Registered number
01655789
Snippersgate '88 Limited
Filleted Accounts
30 April 2024
Snippersgate '88 Limited
Registered number: 01655789
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 945,957 953,023
Current assets
Stocks 999,848 1,146,306
Debtors 4 68,487 133,294
Cash at bank and in hand 20,985 50,049
1,089,320 1,329,649
Creditors: amounts falling due within one year 5 (368,072) (451,501)
Net current assets 721,248 878,148
Total assets less current liabilities 1,667,205 1,831,171
Provisions for liabilities (157,612) (116,520)
Net assets 1,509,593 1,714,651
Capital and reserves
Called up share capital 58,286 58,286
Share premium 44,713 44,713
Revaluation reserve 6 747,154 788,246
Profit and loss account 659,440 823,406
Shareholders' funds 1,509,593 1,714,651
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.
E.G. Lawson
Director
Approved by the board on 30 September 2024
Snippersgate '88 Limited
Notes to the Accounts
for the year ended 30 April 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:
Freehold buildings 1% per annum - straight line
Fixtures, fittings, tools and equipment 15% per annum - reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 8
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 May 2023 950,000 6,896 956,896
Additions - 3,396 3,396
At 30 April 2024 950,000 10,292 960,292
Depreciation
At 1 May 2023 - 3,873 3,873
Charge for the year 9,500 962 10,462
At 30 April 2024 9,500 4,835 14,335
Net book value
At 30 April 2024 940,500 5,457 945,957
At 30 April 2023 950,000 3,023 953,023
Freehold land and buildings: 2024 2023
£ £
Historical cost 156,186 156,186
Cumulative depreciation based on historical cost (52,058) (51,506)
208,244 207,692
4 Debtors 2024 2023
£ £
Trade debtors 55,530 125,380
Other debtors 12,957 7,914
68,487 133,294
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 74,557 132,306
Taxation and social security costs 15,931 26,450
Other creditors 277,584 292,745
368,072 451,501
6 Revaluation reserve 2024 2023
£ £
At 1 May 2023 788,246 724,653
Gain on revaluation of land and buildings - 78,800
Deferred taxation arising on the revaluation of land and buildings (41,092) (15,207)
At 30 April 2024 747,154 788,246
7 Other information
Snippersgate '88 Limited is a private company limited by shares and incorporated in England. Its registered office is:
South Hetton Road
Easington Lane
Houghton-le-Spring
Tyne and Wear
DH5 0LG
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