Registered number
05544137
SINCLAIR ACCOUNTING CO. LTD
Unaudited Filleted Accounts
31 December 2023
SINCLAIR ACCOUNTING CO. LTD
Registered number: 05544137
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 34,243 2,924
Current assets
Debtors 4 315,072 332,434
Cash at bank and in hand 562,920 546,219
877,992 878,653
Creditors: amounts falling due within one year 5 (524,763) (539,796)
Net current assets 353,229 338,857
Net assets 387,472 341,781
Capital and reserves
Called up share capital 103 103
Profit and loss account 387,369 341,678
Shareholders' funds 387,472 341,781
The director is 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 director acknowledges his 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.
G O'Callaghan
Director
Approved by the board on 8 August 2024
SINCLAIR ACCOUNTING CO. LTD
Notes to the Accounts
for the year ended 31 December 2023
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.
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:
Leasehold land and buildings over the lease term
Plant and machinery over 3 years
Fixtures, fittings, tools and equipment over 5 years
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 16 14
3 Tangible fixed assets
Leasehold improvements Office equipment Total
£ £ £
Cost
At 1 January 2023 - 4,431 4,431
Additions 37,480 - 37,480
At 31 December 2023 37,480 4,431 41,911
Depreciation
At 1 January 2023 - 1,507 1,507
Charge for the year 4,685 1,476 6,161
At 31 December 2023 4,685 2,983 7,668
Net book value
At 31 December 2023 32,795 1,448 34,243
At 31 December 2022 - 2,924 2,924
4 Debtors 2023 2022
£ £
Trade debtors 315,072 247,434
Other debtors - 85,000
315,072 332,434
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 136,914 128,035
Other creditors 387,849 411,761
524,763 539,796
6 Other information
SINCLAIR ACCOUNTING CO. LTD is a private company limited by shares and incorporated in England. Its registered office is:
300 St Mary's Road
Garston
Liverpool
Merseyside
L19 0NQ
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