12,500
12,500
Profit and loss reserves
4,047,118
3,614,420
Total equity
4,059,618
3,626,920
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 14 August 2024 and are signed on its behalf by:
Mr T E Sharp
Director
Company registration number 04002157 (England and Wales)
SHARP BROTHERS (SKIPS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
Sharp Brothers (Skips) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6 Albright Industrial Estate, Ferry Lane, Rainham, RM13 9BU.
1.1
Accounting convention
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 financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
N/A
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computers
25% on reducing balance
1.5
Stocks
Stocks 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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
SHARP BROTHERS (SKIPS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
2
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
12,000
Amortisation and impairment
At 1 June 2023 and 31 May 2024
12,000
Carrying amount
At 31 May 2024
At 31 May 2023
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 June 2023
990,064
990,413
58,711
8,875
2,048,063
Additions
1,125,579
1,969
4,829
1,132,377
Disposals
(44,000)
(44,000)
At 31 May 2024
990,064
2,071,992
60,680
13,704
3,136,440
Depreciation and impairment
At 1 June 2023
440,077
22,437
2,219
464,733
Depreciation charged in the year
410,729
9,561
2,871
423,161
Eliminated in respect of disposals
(11,000)
(11,000)
At 31 May 2024
839,806
31,998
5,090
876,894
Carrying amount
At 31 May 2024
990,064
1,232,186
28,682
8,614
2,259,546
At 31 May 2023
990,064
550,336
36,274
6,656
1,583,330
SHARP BROTHERS (SKIPS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,693,014
2,007,219
Other debtors
550,950
119,559
2,243,964
2,126,778
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
735,950
364,484
Corporation tax
6,757
84,831
Other taxation and social security
107,700
46,624
Other creditors
181,406
170,585
1,031,813
666,524