4 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 00971095 2023-04-01 2024-03-31 00971095 2024-03-31 00971095 2023-03-31 00971095 2022-04-01 2023-03-31 00971095 2023-03-31 00971095 2022-03-31 00971095 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00971095 core:PlantMachinery 2023-04-01 2024-03-31 00971095 core:MotorVehicles 2023-04-01 2024-03-31 00971095 bus:Director1 2023-04-01 2024-03-31 00971095 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 00971095 core:PlantMachinery 2023-03-31 00971095 core:MotorVehicles 2023-03-31 00971095 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 00971095 core:PlantMachinery 2024-03-31 00971095 core:MotorVehicles 2024-03-31 00971095 core:WithinOneYear 2024-03-31 00971095 core:WithinOneYear 2023-03-31 00971095 core:AfterOneYear 2024-03-31 00971095 core:AfterOneYear 2023-03-31 00971095 core:ShareCapital 2024-03-31 00971095 core:ShareCapital 2023-03-31 00971095 core:SharePremium 2024-03-31 00971095 core:SharePremium 2023-03-31 00971095 core:CapitalRedemptionReserve 2024-03-31 00971095 core:CapitalRedemptionReserve 2023-03-31 00971095 core:OtherReservesSubtotal 2024-03-31 00971095 core:OtherReservesSubtotal 2023-03-31 00971095 core:RetainedEarningsAccumulatedLosses 2024-03-31 00971095 core:RetainedEarningsAccumulatedLosses 2023-03-31 00971095 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 00971095 core:PlantMachinery 2023-03-31 00971095 bus:SmallEntities 2023-04-01 2024-03-31 00971095 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 00971095 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 00971095 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00971095 bus:FullAccounts 2023-04-01 2024-03-31 00971095 core:ComputerEquipment 2023-04-01 2024-03-31 00971095 core:ComputerEquipment 2023-03-31 00971095 core:ComputerEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 00971095
SHARNOLD LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
SHARNOLD LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
155,213
161,387
CURRENT ASSETS
Stocks
7,470
5,285
Debtors
6
49,806
43,662
Cash at bank and in hand
54,285
57,543
---------
---------
111,561
106,490
CREDITORS: amounts falling due within one year
7
70,225
74,910
---------
---------
NET CURRENT ASSETS
41,336
31,580
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
196,549
192,967
CREDITORS: amounts falling due after more than one year
8
14,340
20,991
PROVISIONS
8,734
4,443
---------
---------
NET ASSETS
173,475
167,533
---------
---------
CAPITAL AND RESERVES
Called up share capital fully paid
100
100
Share premium account
749
749
Capital redemption reserve
55
55
Non distributable reserve
107,705
108,659
Profit and loss account
64,866
57,970
---------
---------
SHAREHOLDERS FUNDS
173,475
167,533
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SHARNOLD LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 7 October 2024 , and are signed on behalf of the board by:
Mr M E Chapman
Director
Company registration number: 00971095
SHARNOLD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England. The address of the registered office is 67 Spencer Street, Burton Latimer, Kettering, Northamptonshire, NN15 5SQ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and freehold properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
20% straight line
Motor vehicles
-
25% straight line
Computer equipment
-
33% straight line
Freehold land is not depreciated.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. TANGIBLE ASSETS
Freehold property
Plant and machinery
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost or Valuation
At 1 April 2023
150,000
337,345
4,995
2,190
494,530
Additions
9,130
9,130
---------
---------
-------
-------
---------
At 31 March 2024
150,000
346,475
4,995
2,190
503,660
---------
---------
-------
-------
---------
Depreciation
At 1 April 2023
12,000
313,958
4,995
2,190
333,143
Charge for the year
2,000
13,304
15,304
---------
---------
-------
-------
---------
At 31 March 2024
14,000
327,262
4,995
2,190
348,447
---------
---------
-------
-------
---------
Carrying amount
At 31 March 2024
136,000
19,213
155,213
---------
---------
-------
-------
---------
At 31 March 2023
138,000
23,387
161,387
---------
---------
-------
-------
---------
The freehold property was valued, on an open market basis, by the directors at the year end.
6. DEBTORS
2024
2023
£
£
Trade debtors
41,145
39,739
Other debtors
8,661
3,923
--------
--------
49,806
43,662
--------
--------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
6,829
7,008
Trade creditors
11,144
9,968
Corporation tax
18,346
17,643
Social security and other taxes
13,354
19,839
Other creditors
20,552
20,452
--------
--------
70,225
74,910
--------
--------
Included within other creditors are amounts totalling £nil (2023 £5,528) relating to hire purchase agreements which are secured by the company.
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
14,340
20,991
--------
--------
9. RELATED PARTY TRANSACTIONS
The directors have advanced monies to the company. At 31 March 2024 the amount owed from the company is £18,457 (2023 £18,457). These loans are unsecured and interest free.