SHARPCLAD LTD
Registered number: 13840175
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 23,078 27,244
Current assets
Debtors 4 45,996 18,754
Cash at bank and in hand 1,015 210
47,011 18,964
Creditors: amounts falling due within one year 5 (11,051) 6,672
Net current assets 35,960 25,636
Total assets less current liabilities 59,038 52,880
Creditors: amounts falling due after more than one year 6 (30,471) (39,690)
Net assets 28,567 13,190
Capital and reserves
Called up share capital 100 100
Profit and loss account 28,467 13,090
Shareholders' funds 28,567 13,190
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Craig Alan Sharp
Director
Approved by the board on 11 October 2024
SHARPCLAD LTD
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicle 20% straight line
Fixtures, fittings, tools and equipment 33.3% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 1,947 32,432 34,379
Additions 1,254 - 1,254
At 31 January 2024 3,201 32,432 35,633
Depreciation
At 1 February 2023 649 6,486 7,135
Charge for the year (1,067) 6,487 5,420
At 31 January 2024 (418) 12,973 12,555
Net book value
At 31 January 2024 3,619 19,459 23,078
At 31 January 2023 1,298 25,946 27,244
4 Debtors 2024 2023
£ £
Trade debtors 45,996 18,754
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 17,186 1,081
Other creditors (6,135) (7,753)
11,051 (6,672)
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 30,471 39,690
7 Controlling party
During the year, the company was wholly under the control of the previour director Mr Danny Sharp.
8 Other information
SHARPCLAD LTD is a private company limited by shares and incorporated in England. Its registered office is:
8 The Cherwell
Daventry
Northamptonshire
United Kingdom
NN11 4QJ
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