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Company No: 08870580 (England and Wales)

SPROWSTON SERVICE CENTRE LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

SPROWSTON SERVICE CENTRE LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

SPROWSTON SERVICE CENTRE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2024
SPROWSTON SERVICE CENTRE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,725 2,380
1,725 2,380
Current assets
Debtors 4 1,697 3,398
Cash at bank and in hand 20,477 25,860
22,174 29,258
Creditors: amounts falling due within one year 5 ( 13,858) ( 15,635)
Net current assets 8,316 13,623
Total assets less current liabilities 10,041 16,003
Net assets 10,041 16,003
Capital and reserves
Called-up share capital 2 2
Profit and loss account 10,039 16,001
Total shareholder's funds 10,041 16,003

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.

Director's responsibilities:

The financial statements of Sprowston Service Centre Limited (registered number: 08870580) were approved and authorised for issue by the Director. They were signed on its behalf by:

Mr S Smith
Director

20 October 2024

SPROWSTON SERVICE CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
SPROWSTON SERVICE CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sprowston Service Centre Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 171 North Walsham Road, Norwich, NR6 7QN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 20 % reducing balance
Tools and equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Vehicles Tools and equipment Total
£ £ £
Cost
At 01 February 2023 6,650 5,295 11,945
At 31 January 2024 6,650 5,295 11,945
Accumulated depreciation
At 01 February 2023 4,907 4,658 9,565
Charge for the financial year 349 306 655
At 31 January 2024 5,256 4,964 10,220
Net book value
At 31 January 2024 1,394 331 1,725
At 31 January 2023 1,743 637 2,380

4. Debtors

2024 2023
£ £
Trade debtors 72 313
Other debtors 1,625 3,085
1,697 3,398

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 7,341 6,589
Taxation and social security 6,517 9,046
13,858 15,635