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Registered number: 04064995
Sunnybank Plastering Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04064995
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 127,657 94,751
127,657 94,751
CURRENT ASSETS
Stocks 6 38,212 79,356
Debtors 7 1,644,093 1,740,245
Cash at bank and in hand 1,438,092 1,201,681
3,120,397 3,021,282
Creditors: Amounts Falling Due Within One Year 8 (2,589,997 ) (2,517,213 )
NET CURRENT ASSETS (LIABILITIES) 530,400 504,069
TOTAL ASSETS LESS CURRENT LIABILITIES 658,057 598,820
PROVISIONS FOR LIABILITIES
Deferred Taxation (31,914 ) (15,983 )
NET ASSETS 626,143 582,837
CAPITAL AND RESERVES
Called up share capital 9 1,002 1,002
Share premium account 75,000 75,000
Profit and Loss Account 550,141 506,835
SHAREHOLDERS' FUNDS 626,143 582,837
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Philip James Kernaghan
Director
13/06/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Sunnybank Plastering Limited Registered number 04064995 is a limited by shares company incorporated in England & Wales. The Registered Office is Sunnybank House, Devon Avenue, Whitefield, Manchester, M45 8QQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% straight line
Plant & Machinery 20% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 20% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
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2.7. Government Grant
Government grants have been disclosed in the financial statement in line with the SSAP 4 disclosure requirements. Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 8)
10 8
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 45,000
As at 31 March 2024 45,000
Amortisation
As at 1 April 2023 45,000
As at 31 March 2024 45,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 April 2023 46,559 23,123 72,040 154,159 295,881
Additions - - 64,849 2,102 66,951
Disposals - - (54,350 ) - (54,350 )
As at 31 March 2024 46,559 23,123 82,539 156,261 308,482
...CONTINUED
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Depreciation
As at 1 April 2023 20,525 22,233 48,627 109,745 201,130
Provided during the period 4,656 178 7,967 9,303 22,104
Disposals - - (42,409 ) - (42,409 )
As at 31 March 2024 25,181 22,411 14,185 119,048 180,825
Net Book Value
As at 31 March 2024 21,378 712 68,354 37,213 127,657
As at 1 April 2023 26,034 890 23,413 44,414 94,751
6. Stocks
2024 2023
£ £
Materials 35,362 76,228
Work in progress 2,850 3,128
38,212 79,356
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,523,266 1,592,937
Prepayments and accrued income 50,618 31,314
Other debtors 1,000 991
VAT 69,209 95,003
Amounts owed by group undertakings - 20,000
1,644,093 1,740,245
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 976,588 1,291,492
Corporation tax 287,145 97,266
Other taxes and social security 69,337 75,257
Other creditors 222,016 204,362
Accruals and deferred income 1,034,687 848,612
Directors' loan accounts 224 224
2,589,997 2,517,213
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9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,002 1,002
Page 6