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REGISTERED NUMBER: 02696136 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Sydney Heath & Son Ltd.

Sydney Heath & Son Ltd. (Registered number: 02696136)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Sydney Heath & Son Ltd. (Registered number: 02696136)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 240,089 182,740
240,089 182,740

CURRENT ASSETS
Stocks 149,371 207,258
Debtors 6 300,625 539,493
Cash at bank and in hand 228,504 17,888
678,500 764,639
CREDITORS
Amounts falling due within one year 7 222,436 226,220
NET CURRENT ASSETS 456,064 538,419
TOTAL ASSETS LESS CURRENT LIABILITIES 696,153 721,159

CREDITORS
Amounts falling due after more than one year 8 (156,211 ) (177,307 )

PROVISIONS FOR LIABILITIES (63,624 ) (45,566 )
NET ASSETS 476,318 498,286

CAPITAL AND RESERVES
Called up share capital 250 250
Capital redemption reserve 798 798
Retained earnings 475,270 497,238
SHAREHOLDERS' FUNDS 476,318 498,286

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Sydney Heath & Son Ltd. (Registered number: 02696136)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:





J D Barnes - Director


Sydney Heath & Son Ltd. (Registered number: 02696136)

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

1. STATUTORY INFORMATION

Sydney Heath & Son Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02696136

Registered office: Bycars Road
Burslem
Stoke-on-Trent
Staffordshire
ST6 1BY

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill has been fully amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 25% on cost and 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Sydney Heath & Son Ltd. (Registered number: 02696136)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 24 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 4,100
AMORTISATION
At 1 January 2023
and 31 December 2023 4,100
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Sydney Heath & Son Ltd. (Registered number: 02696136)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 32,687 333,996 110,365 35,930 512,978
Additions - 31,085 5,454 72,000 108,539
Disposals - - - (4,200 ) (4,200 )
At 31 December 2023 32,687 365,081 115,819 103,730 617,317
DEPRECIATION
At 1 January 2023 32,687 185,744 83,812 27,995 330,238
Charge for year - 17,934 12,380 19,686 50,000
Eliminated on disposal - - - (3,010 ) (3,010 )
At 31 December 2023 32,687 203,678 96,192 44,671 377,228
NET BOOK VALUE
At 31 December 2023 - 161,403 19,627 59,059 240,089
At 31 December 2022 - 148,252 26,553 7,935 182,740

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 18,000 - 18,000
Additions - 72,000 72,000
At 31 December 2023 18,000 72,000 90,000
DEPRECIATION
At 1 January 2023 1,800 - 1,800
Charge for year 1,620 18,000 19,620
At 31 December 2023 3,420 18,000 21,420
NET BOOK VALUE
At 31 December 2023 14,580 54,000 68,580
At 31 December 2022 16,200 - 16,200

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 279,198 254,186
Other debtors 21,427 285,307
300,625 539,493

Sydney Heath & Son Ltd. (Registered number: 02696136)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 40,606 40,143
Hire purchase contracts 16,982 4,500
Trade creditors 108,859 65,115
Taxation and social security 20,355 70,004
Other creditors 35,634 46,458
222,436 226,220

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 75,000 115,000
Hire purchase contracts 52,473 12,375
Other creditors 28,738 49,932
156,211 177,307

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 69,455 16,875

Hire purchase contracts are secured over the assets to which they relate.

10. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included within the balance sheet amount to £8,400 (2022 Nil). This financial commitment represents the total amount of payments remaining on a lease ending in 2025.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Ms G O S Barnes and J D Barnes
Balance outstanding at start of year 272,799 (6,000 )
Amounts advanced 4,913 339,799
Amounts repaid (269,343 ) (61,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,369 272,799

The overdrawn balance has been repaid since the year end.