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Company registration number: 09376053
Sheffield Autogates Limited
Unaudited filleted financial statements
31 January 2024
Sheffield Autogates Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Sheffield Autogates Limited
Directors and other information
Directors Mr Roy Swift
Mr George Swift
Company number 09376053
Registered office Unit 8 Acorn Business Park
Woodseats Close
Sheffield
South Yorkshire
S8 0TB
Business address Unit 1 Tyler Way
Tyler Street
Sheffield
South Yorkshire
S9 1DH
Accountants Henry Bramall & Co Limited
Unit 8 Acorn Business Park
Woodseats Close
Sheffield
S8 0TB
Sheffield Autogates Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Sheffield Autogates Limited
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sheffield Autogates Limited for the year ended 31 January 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Sheffield Autogates Limited, as a body, in accordance with the terms of our engagement letter dated 19 November 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Sheffield Autogates Limited and state those matters that we have agreed to state to the board of directors of Sheffield Autogates Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sheffield Autogates Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Sheffield Autogates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Sheffield Autogates Limited. You consider that Sheffield Autogates 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 financial statements of Sheffield Autogates 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 financial statements.
Henry Bramall & Co Limited
Chartered Certified Accountants
Unit 8 Acorn Business Park
Woodseats Close
Sheffield
S8 0TB
17 October 2024
Sheffield Autogates Limited
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 312,544 345,711
_______ _______
312,544 345,711
Current assets
Stocks 15,422 225,471
Debtors 6 283,067 52,989
Cash at bank and in hand 347,744 261,652
_______ _______
646,233 540,112
Creditors: amounts falling due
within one year 7 ( 329,203) ( 198,106)
_______ _______
Net current assets 317,030 342,006
_______ _______
Total assets less current liabilities 629,574 687,717
Creditors: amounts falling due
after more than one year 8 ( 21,265) ( 25,672)
_______ _______
Net assets 608,309 662,045
_______ _______
Capital and reserves
Called up share capital 90 90
Profit and loss account 608,219 661,955
_______ _______
Shareholders funds 608,309 662,045
_______ _______
For the year ending 31 January 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 17 October 2024 , and are signed on behalf of the board by:
Mr Roy Swift Mr George Swift
Director Director
Company registration number: 09376053
Sheffield Autogates Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Henry Bramall & Co Limited, Unit 8 Acorn Business Park, Woodseats Close, Sheffield, South Yorkshire, S8 0TB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 20 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are 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 stocks to their present location and condition.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 4 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 February 2023 291,166 24,380 3,368 61,498 380,412
Additions - - 5,566 - 5,566
Disposals - ( 21,387) - - ( 21,387)
_______ _______ _______ _______ _______
At 31 January 2024 291,166 2,993 8,934 61,498 364,591
_______ _______ _______ _______ _______
Depreciation
At 1 February 2023 - 13,177 1,688 19,834 34,699
Charge for the year 14,558 2,281 1,041 12,300 30,180
Disposals - ( 12,832) - - ( 12,832)
_______ _______ _______ _______ _______
At 31 January 2024 14,558 2,626 2,729 32,134 52,047
_______ _______ _______ _______ _______
Carrying amount
At 31 January 2024 276,608 367 6,205 29,364 312,544
_______ _______ _______ _______ _______
At 31 January 2023 291,166 11,203 1,680 41,664 345,713
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 163,946 36,061
Other debtors 119,121 16,928
_______ _______
283,067 52,989
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 2,160 2,222
Trade creditors 51,025 35,100
Corporation tax 50,330 122,650
Social security and other taxes 17,933 29,526
Other creditors 207,755 8,608
_______ _______
329,203 198,106
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 21,265 25,672
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Roy Swift ( 1,009) 44,067 ( 21,000) 22,058
Mr George Swift ( 1,009) 21,895 ( 21,000) ( 114)
_______ _______ _______ _______
( 2,018) 65,962 ( 42,000) 21,944
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Roy Swift ( 12,901) 74,263 ( 62,371) ( 1,009)
Mr George Swift ( 22,760) 43,157 ( 21,406) ( 1,009)
_______ _______ _______ _______
( 35,661) 117,420 ( 83,777) ( 2,018)
_______ _______ _______ _______
The overdrawn directors loan account for R Swift was repaid by way of dividend declarations on 30/04/2024
10. Controlling party
The company is under the dual control of the directors and shareholders Mr R Swift & Mr G Swift.