Sheds Direct Devon Ltd 06101844 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the manufacture and retail sale of timber sheds. Digita Accounts Production Advanced 6.30.9574.0 true 06101844 2023-04-01 2024-03-31 06101844 2024-03-31 06101844 core:RetainedEarningsAccumulatedLosses 2024-03-31 06101844 core:ShareCapital 2024-03-31 06101844 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 06101844 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 06101844 core:CurrentFinancialInstruments 2024-03-31 06101844 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06101844 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 06101844 core:Goodwill 2024-03-31 06101844 core:FurnitureFittingsToolsEquipment 2024-03-31 06101844 core:LandBuildings 2024-03-31 06101844 core:MotorVehicles 2024-03-31 06101844 core:OtherPropertyPlantEquipment 2024-03-31 06101844 bus:SmallEntities 2023-04-01 2024-03-31 06101844 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06101844 bus:FullAccounts 2023-04-01 2024-03-31 06101844 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06101844 bus:RegisteredOffice 2023-04-01 2024-03-31 06101844 bus:CompanySecretaryDirector2 2023-04-01 2024-03-31 06101844 bus:Director2 2023-04-01 2024-03-31 06101844 bus:Director3 2023-04-01 2024-03-31 06101844 bus:Director4 2023-04-01 2024-03-31 06101844 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06101844 core:Goodwill 2023-04-01 2024-03-31 06101844 core:FurnitureFittings 2023-04-01 2024-03-31 06101844 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 06101844 core:LandBuildings 2023-04-01 2024-03-31 06101844 core:LeaseholdImprovements 2023-04-01 2024-03-31 06101844 core:MotorVehicles 2023-04-01 2024-03-31 06101844 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 06101844 core:PlantMachinery 2023-04-01 2024-03-31 06101844 countries:EnglandWales 2023-04-01 2024-03-31 06101844 2023-03-31 06101844 core:Goodwill 2023-03-31 06101844 core:FurnitureFittingsToolsEquipment 2023-03-31 06101844 core:LandBuildings 2023-03-31 06101844 core:MotorVehicles 2023-03-31 06101844 core:OtherPropertyPlantEquipment 2023-03-31 06101844 2022-04-01 2023-03-31 06101844 2023-03-31 06101844 core:RetainedEarningsAccumulatedLosses 2023-03-31 06101844 core:ShareCapital 2023-03-31 06101844 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 06101844 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 06101844 core:CurrentFinancialInstruments 2023-03-31 06101844 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06101844 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 06101844 core:Goodwill 2023-03-31 06101844 core:FurnitureFittingsToolsEquipment 2023-03-31 06101844 core:LandBuildings 2023-03-31 06101844 core:MotorVehicles 2023-03-31 06101844 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 06101844

Sheds Direct Devon Ltd

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Sheds Direct Devon Ltd
(Registration number: 06101844)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Sheds Direct Devon Ltd
(Registration number: 06101844)

Company Information

Directors

Mrs J Perry

Mr J R Perry

Mr C N Farr

Mr L R Perry

Company secretary

Mrs J Perry

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Sheds Direct Devon Ltd
(Registration number: 06101844)

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

98,055

94,749

Current assets

 

Stocks

6

27,750

29,500

Debtors

7

26,935

40,998

Cash at bank and in hand

 

538,423

490,330

 

593,108

560,828

Creditors: Amounts falling due within one year

8

(270,201)

(291,321)

Net current assets

 

322,907

269,507

Total assets less current liabilities

 

420,962

364,256

Creditors: Amounts falling due after more than one year

8

(10,929)

-

Provisions for liabilities

(18,630)

(18,002)

Net assets

 

391,403

346,254

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

391,303

346,154

Total equity

 

391,403

346,254

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.

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.

 

Sheds Direct Devon Ltd
(Registration number: 06101844)

Balance Sheet as at 31 March 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 4 October 2024 and signed on its behalf by:
 

.........................................
Mr L R Perry
Director

 

Sheds Direct Devon Ltd
(Registration number: 06101844)

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:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

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.

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.

 

Sheds Direct Devon Ltd
(Registration number: 06101844)

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

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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Fixtures and fittings

Over 3 years

Motor vehicles

25% reducing balance

Leasehold improvements

Over 15 year life of the lease

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

over 10 years

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.

 

Sheds Direct Devon Ltd
(Registration number: 06101844)

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

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.

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 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.

 

Sheds Direct Devon Ltd
(Registration number: 06101844)

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

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.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 13).

 

Sheds Direct Devon Ltd
(Registration number: 06101844)

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

75,000

75,000

At 31 March 2024

75,000

75,000

Amortisation

At 1 April 2023

75,000

75,000

At 31 March 2024

75,000

75,000

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

19,573

7,121

163,770

74,571

265,035

Additions

-

244

37,033

407

37,684

Disposals

-

-

(18,714)

-

(18,714)

At 31 March 2024

19,573

7,365

182,089

74,978

284,005

Depreciation

At 1 April 2023

7,717

6,893

98,981

56,695

170,286

Charge for the year

1,305

202

24,743

4,571

30,821

Eliminated on disposal

-

-

(15,157)

-

(15,157)

At 31 March 2024

9,022

7,095

108,567

61,266

185,950

Carrying amount

At 31 March 2024

10,551

270

73,522

13,712

98,055

At 31 March 2023

11,856

228

64,789

17,876

94,749

Included within the net book value of land and buildings above is £10,551 (2023 - £11,857) in respect of short leasehold land and buildings.
 

 

Sheds Direct Devon Ltd
(Registration number: 06101844)

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

6

Stocks

2024
£

2023
£

Other stocks

27,750

29,500

7

Debtors

2024
£

2023
£

Trade debtors

12,558

26,388

Other debtors

11,750

11,750

Prepayments and accrued income

2,627

2,860

Total current trade and other debtors

26,935

40,998

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

5,000

-

Trade creditors

 

44,460

51,349

Social security and other taxes

 

80,204

73,478

Other creditors

 

137,757

131,403

Accruals

 

2,780

35,091

 

270,201

291,321

Due after one year

 

Loans and borrowings

9

10,929

-


 

Creditors due within one year include net obligations under finance lease and hire purchase contracts which are secured of £5,000 (2023 - £NIL).

Creditors due after one year include net obligations under finance lease and hire purchase contracts which are secured of £10,929 (2023 - £Nil).

 

Sheds Direct Devon Ltd
(Registration number: 06101844)

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

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Hire purchase contracts

5,000

-

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

10,929

-