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Company registration number: |
02889996
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SEVERNSIDE WHOLESALERS LIMITED
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REPORT OF THE DIRECTORS' AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 December 2023 |
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SEVERNSIDE WHOLESALERS LIMITED |
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BALANCE SHEET |
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AS AT 31 December 2023
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2023 |
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2022 |
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Notes |
£ |
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£ |
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£ |
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£ |
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FIXED ASSETS | | | | | | | | | | | |
Intangible assets | | | 3 | | | 4,125 | | | | 8,251 | |
Tangible assets | | | 4 | | | 5,428 | | | | 6,507 | |
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| | | | | | | 9,553 | | | | 14,758 | |
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CURRENT ASSETS |
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Stocks | | | | 415,412 | | | | 415,751 | | | | |
Debtors | | | | 54,231 | | | | 87,007 | | | | |
Cash at bank and in hand | | | | 113,012 | | | | 96,559 | | | | |
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| | | | | 582,655 | | | | 599,317 | | | |
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CREDITORS |
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Amounts falling due within one year |
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(124,425) |
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(143,365) |
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NET CURRENT ASSETS |
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458,230 |
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455,952 |
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TOTAL ASSETS LESS |
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CURRENT LIABILITIES |
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467,783 |
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470,710 |
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Creditors falling due after one year | | | | | (17,340) | | | | (27,441) | |
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PROVISIONS FOR LIABILITIES | | | | | (1,405) | | | | (1,072) | |
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NET ASSETS |
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449,038 |
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442,197 |
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CAPITAL AND RESERVES |
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Called-up equity share capital |
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1,000 |
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1,000 |
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Profit and loss account |
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448,038 |
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441,197 |
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SHAREHOLDERS FUNDS |
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449,038 |
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442,197 |
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For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. | | | | | | | |
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. | | | | | | | |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of the accounts. | | | | | | | |
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All the members have consented to the preparation of abridged financial statements for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006. | | | | | | | |
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The profit and loss account has not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies' regime. | | | | | | | |
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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 by the board of directors on 25 September 2024 and signed on its behalf. | | | | | | | |
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.......................................................................... |
S A Maxfield |
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25 September 2024
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The annexed notes form part of these financial statements. | | | | | | | |
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SEVERNSIDE WHOLESALERS LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2023 |
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1. |
Accounting policies |
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Basis of preparing the financial statements |
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The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below. These financial statements have been prepared in accordance with FRS102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
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| Turnover | | | | | | | | | |
| Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. | |
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| Intangible Assets |
| Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses | |
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| Foreign Currency | | | | | | | | |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. | |
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| Fixed Assets | | | | | | | | |
| Tangible fixed assets are stated at cost less depreciation. Depreciation i provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: | |
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| Fixtures, fittings and equipment - 25% reducing balance basis | |
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| Short leasehold property - 20% straight line basis | |
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| Stocks and Work In Progress | | | | | | | |
| Inventories have been valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished good , cost includes a relevant proportion of overheads according to the stage of manufacture / completion. | |
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| Leasing | | | | | | | | | |
| Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors. Operating lease payments are recognised as an expenses on a straight line basis over the lease term. | |
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| Deferred Taxation | | | | | | | | |
| Provision is made for taxation deferred as a result of material timing differences between the incidence of income and expenditure for taxation purposes, using the liability method, only to the extent that, in the opinion of the directors, there is a reasonable probability that a a liability or asset will crystallise in the near future. | |
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| Pension Scheme | | | | | | | | |
| Contributions to defined contribution plans are expensed in the period to which they relate. | |
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2. | Employees | | | |
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| The average number of persons employed by the company (including directors) during the year was 7. |
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3. | Intangible fixed assets | | | | | | | | | |
| | | | Total |
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| Cost | | | | | | | | | | |
| At start of period | | 20,627 |
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20,627 |
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| Amortisation | | | | | | | | | | |
| At start of period | | 12,376 |
| Provided during the period | | 4,126 |
| At end of period | | 16,502 |
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| Net Book Values | | | | | | | | | |
| At start of period | | 8,251 |
| At end of period | | 4,125 |
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4. | Tangible fixed assets | | | | | | | | | |
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Total |
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| Cost | | | | | | | | | | |
| At start of period | | 67,368 | |
| Additions | | | 768 | |
| Disposals | | | (387) | |
| At end of period | | 67,749 | |
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| Depreciation | | | | | | | | | | |
| At start of period | | 60,861 | |
| Provided during the period | | 1,810 | |
| On disposals | | | (350) | |
| At end of period | | 62,321 | |
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| Net Book Value | | | | | | | | | |
| At start of period | | 6,507 | |
| At end of period | | 5,428 | |
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5. | Pension costs | | | | | | | | |
| Contributions to defined contribution plans are expensed in the period to which they relate. | |
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