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Company registration number: 04889576
Shiregreen Service Station Limited
Unaudited filleted financial statements
31 December 2023
Shiregreen Service Station Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Shiregreen Service Station Limited
Directors and other information
Director Mr. S. P. Fagan
Company number 04889576
Registered office Unit 8, Acorn Business Park
Woodseats Close
Sheffield
S8 0TB
Business address Sicey Avenue
Sheffield
S5 0RN
Accountants Henry Bramall & Co Limited
Unit 8 Acorn Business Park
Woodseats Close
Sheffield
S8 0TB
Bankers Yorkshire Bank Plc.
12 Lound Side
Chapeltown
Sheffield
S35 2UN
Shiregreen Service Station Limited
Report to the director on the preparation of the
unaudited statutory financial statements of Shiregreen Service Station Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Shiregreen Service Station Limited for the year ended 31 December 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of Shiregreen Service Station Limited, as a body, in accordance with the terms of our engagement letter dated 11 November 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Shiregreen Service Station Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shiregreen Service Station Limited and its director as a body for our work or for this report.
It is your duty to ensure that Shiregreen Service Station Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Shiregreen Service Station Limited. You consider that Shiregreen Service Station Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Shiregreen Service Station Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Henry Bramall & Co Limited
Chartered Certified Accountants
Unit 8 Acorn Business Park
Woodseats Close
Sheffield
S8 0TB
30 August 2024
Shiregreen Service Station Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 41,352 45,071
_______ _______
41,352 45,071
Current assets
Stocks 47,415 47,526
Debtors 7 1,805 2,178
Cash at bank and in hand 73,537 56,326
_______ _______
122,757 106,030
Creditors: amounts falling due
within one year 8 ( 71,130) ( 75,788)
_______ _______
Net current assets 51,627 30,242
_______ _______
Total assets less current liabilities 92,979 75,313
Provisions for liabilities ( 7,857) ( 7,028)
_______ _______
Net assets 85,122 68,285
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 85,022 68,185
_______ _______
Shareholders funds 85,122 68,285
_______ _______
For the 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.
Director's responsibilities:
- 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;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
Mr. S. P. Fagan
Director
Company registration number: 04889576
Shiregreen Service Station Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 8, Acorn Business Park, Woodseats Close, Sheffield, S8 0TB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 10 % reducing balance
Plant and machinery - 20 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2023 and 31 December 2023 60,000 60,000
_______ _______
Amortisation
At 1 January 2023 and 31 December 2023 60,000 60,000
_______ _______
Carrying amount
At 31 December 2023 - -
_______ _______
At 31 December 2022 - -
_______ _______
6. Tangible assets
Freehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 51,637 84,681 7,400 143,718
Additions - 2,650 - 2,650
_______ _______ _______ _______
At 31 December 2023 51,637 87,331 7,400 146,368
_______ _______ _______ _______
Depreciation
At 1 January 2023 20,874 72,186 5,586 98,646
Charge for the year 3,074 2,934 362 6,370
_______ _______ _______ _______
At 31 December 2023 23,948 75,120 5,948 105,016
_______ _______ _______ _______
Carrying amount
At 31 December 2023 27,689 12,211 1,452 41,352
_______ _______ _______ _______
At 31 December 2022 30,763 12,495 1,814 45,072
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors - 1,324
Other debtors 1,805 854
_______ _______
1,805 2,178
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts - 4,541
Trade creditors 6,862 7,796
Corporation tax 9,291 7,401
Social security and other taxes 12,529 12,751
Other creditors 42,448 43,299
_______ _______
71,130 75,788
_______ _______
The bank loan is secured over a fixed and floating charge overthe assets of the company.
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr. S. P. Fagan ( 38,265) 19,390 ( 19,978) ( 38,853)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr. S. P. Fagan ( 25,021) 2,106 ( 15,350) ( 38,265)
_______ _______ _______ _______
The director's loans do not attract interest and are repayable on demand.