2022-11-172024-03-312024-03-31false14490167W SCHUG 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W SCHUG LIMITED

Registered Number
14490167
(England and Wales)

Unaudited Financial Statements for the Period ended
31 March 2024

W SCHUG LIMITED
Company Information
for the period from 17 November 2022 to 31 March 2024

Directors

SCHUG, Christine Lesley
SCHUG, Jonathan Richard
SCHUG, Michael John
SCHUG, Thomas Christopher

Registered Address

Bongate Moor
Bongate Moor Farm
Appleby-In-Westmorland
CA16 6LH

Registered Number

14490167 (England and Wales)
W SCHUG LIMITED
Statement of Financial Position
31 March 2024

Notes

2024

£

£

Fixed assets
Tangible assets31,428,587
1,428,587
Current assets
Stocks20,000
Debtors383,032
Cash at bank and on hand45,391
448,423
Creditors amounts falling due within one year4(1,370,301)
Net current assets (liabilities)(921,878)
Total assets less current liabilities506,709
Creditors amounts falling due after one year5(496,013)
Provisions for liabilities7(275,200)
Net assets(264,504)
Capital and reserves
Called up share capital4
Profit and loss account(264,508)
Shareholders' funds(264,504)
The financial statements were approved and authorised for issue by the Board of Directors on 6 September 2024, and are signed on its behalf by:
SCHUG, Jonathan Richard
Director
SCHUG, Thomas Christopher
Director

Registered Company No. 14490167
W SCHUG LIMITED
Notes to the Financial Statements
for the period ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
These accounts have been prepared on the going concern basis despite the fact that total liabilities exceed total assets by £264,504. The company is dependent upon the support of the directors. The directors believe that the going concern basis continues to be appropriate.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery10
Vehicles10
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

2024
Average number of employees during the year4
3.Tangible fixed assets

Plant & machinery

Vehicles

Total

£££
Cost or valuation
Additions1,136,122572,4051,708,527
Disposals(26,853)(122,863)(149,716)
At 31 March 241,109,269449,5421,558,811
Depreciation and impairment
Charge for year108,00222,222130,224
At 31 March 24108,00222,222130,224
Net book value
At 31 March 241,001,267427,3201,428,587
At 16 November 22---
4.Creditors: amounts due within one year

2024

£
Trade creditors / trade payables216,960
Finance lease and HP contracts332,875
Other creditors816,966
Accrued liabilities and deferred income3,500
Total1,370,301
5.Creditors: amounts due after one year

2024

£
Other creditors496,013
Total496,013
6.Secured creditors
Hire purchase contracts are secured against the assets to which they relate.
7.Provisions for liabilities

2024

£
Net deferred tax liability (asset)275,200
Total275,200
8.Share capital
On 17 November 2022 4 Ordinary shares were issued for cash at par value of £1 each. On 1 April 2023 the 4 Ordinary shares were re-designated to 1 A Ordinary share, 1 B Ordinary share, 1 C Ordinary share and 1 D Ordinary share.