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REGISTERED NUMBER: 02562893 (England and Wales)










SHERMANS (WALES) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






SHERMANS (WALES) LTD (REGISTERED NUMBER: 02562893)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


SHERMANS (WALES) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: M J L Sherman
M M Sherman





SECRETARY: Mrs T M Sherman





REGISTERED OFFICE: Deerlands
Camrose
Haverfordwest
Pembrokeshire
SA62 6HN





REGISTERED NUMBER: 02562893 (England and Wales)





ACCOUNTANTS: Bevan Buckland LLP
Chartered Accountants
45 High Street
Haverfordwest
Pembrokeshire
SA61 2BP

SHERMANS (WALES) LTD (REGISTERED NUMBER: 02562893)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 28,238 32,433

CURRENT ASSETS
Stocks 6,190 6,626
Debtors 5 32 111
Cash at bank 54 5
6,276 6,742
CREDITORS
Amounts falling due within one year 6 138,007 127,081
NET CURRENT LIABILITIES (131,731 ) (120,339 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(103,493

)

(87,906

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (103,593 ) (88,006 )
SHAREHOLDERS' FUNDS (103,493 ) (87,906 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

SHERMANS (WALES) LTD (REGISTERED NUMBER: 02562893)

STATEMENT OF FINANCIAL POSITION - continued
31 JANUARY 2024



The financial statements were approved by the Board of Directors and authorised for issue on 23 August 2024 and were signed on its behalf by:




M J L Sherman - Director



M M Sherman - Director


SHERMANS (WALES) LTD (REGISTERED NUMBER: 02562893)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Shermans (Wales) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 1% on cost
Plant and Machinery - 15% reducing balance
Office equipment - 15% reducing balance
Motor vehicles - 25% reducing balance

Stocks
Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

SHERMANS (WALES) LTD (REGISTERED NUMBER: 02562893)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

4. TANGIBLE FIXED ASSETS
Freehold Plant and Office Motor
property Machinery equipment vehicles Totals
£    £    £    £    £   
COST
At 1 February 2023 14,731 35,656 21,764 25,550 97,701
Additions - 494 - - 494
At 31 January 2024 14,731 36,150 21,764 25,550 98,195
DEPRECIATION
At 1 February 2023 4,166 26,718 20,552 13,832 65,268
Charge for year 150 1,427 181 2,931 4,689
At 31 January 2024 4,316 28,145 20,733 16,763 69,957
NET BOOK VALUE
At 31 January 2024 10,415 8,005 1,031 8,787 28,238
At 31 January 2023 10,565 8,938 1,212 11,718 32,433

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 32 111

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 949 2,203
Other creditors 137,058 124,878
138,007 127,081

7. RELATED PARTY DISCLOSURES

During the year the directors made funds available to the company to assist with the provision of working capital. The loan was interest free, unsecured and repayable on demand. The amount outstanding at the balance sheet date was £135,803 (2023 - £123,727).