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Registered Number: 05818221
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 May 2024

for

SEBWOOD PRODUCTS LIMITED

 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 4 57,822    67,922 
57,822    67,922 
Current assets      
Stocks 5 28,460    27,000 
Debtors 6 182,584    201,357 
Cash at bank and in hand 58,274    106,800 
269,318    335,157 
Creditors: amount falling due within one year (227,248)   (259,385)
Net current assets 42,070    75,772 
 
Total assets less current liabilities 99,892    143,694 
Creditors: amount falling due after more than one year (15,500)   (28,500)
Provisions for liabilities 7 (5,588)   (11,111)
Net assets 78,804    104,083 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 78,704    103,983 
Shareholders' funds 78,804    104,083 
 


For the year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 20 September 2024 and were signed on its behalf by:


-------------------------------
David Andrew Sebburn
Director
1
General Information
Sebwood Products Limited is a private company, limited by shares, registered in England and Wales, registration number 05818221, registration address Unit 1, 1 Millers Avenue Brynmenyn Ind Estate, Brynmenyn, Bridgend, CF32 9TD.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
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 companys 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.
Operating lease rentals
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Taxation
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.
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.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Dividend distribution to the companys shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Tangible fixed 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:
Leasehold property 2% straight line
Plant and machinery, Fixtures and fittings, Office equipment and Motor vehicles 25% straight line or over the life of the lease
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.
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.
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.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
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.
2.

Average number of employees

Average number of employees during the year was 23 (2023 : 27).
3.

Financial Commitments, Guarantees and Contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £23,115 (2023 - £51,782).

4.

Tangible fixed assets

Cost or valuation Land and buildings   Plant and machinery etc   Total
  £   £   £
At 01 June 2023 33,121    283,429    316,550 
Additions   6,297    6,297 
Disposals   (83,208)   (83,208)
At 31 May 2024 33,121    206,518    239,639 
Depreciation
At 01 June 2023 2,427    246,201    248,628 
Charge for year 663    14,792    15,455 
On disposals   (82,266)   (82,266)
At 31 May 2024 3,090    178,727    181,817 
Net book values
Closing balance as at 31 May 2024 30,031    27,791    57,822 
Opening balance as at 01 June 2023 30,694    37,228    67,922 


5.

Stocks

2024
£
  2023
£
Stocks 28,460    27,000 
28,460    27,000 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 178,888    181,186 
Other Debtors 3,696    20,171 
182,584    201,357 

7.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 5,588    11,111 
5,588    11,111 

2