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Registration number: 05873762

Surrey Shutters Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Surrey Shutters Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Surrey Shutters Ltd

Company Information

Directors

V J Rawlinson

D R Ruby

Registered office

14 Fir Close
Fleet
Hampshire
GU51 3YU

Accountants

Sable & Argent Limited
2 Elvetham Crescent
Fleet
Hampshire
GU51 1BU

 

Surrey Shutters Ltd

(Registration number: 05873762)
Balance Sheet as at 31 January 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

20,910

2,996

Current assets

 

Debtors

5

93,126

132,341

Cash at bank and in hand

 

14,927

27,033

 

108,053

159,374

Creditors: Amounts falling due within one year

6

(61,721)

(63,180)

Net current assets

 

46,332

96,194

Total assets less current liabilities

 

67,242

99,190

Creditors: Amounts falling due after more than one year

6

(14,957)

(18,905)

Provisions for liabilities

(5,228)

(749)

Net assets

 

47,057

79,536

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

46,957

79,436

Shareholders' funds

 

47,057

79,536

For the financial 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 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 October 2024 and signed on its behalf by:
 

 

Surrey Shutters Ltd

(Registration number: 05873762)
Balance Sheet as at 31 January 2024

V J Rawlinson
Director

D R Ruby
Director

 
     
 

Surrey Shutters Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
14 Fir Close
Fleet
Hampshire
GU51 3YU

These financial statements were authorised for issue by the Board on 16 October 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Surrey Shutters Ltd

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

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

Motor vehicles

25% p.a. reducing balance

Plant and equipment

25% p.a. reducing balance

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:

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.

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 at the transaction price 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.

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 at the transaction price.

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.

 

Surrey Shutters Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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.

3

Staff numbers

The average number of persons (including directors) employed by the company in the year, was 2 (2023: 2).

 

Surrey Shutters Ltd

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

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

18,249

7,867

26,116

Additions

23,851

539

24,390

Disposals

(7,499)

-

(7,499)

At 31 January 2024

34,601

8,406

43,007

Depreciation

At 1 February 2023

16,240

6,880

23,120

Charge for the year

4,949

415

5,364

Eliminated on disposal

(6,387)

-

(6,387)

At 31 January 2024

14,802

7,295

22,097

Carrying amount

At 31 January 2024

19,799

1,111

20,910

At 31 January 2023

2,009

987

2,996

5

Debtors

Current

2024
£

(As restated)

2023
£

Trade debtors

35,550

62,386

Prepayments

-

18,627

Other debtors

57,576

51,328

 

93,126

132,341

Details of non-current trade and other debtors

£47,266 (2023: £47,266) of Other debtors is classified as non current. This is a loan to the former owners that is repayable by instalments over seven years through to March 2031.

 

Surrey Shutters Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)

2023
£

Due within one year

 

Loans and borrowings

7

4,706

3,793

Trade creditors

 

41,922

42,106

Taxation and social security

 

8,711

14,341

Accruals and deferred income

 

1,750

2,350

Other creditors

 

4,632

590

 

61,721

63,180

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

14,957

18,905

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

14,957

18,905

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

4,196

3,793

Other borrowings

510

-

4,706

3,793

8

Provisions for liabilities

Deferred tax
£

Total
£

At 1 February 2023

749

749

Increase (decrease) in existing provisions

4,479

4,479

At 31 January 2024

5,228

5,228

 

Surrey Shutters Ltd

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

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

70,000

70,000

11

Restatement of the comparatives

During the prior year the company was sold to new owners. Following on from this the accounts for prior year (prepared by the previous accountant to the company) incorrectly recorded as goodwill an amount paid to the former owners, and amortisation of this amount. This incorrect treatment has now been reversed and the amount paid is shown as a debtor which is being repaid by instalments over seven years.