Slowtide Limited 11017963 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the wholesale of towels, blankets and ponchos. Digita Accounts Production Advanced 6.30.9574.0 true true 11017963 2023-01-01 2023-12-31 11017963 2023-12-31 11017963 core:CurrentFinancialInstruments 2023-12-31 11017963 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 11017963 core:Non-currentFinancialInstruments 2023-12-31 11017963 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 11017963 bus:SmallEntities 2023-01-01 2023-12-31 11017963 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 11017963 bus:FilletedAccounts 2023-01-01 2023-12-31 11017963 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11017963 bus:RegisteredOffice 2023-01-01 2023-12-31 11017963 bus:Director1 2023-01-01 2023-12-31 11017963 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11017963 countries:EnglandWales 2023-01-01 2023-12-31 11017963 2022-01-01 2022-12-31 11017963 2022-12-31 11017963 core:CurrentFinancialInstruments 2022-12-31 11017963 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 11017963 core:Non-currentFinancialInstruments 2022-12-31 11017963 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 11017963

Slowtide Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Slowtide Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

Slowtide Limited

(Registration number: 11017963)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Stocks

92,499

121,036

Debtors

4

58,986

128,552

Cash at bank and in hand

 

1,696

8,353

 

153,181

257,941

Creditors: Amounts falling due within one year

5

(163,868)

(207,137)

Total assets less current liabilities

 

(10,687)

50,804

Creditors: Amounts falling due after more than one year

5

(14,469)

(24,469)

Net (liabilities)/assets

 

(25,156)

26,335

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(25,256)

26,235

Shareholders' (deficit)/funds

 

(25,156)

26,335

For the financial 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 17 September 2024
 


P W Caldwell
Director

 

Slowtide Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit E1 Hilton Park
East Wittering
Chichester
West Sussex
PO20 8RL

Principal activity

The principal activity of the company is the wholesale of towels, blankets and ponchos.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis as the company is able to earn profits in the future.

 

Slowtide Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Slowtide Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Debtors

2023
£

2022
£

Trade debtors

24,951

61,266

Other debtors

9,537

7,537

Prepayments

24,498

59,749

58,986

128,552

 

Slowtide Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Loans and borrowings

7

10,007

10,000

Trade creditors

 

130,634

171,627

Taxation and social security

 

4,021

12,901

Accruals and deferred income

 

19,206

12,609

 

163,868

207,137

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

7

14,469

24,469


The bounce back loan benefits from a government guarantee.

6

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

14,469

24,469

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

10,000

Bank overdrafts

7

-

10,007

10,000