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REGISTERED NUMBER: 04616785 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Banks Sheridan Limited

Banks Sheridan Limited (Registered number: 04616785)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Banks Sheridan Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: S P Banks FCA
D Morris FCCA
D Walley FCCA
P A Sammons FCCA





REGISTERED OFFICE: Datum House
Electra Way
Crewe
Cheshire
CW1 6ZF





REGISTERED NUMBER: 04616785 (England and Wales)





ACCOUNTANTS: Banks Sheridan
Datum House
Electra Way
Crewe
Cheshire
CW1 6ZF

Banks Sheridan Limited (Registered number: 04616785)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 5 270,000 300,000
Tangible assets 6 18,037 18,584
Investments 7 5,000 5,000
293,037 323,584

CURRENT ASSETS
Debtors 8 304,412 273,814
Cash at bank and in hand 21,244 36,118
325,656 309,932
CREDITORS
Amounts falling due within one year 9 (235,317 ) (224,256 )
NET CURRENT ASSETS 90,339 85,676
TOTAL ASSETS LESS CURRENT
LIABILITIES

383,376

409,260

CREDITORS
Amounts falling due after more than one
year

10

(69,991

)

(91,991

)

PROVISIONS FOR LIABILITIES 13 (11,492 ) (16,040 )
NET ASSETS 301,893 301,229

CAPITAL AND RESERVES
Called up share capital 106,940 106,940
Share premium 13,840 13,840
Retained earnings 181,113 180,449
SHAREHOLDERS' FUNDS 301,893 301,229

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

Banks Sheridan Limited (Registered number: 04616785)

Statement of Financial Position - continued
31 December 2023


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2024 and were signed on its behalf by:





D Walley FCCA - Director


Banks Sheridan Limited (Registered number: 04616785)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Banks Sheridan Limited 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.

The Company is primarily engaged in the provision of accountancy and taxation services.

The functional and presentational currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Summary of significant accounting policies
The financial statements have been prepared under the historical cost convention.

The principal accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented, unless otherwise stated.

Basis of preparation
The financial statements are prepared on the going concern basis under the historical cost convention and comply with the United Kingdom Accounting Standards and Companies Act 2006.

Going concern
No other material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.

On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis.

Revenue recognition
Turnover is measured at fair value of the consideration received or receivable and represents amounts receivable for services rendered (including recharged expenses), stated net of discounts and of Value Added Tax.

Income is recognised when the company obtains the right to consideration.

Goodwill
Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration to the company's interest in the identifiable net assets acquired.

Goodwill is being amortised over its expected useful life to 31 December 2032.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Banks Sheridan Limited (Registered number: 04616785)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates so as to write off their cost less residual amounts over their estimated useful economic lives. Assets are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the assets carrying amount exceeds its recoverable amount.

Office equipment- 25% on cost
Fixtures and fittings- 20% on cost
Computer equipment- 33% on cost

The residual values and useful lives of assets are reviewed and adjusted if appropriate at each year end.

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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. 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 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 end of the financial year.

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

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company contributes to a number of defined contribution schemes for its directors and staff. Contributions payable for the year are charged in the profit and loss account.

Banks Sheridan Limited (Registered number: 04616785)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Impairment of assets
Assets not measured at fair value are reviewed for any indications that the asset maybe impaired at each statement of financial position date. If such indications exists the recoverable amount of the asset or the assets cash generating unit is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Any losses arising from impairment are recognised in the Statement of Comprehensive Income under the appropriate heading.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 21 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 702,859
AMORTISATION
At 1 January 2023 402,859
Charge for year 30,000
At 31 December 2023 432,859
NET BOOK VALUE
At 31 December 2023 270,000
At 31 December 2022 300,000

6. TANGIBLE FIXED ASSETS
Fixtures
Office and Computer
equipment fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 9,667 51,717 84,228 145,612
Additions 315 67 8,923 9,305
Disposals - - (2,886 ) (2,886 )
At 31 December 2023 9,982 51,784 90,265 152,031
DEPRECIATION
At 1 January 2023 8,949 44,293 73,786 127,028
Charge for year 622 1,978 4,985 7,585
Eliminated on disposal - - (619 ) (619 )
At 31 December 2023 9,571 46,271 78,152 133,994
NET BOOK VALUE
At 31 December 2023 411 5,513 12,113 18,037
At 31 December 2022 718 7,424 10,442 18,584

Banks Sheridan Limited (Registered number: 04616785)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

7. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 January 2023
and 31 December 2023 5,000
NET BOOK VALUE
At 31 December 2023 5,000
At 31 December 2022 5,000

8. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 214,124 179,318
Other debtors 42,821 65,982
256,945 245,300

Amounts falling due after more than one year:
Other debtors 47,467 28,514

Aggregate amounts 304,412 273,814

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 11) 20,000 20,000
Trade creditors 20,281 57,759
Taxation and social security 161,422 102,741
Other creditors 33,614 43,756
235,317 224,256

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 11) 26,667 46,667
Other creditors 43,324 45,324
69,991 91,991

Banks Sheridan Limited (Registered number: 04616785)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

11. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 20,000 20,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 26,667 20,000

Amounts falling due between two and five years:
Bank loans - 2-5 years - 26,667

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 11,382 12,386
Between one and five years 5,379 16,761
16,761 29,147

13. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 4,385 4,495
Leave pay 7,107 11,545
11,492 16,040

Deferred Other
tax provisions
£    £   
Balance at 1 January 2023 4,495 11,545
Credit to Statement of Comprehensive Income during year (110 ) (4,438 )
Balance at 31 December 2023 4,385 7,107

14. RELATED PARTY DISCLOSURES

As at 31 December 2023 loans due from related parties amounted to £47,467 (2022: £28,514), which are included within debtors : amounts falling due after more than one year. Interest of £525 has been charged on these loans.