Registered number
03213775
S D Gurney Limited
Filleted Accounts
31 March 2024
S D Gurney Limited
Registered number: 03213775
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 275,970 275,673
Current assets
Debtors 4 453 917
Cash at bank and in hand 185,603 187,384
186,056 188,301
Creditors: amounts falling due within one year 5 (16,433) (7,139)
Net current assets 169,623 181,162
Total assets less current liabilities 445,593 456,835
Provisions for liabilities (17,178) (17,178)
Net assets 428,415 439,657
Capital and reserves
Called up share capital 2 2
Fair value reserve 6 73,230 73,230
Profit and loss account 355,183 366,425
Shareholder's funds 428,415 439,657
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.
Mr S D Gurney
Director
Approved by the board on 13 August 2024
S D Gurney Limited
Notes to the Accounts
for the year ended 31 March 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 except investment property are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 25% of net book value
Fixtures, fittings, tools and equipment 25% of net book value
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique. The property is being measured at fair value under FRS 102 and fair value gains and losses are reported in the Statement of Comprehensive Income. FRS 102 also requires deferred tax to be accounted for on assets subject to revaluation. A provision for deferred tax has been recognised as at 31 March 2024 amounting to £17178 (2023 - £17178). The profit on revaluation as at 31 March 2023 has been reported in the Statement of Comprehensive Income and the effect on the Total Comprehensive Income for the year ended 31 March 2024 is £Nil (2023 - decrease in profit of £20250). The property has been valued by the director and is based on comparative properties sold and existing market conditions at the year end.
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. Provisions shown in the Balance Sheet relates to deferred taxation arising on the revaluation of the investment property the balance of which at the year end is £17178 (2023 - £17178).
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 275,000 15,953 290,953
Additions - 618 618
At 31 March 2024 275,000 16,571 291,571
Depreciation
At 1 April 2023 - 15,280 15,280
Charge for the year - 321 321
At 31 March 2024 - 15,601 15,601
Net book value
At 31 March 2024 275,000 970 275,970
At 31 March 2023 275,000 673 275,673
4 Debtors 2024 2023
£ £
Other debtors 453 917
5 Creditors: amounts falling due within one year 2024 2023
£ £
Corporation tax - (1)
Other creditors 16,433 7,140
16,433 7,139
6 Fair value reserve 2024 2023
£ £
At 1 April 2023 73,230 93,480
Loss on revaluation of land and buildings - (25,000)
Deferred taxation arising on the revaluation of land and buildings - 4,750
At 31 March 2024 73,230 73,230
This reserve is non distributable
7 Related party transactions
As a result of mainly undrawn dividends, the directors current account balance, which is interest free and repayable on demand. amounted to £14717 (2023 - £5408) due to the director at the year end.
8 Other information
S D Gurney Limited is a private company limited by shares and incorporated in England under number 03213775. Its registered office is:
68a High Street
Stony Stratford
Milton Keynes
MK11 1AQ
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