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Registration number: 00786636

W.R. Sandow Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

W.R. Sandow Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 14

iXBRL Detailed Profit and Loss Account

15 to 16

 

W.R. Sandow Limited

Company Information

Directors

Mr A P Sandow

Mr R P Sandow

Company secretary

Mr R P Sandow

Registered office

Rose-An-Grouse
Hayle
Cornwall
TR27 6JN

Accountants

D.J. Reynolds & Co.
Chartered Accountants
15 Alverton Street
Penzance
Cornwall
TR18 2QP

 

W.R. Sandow Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr A P Sandow

Mr R P Sandow - Company secretary and director

Principal activity

The principal activity of the company is agricultural and sports ground contractors.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 

.........................................
Mr A P Sandow
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
W.R. Sandow Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of W.R. Sandow Limited for the year ended 31 December 2023 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of W.R. Sandow Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of W.R. Sandow Limited and state those matters that we have agreed to state to the Board of Directors of W.R. Sandow Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than W.R. Sandow Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that W.R. Sandow Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of W.R. Sandow Limited. You consider that W.R. Sandow Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of W.R. Sandow Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

D.J. Reynolds & Co.
Chartered Accountants
15 Alverton Street
Penzance
Cornwall
TR18 2QP

24 September 2024

 

W.R. Sandow Limited

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

 

539,057

419,944

Cost of sales

 

(378,182)

(321,342)

Gross profit

 

160,875

98,602

Administrative expenses

 

(178,721)

(169,572)

Other operating income

 

2,305

181

Operating loss

 

(15,541)

(70,789)

Interest payable and similar expenses

 

(7,089)

(5,901)

Loss before tax

4

(22,630)

(76,690)

Tax on loss

 

4,058

16,542

Loss for the financial year

 

(18,572)

(60,148)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

W.R. Sandow Limited

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Loss for the year

(18,572)

(60,148)

Total comprehensive income for the year

(18,572)

(60,148)

 

W.R. Sandow Limited

(Registration number: 00786636)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

428,579

427,274

Current assets

 

Stocks

6

62,453

77,185

Debtors

7

71,542

73,323

Cash at bank and in hand

 

346

279

 

134,341

150,787

Creditors: Amounts falling due within one year

8

(114,701)

(113,641)

Net current assets

 

19,640

37,146

Total assets less current liabilities

 

448,219

464,420

Creditors: Amounts falling due after more than one year

8

(282,844)

(276,415)

Provisions for liabilities

(4,569)

(8,627)

Net assets

 

160,806

179,378

Capital and reserves

 

Called up share capital

9

600

600

Revaluation reserve

98,068

98,068

Retained earnings

62,138

80,710

Shareholders' funds

 

160,806

179,378

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.

Directors' 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 directors acknowledge their 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.

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 

.........................................
Mr A P Sandow
Director

 

W.R. Sandow Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 January 2023

600

98,068

80,710

179,378

Loss for the year

-

-

(18,572)

(18,572)

At 31 December 2023

600

98,068

62,138

160,806

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 January 2022

600

98,068

140,858

239,526

Loss for the year

-

-

(60,148)

(60,148)

At 31 December 2022

600

98,068

80,710

179,378

 

W.R. Sandow 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:
Rose-An-Grouse
Hayle
Cornwall
TR27 6JN

These financial statements were authorised for issue by the Board on 24 September 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.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

W.R. Sandow Limited

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

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

10% reducing balance

Motor vehicles

12.5% reducing balance

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

 

W.R. Sandow Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

34,572

34,057

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

175,387

503,598

360,191

1,039,176

Additions

-

42,325

-

42,325

Disposals

-

(21,446)

-

(21,446)

At 31 December 2023

175,387

524,477

360,191

1,060,055

Depreciation

At 1 January 2023

9,936

347,369

254,597

611,902

Charge for the year

-

24,012

10,560

34,572

Eliminated on disposal

-

(14,998)

-

(14,998)

At 31 December 2023

9,936

356,383

265,157

631,476

Carrying amount

At 31 December 2023

165,451

168,094

95,034

428,579

At 31 December 2022

165,451

156,229

105,594

427,274

Included within the net book value of land and buildings above is £165,451 (2022 - £165,451) in respect of freehold land and buildings.
 

 

W.R. Sandow Limited

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

6

Stocks

2023
£

2022
£

Work in progress

40,177

50,815

Other inventories

22,276

26,370

62,453

77,185

7

Debtors

Current

2023
£

2022
£

Trade debtors

65,353

71,016

Prepayments

2,215

2,307

Other debtors

3,974

-

 

71,542

73,323

 

W.R. Sandow Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

75,769

85,575

Trade creditors

 

24,726

16,365

Taxation and social security

 

8,106

4,285

Accruals and deferred income

 

3,150

3,368

Other creditors

 

2,950

4,048

 

114,701

113,641

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

282,844

276,415

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

600

600

600

600

         
 

W.R. Sandow Limited

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

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

58,765

75,368

Hire purchase contracts

3,281

16,406

Other borrowings

220,798

184,641

282,844

276,415

2023
£

2022
£

Current loans and borrowings

Bank borrowings

16,076

15,834

Bank overdrafts

46,568

56,616

Hire purchase contracts

13,125

13,125

75,769

85,575

11

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr R P Sandow

Loan from Director

128,304

(3,833)

27,943

152,414

         
       

Mr A P Sandow

Loan from Director

56,337

(1,917)

13,963

68,383

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr R P Sandow

Loan from Director

134,457

(6,153)

-

128,304

         
       

Mr A P Sandow

Loan from Director

37,588

(2,304)

21,053

56,337

         
       

 

 

W.R. Sandow Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

83,852

84,157

 

W.R. Sandow Limited

iXBRL Detailed Profit and Loss Account for the Year Ended 31 December 2023

2023
£

2022
£

Turnover/revenue

539,057

419,944

Cost of sales

Opening raw materials

(26,370)

(32,626)

Purchase of raw materials and consumables

(248,993)

(165,743)

Closing raw materials

22,276

26,370

Vehicle costs

(125,095)

(149,343)

Gross profit

160,875

98,602

Distribution costs

Administrative expenses

Audit and accountancy other services

(2,295)

(2,290)

Advertising, promotions and marketing costs

(715)

(808)

Rent, rates and services costs

(510)

(497)

Utilities costs

(1,559)

(2,004)

Other repairs and maintenance costs

(2,583)

(2,772)

Depreciation of Fixed assets

(34,572)

(34,057)

Wages and salaries excluding directors

(10,039)

(7,633)

Other staff costs excluding directors

(5,622)

(5,549)

Staff costs excluding directors

(15,661)

(13,182)

Salaries and fees, directors

(83,852)

(84,157)

Travel and subsistence

(2,491)

(2,620)

Training

(153)

(4,916)

Legal and professional costs

-

(1,489)

Bad debts and impairment losses

3,813

-

Bank charges

(213)

(1,124)

Insurance costs

(30,201)

(13,116)

IT and computing

(1,196)

(799)

Telecommunications

(2,781)

(2,678)

Printing, postage and stationery

(533)

(431)

Subscriptions

(4,461)

(2,632)

Other costs

(60)

-

Other operating income

Other operating income

2,305

181

Other items

Gain from disposal of Fixed assets

1,302

-

Loss on ordinary activities before finance charges and interest

(15,541)

(70,789)

 

W.R. Sandow Limited

iXBRL Detailed Profit and Loss Account for the Year Ended 31 December 2023

2023
£

2022
£

Interest expense on bank overdraft, bank loans and similar borrowings

(6,162)

(4,974)

Interest expense on obligations under finance leases and hire purchase contracts

(927)

(927)

Loss on ordinary activities before taxation

(22,630)

(76,690)

Tax on profit or loss on ordinary activities

4,058

16,542

Loss for the financial year

(18,572)

(60,148)