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Registration number: 13206529

SHCO Climbing Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

SHCO Climbing Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

SHCO Climbing Ltd

Company Information

Director

Mrs Shauna Feehally

Registered office

Hart Accounting
Accountants, Licenced Practioners
3 Lennox Avenue
Wallasey
Merseyside
CH45 5AL

Accountants

HART ACCOUNTING
3 Lennox Avenue
Wallasey
Wirral
CH45 5AL

 

SHCO Climbing Ltd

(Registration number: 13206529)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

2,538

5,307

Tangible assets

5

2,507

2,296

 

5,045

7,603

Current assets

 

Debtors

6

31,665

340

Cash at bank and in hand

 

98,326

91,900

 

129,991

92,240

Creditors: Amounts falling due within one year

7

(25,311)

(18,140)

Net current assets

 

104,680

74,100

Net assets

 

109,725

81,703

Capital and reserves

 

Called up share capital

8

10

10

Profit and loss account

109,715

81,693

Shareholders' funds

 

109,725

81,703

For the financial year ending 31 March 2024 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 her 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 Profit and Loss Account.

Approved and authorised by the director on 12 August 2024
 

.........................................
Mrs Shauna Feehally
Director

 

SHCO Climbing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
Hart Accounting
Accountants, Licenced Practioners
3 Lennox Avenue
Wallasey
Merseyside
CH45 5AL
United Kingdom

These financial statements were authorised for issue by the director on 12 August 2024.

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.

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 sales/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.

 

SHCO Climbing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

4 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

SHCO Climbing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the shareholder's right to receive payment is established.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

SHCO Climbing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

11,076

11,076

At 31 March 2024

11,076

11,076

Amortisation

At 1 April 2023

5,769

5,769

Amortisation charge

2,769

2,769

At 31 March 2024

8,538

8,538

Carrying amount

At 31 March 2024

2,538

2,538

At 31 March 2023

5,307

5,307

5

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

3,555

3,555

Additions

1,047

1,047

At 31 March 2024

4,602

4,602

Depreciation

At 1 April 2023

1,259

1,259

Charge for the year

836

836

At 31 March 2024

2,095

2,095

Carrying amount

At 31 March 2024

2,507

2,507

At 31 March 2023

2,296

2,296

 

SHCO Climbing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

29,704

340

Other debtors

1,961

-

 

31,665

340

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

-

5,885

Trade creditors

 

729

-

Taxation and social security

 

23,391

11,669

Accruals and deferred income

 

585

585

Other creditors

 

606

1

 

25,311

18,140

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.10 each

100

10

100

10

         

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

-

5,885

Other borrowing wholly comprises a loan to the company from the director.
 

 

SHCO Climbing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £3,390.00 (2023 - £3,529.50) per each Ordinary shares

 

33,900

 

35,295

         

11

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

Short term loan

-

1,962

1,962

       
     

 

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,570

11,500