Company registration number 00110312 (England and Wales)
SHARMAN & COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SHARMAN & COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SHARMAN & COMPANY LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,113,534
901,770
Investment property
4
750,000
750,000
1,863,534
1,651,770
Current assets
Stocks
119,052
138,414
Debtors
5
195,571
174,928
Cash at bank and in hand
1,690,348
1,714,830
2,004,971
2,028,172
Creditors: amounts falling due within one year
6
(291,665)
(308,250)
Net current assets
1,713,306
1,719,922
Total assets less current liabilities
3,576,840
3,371,692
Provisions for liabilities
(142,450)
(109,484)
Net assets
3,434,390
3,262,208
Capital and reserves
Called up share capital
286,700
286,700
Capital redemption reserve
298,300
298,300
Profit and loss reserves
2,849,390
2,677,208
Total equity
3,434,390
3,262,208
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 December 2023 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.
SHARMAN & COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 June 2024 and are signed on its behalf by:
M A Sharman
J L Sharman
Director
Director
Company registration number 00110312 (England and Wales)
SHARMAN & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Sharman & Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Newark Road, Eastern Industry, Peterborough, PE1 5TD.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
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:
Freehold buildings
5% on cost
Plant and machinery
over 7 / 15 years straight line
Fixtures and fittings
20% on written down value
Motor vehicles
25% on written down value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
SHARMAN & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets and liabilities
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.9
Equity instruments
Equity instruments being the share capital issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
SHARMAN & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.12
Retirement benefits
The company contributes to the personal pension schemes of certain employees. These contributions are charged against profits as they accrue.
The company also contributes to the personal pension schemes of the directors. Contributions are charged to the profit and loss account when they are paid.
1.13
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
12
10
3
Tangible fixed assets
Freehold buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
979,663
5,663,094
29,000
55,000
6,726,757
Additions
327,230
18,081
107,208
452,519
At 31 December 2023
979,663
5,990,324
47,081
162,208
7,179,276
Depreciation and impairment
At 1 January 2023
769,662
4,999,215
15,249
40,861
5,824,987
Depreciation charged in the year
212,760
3,998
23,997
240,755
At 31 December 2023
769,662
5,211,975
19,247
64,858
6,065,742
Carrying amount
At 31 December 2023
210,001
778,349
27,834
97,350
1,113,534
At 31 December 2022
210,001
663,879
13,750
14,140
901,770
4
Investment property
2023
£
Cost
At 1 January 2023 and 31 December 2023
750,000
SHARMAN & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Investment property
(Continued)
- 6 -
Investment properties have been included within the financial statements at a valuation provided by the directors of the company on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
73,022
98,199
Amounts owed by group undertakings
94,718
60,543
Other debtors
13,362
Prepayments and accrued income
27,831
2,824
195,571
174,928
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
75,706
73,405
Corporation tax
138,368
148,116
Other taxation and social security
8,482
9,665
Accruals and deferred income
69,109
77,064
291,665
308,250
7
Parent company
The parent company of Sharman & Company Ltd is Sharman Holdings Ltd and its registered office is Newark Road Eastern Industry, Peterborough, PE1 5TD.