Registered number
05081201
Sunridge Upholstery Ltd
Filleted Accounts
31 March 2024
Sunridge Upholstery Ltd
Registered number: 05081201
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 3,150
Tangible assets 4 608 810
608 3,960
Current assets
Stocks 2,350 2,150
Debtors 5 8,155 11,319
Cash at bank and in hand 558 7,890
11,063 21,359
Creditors: amounts falling due within one year 6 (7,296) (15,246)
Net current assets 3,767 6,113
Net assets 4,375 10,073
Capital and reserves
Called up share capital 12 12
Profit and loss account 4,363 10,061
Shareholders' funds 4,375 10,073
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr JGA Oatley
Director
Approved by the board on 9 September 2024
Sunridge Upholstery Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 from 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 63,000
At 31 March 2024 63,000
Amortisation
At 1 April 2023 59,850
Provided during the year 3,150
At 31 March 2024 63,000
Net book value
At 31 March 2024 -
At 31 March 2023 3,150
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 10,814
At 31 March 2024 10,814
Depreciation
At 1 April 2023 10,004
Charge for the year 202
At 31 March 2024 10,206
Net book value
At 31 March 2024 608
At 31 March 2023 810
5 Debtors 2024 2023
£ £
Trade debtors 7,849 10,952
Prepayments 306 367
8,155 11,319
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 244 2,303
Taxation and social security costs 4,188 10,758
Directors' loan account 864 335
Accruals 2,000 1,850
7,296 15,246
During the year, the company made advances to the directors totalling £27,333 (2023 £26,655). These advances were fully repaid at the respective year ends. The advances were subject to interest at HM Revenue & Customs' official rate, and were repayable on demand.
7 Other information
Sunridge Upholstery Ltd is a private company limited by shares and incorporated in Cardiff. Its registered office is:
12 Lychgate
Higher Walton
Warrington
WA4 6TF
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