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Registration number: 02872015

SBS Sales & Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

SBS Sales & Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

SBS Sales & Services Limited

Company Information

Directors

Mr Robert James Nicholls

Mr John Lewis Nicholls

Company secretary

Mr Robert James Nicholls

Registered office

59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

Accountants

Jacobs Allen Limited
Chartered Accountants & Chartered Taxation Advisers
59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

 

SBS Sales & Services Limited

(Registration number: 02872015)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

109,301

122,128

Investment property

6

325,000

325,000

 

434,301

447,128

Current assets

 

Stocks

11,400

12,050

Debtors

7

75

2,016

Cash at bank and in hand

 

283,682

252,609

 

295,157

266,675

Creditors: Amounts falling due within one year

8

(34,015)

(12,525)

Net current assets

 

261,142

254,150

Total assets less current liabilities

 

695,443

701,278

Provisions for liabilities

(60,402)

(60,530)

Net assets

 

635,041

640,748

Capital and reserves

 

Called up share capital

11

100

100

Retained earnings

634,941

640,648

Shareholders' funds

 

635,041

640,748

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 23 August 2024 and signed on its behalf by:
 

 

SBS Sales & Services Limited

(Registration number: 02872015)
Balance Sheet as at 31 December 2023

.........................................
Mr Robert James Nicholls
Company secretary and director

.........................................
Mr John Lewis Nicholls
Director

 

SBS Sales & Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB
England

The principal place of business is:
Valley Farm Pit
Hadleigh Road
Sproughton
Ipswich
IP8 3EN

These financial statements were authorised for issue by the Board on 23 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

SBS Sales & Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land

Nil

Motor vehicles

25% Written down value

Plant and machinery

25% Written down value

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Goods for resale are stated at the lower of cost and net realisable value,after due regard for obsolete and slow moving items. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

SBS Sales & Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

12,827

8,674

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

70,818

56,350

20,900

148,068

At 31 December 2023

70,818

56,350

20,900

148,068

Depreciation

At 1 January 2023

-

11,140

14,800

25,940

Charge for the year

-

11,302

1,525

12,827

At 31 December 2023

-

22,442

16,325

38,767

Carrying amount

At 31 December 2023

70,818

33,908

4,575

109,301

At 31 December 2022

70,818

45,210

6,100

122,128

Included within the net book value of freehold land above is £70,818 (2022 - £70,818) in respect of freehold land .
 

6

Investment properties

2023
£

At 1 January

325,000

At 31 December

325,000

There has been no valuation of investment property by an independent valuer.

 

SBS Sales & Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

75

720

Other debtors

-

1,296

 

75

2,016

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

25,030

10,030

Trade creditors

 

211

695

Taxation and social security

 

7,499

-

Accruals and deferred income

 

1,275

1,800

 

34,015

12,525

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Other borrowings

25,030

10,030

10

Related party transactions

Other transactions with directors

The directors have provided interest free loans to the company in the sum of £25,030 (2022: £10,030). These loans are repayable on demand.

11

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100