8 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 150,000 135,000 15,000 150,000 15,000 xbrli:pure xbrli:shares iso4217:GBP 08818696 2023-02-01 2024-01-31 08818696 2024-01-31 08818696 2023-01-31 08818696 2022-02-01 2023-01-31 08818696 2023-01-31 08818696 2022-01-31 08818696 core:NetGoodwill 2023-02-01 2024-01-31 08818696 core:PlantMachinery 2023-02-01 2024-01-31 08818696 core:FurnitureFittings 2023-02-01 2024-01-31 08818696 core:MotorVehicles 2023-02-01 2024-01-31 08818696 bus:Director1 2023-02-01 2024-01-31 08818696 bus:Director2 2023-02-01 2024-01-31 08818696 core:NetGoodwill 2023-01-31 08818696 core:NetGoodwill 2024-01-31 08818696 core:PlantMachinery 2023-01-31 08818696 core:FurnitureFittings 2023-01-31 08818696 core:MotorVehicles 2023-01-31 08818696 core:PlantMachinery 2024-01-31 08818696 core:FurnitureFittings 2024-01-31 08818696 core:MotorVehicles 2024-01-31 08818696 core:WithinOneYear 2024-01-31 08818696 core:WithinOneYear 2023-01-31 08818696 core:AfterOneYear 2024-01-31 08818696 core:ShareCapital 2024-01-31 08818696 core:ShareCapital 2023-01-31 08818696 core:RetainedEarningsAccumulatedLosses 2024-01-31 08818696 core:RetainedEarningsAccumulatedLosses 2023-01-31 08818696 core:NetGoodwill 2023-01-31 08818696 core:PlantMachinery 2023-01-31 08818696 core:FurnitureFittings 2023-01-31 08818696 core:MotorVehicles 2023-01-31 08818696 bus:Director1 2023-01-31 08818696 bus:Director1 2024-01-31 08818696 bus:Director2 2023-01-31 08818696 bus:Director2 2024-01-31 08818696 bus:Director1 2022-01-31 08818696 bus:Director1 2023-01-31 08818696 bus:Director2 2022-01-31 08818696 bus:Director2 2023-01-31 08818696 bus:Director1 2022-02-01 2023-01-31 08818696 bus:Director2 2022-02-01 2023-01-31 08818696 bus:SmallEntities 2023-02-01 2024-01-31 08818696 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 08818696 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 08818696 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 08818696 bus:FullAccounts 2023-02-01 2024-01-31
COMPANY REGISTRATION NUMBER: 08818696
SC & PS SAUNDERS LIMITED
Filleted Unaudited Financial Statements
31 January 2024
SC & PS SAUNDERS LIMITED
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
15,000
Tangible assets
6
59,992
24,963
--------
--------
59,992
39,963
Current assets
Stocks
177,500
225,450
Debtors
7
271,691
222,099
Cash at bank and in hand
4,925
13,979
---------
---------
454,116
461,528
Creditors: amounts falling due within one year
8
373,940
337,071
---------
---------
Net current assets
80,176
124,457
---------
---------
Total assets less current liabilities
140,168
164,420
Creditors: amounts falling due after more than one year
9
27,333
Provisions
Taxation including deferred tax
11,398
4,745
---------
---------
Net assets
101,437
159,675
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
101,435
159,673
---------
---------
Shareholders funds
101,437
159,675
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31st 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 .
SC & PS SAUNDERS LIMITED
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 13 September 2024 , and are signed on behalf of the board by:
Mr S C Saunders
Mr P S Saunders
Director
Director
Company registration number: 08818696
SC & PS SAUNDERS LIMITED
Notes to the Financial Statements
Year ended 31st January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 17 Newstead Grove, NOTTINGHAM, NG1 4GZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Goodwill
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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 & Machinery
-
15% reducing balance
Fixtures & fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 8 ).
5. Intangible assets
Goodwill
£
Cost
At 1st February 2023 and 31st January 2024
150,000
---------
Amortisation
At 1st February 2023
135,000
Charge for the year
15,000
---------
At 31st January 2024
150,000
---------
Carrying amount
At 31st January 2024
---------
At 31st January 2023
15,000
---------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1st February 2023
23,651
2,790
50,250
76,691
Additions
1,460
52,300
53,760
--------
-------
---------
---------
At 31st January 2024
25,111
2,790
102,550
130,451
--------
-------
---------
---------
Depreciation
At 1st February 2023
16,919
1,475
33,334
51,728
Charge for the year
1,229
198
17,304
18,731
--------
-------
---------
---------
At 31st January 2024
18,148
1,673
50,638
70,459
--------
-------
---------
---------
Carrying amount
At 31st January 2024
6,963
1,117
51,912
59,992
--------
-------
---------
---------
At 31st January 2023
6,732
1,315
16,916
24,963
--------
-------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Freehold property
£
At 31st January 2024
39,225
--------
At 31st January 2023
--------
7. Debtors
2024
2023
£
£
Trade debtors
97,503
101,552
Other debtors
174,188
120,547
---------
---------
271,691
222,099
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
145,875
119,631
Trade creditors
54,272
62,830
Corporation tax
2,664
10,650
Social security and other taxes
22,299
19,787
Company Credit Card
6,221
7,663
Other creditors
142,609
116,510
---------
---------
373,940
337,071
---------
---------
The bank overdraft is secured by a fixed and floating charge over all assets and property of the company
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
27,333
--------
----
10. 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
Balance outstanding
£
£
£
Mr S C Saunders
( 69,192)
( 10,794)
( 79,986)
Mr P S Saunders
( 40,906)
( 1,242)
( 42,148)
---------
--------
---------
( 110,098)
( 12,036)
( 122,134)
---------
--------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr S C Saunders
( 65,994)
( 3,198)
( 69,192)
Mr P S Saunders
( 31,420)
( 9,486)
( 40,906)
--------
--------
---------
( 97,414)
( 12,684)
( 110,098)
--------
--------
---------
These amounts are included in other creditors. The directors were paid dividends during year amounting to £83,000(2022 £83,000)