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REGISTRAR OF COMPANIES

Registration number: 05477673

Sharon Lee Limited

Unaudited Financial Statements

1 November 2022 to 30 October 2023

image-name

 

Sharon Lee Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Sharon Lee Limited
for the Period Ended 30 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Sharon Lee Limited for the period ended 30 October 2023 as set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Sharon Lee Limited, as a body, in accordance with the terms of our engagement letter dated 25 August 2022. Our work has been undertaken solely to prepare for your approval the accounts of Sharon Lee Limited and state those matters that we have agreed to state to the Board of Directors of Sharon Lee Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sharon Lee Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Sharon Lee Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Sharon Lee Limited. You consider that Sharon Lee Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Sharon Lee 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 accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

22 October 2024

 

Sharon Lee Limited

(Registration number: 05477673)
Balance Sheet as at 30 October 2023

Note

30 October 2023
£

31 October 2022
£

Fixed assets

 

Tangible assets

4

306,742

362,215

Investments

5

16,800

16,800

 

323,542

379,015

Current assets

 

Stocks

664,186

792,998

Debtors

6

1,453,309

1,707,359

Cash at bank and in hand

 

36,620

3,990

 

2,154,115

2,504,347

Creditors: Amounts falling due within one year

7

(1,047,621)

(1,467,868)

Net current assets

 

1,106,494

1,036,479

Total assets less current liabilities

 

1,430,036

1,415,494

Creditors: Amounts falling due after more than one year

7

(189,544)

(276,367)

Provisions for liabilities

(61,698)

(54,437)

Net assets

 

1,178,794

1,084,690

Capital and reserves

 

Allotted, called up and fully paid share capital

8,234

8,234

Profit and loss account

1,170,560

1,076,456

Total equity

 

1,178,794

1,084,690

 

Sharon Lee Limited

(Registration number: 05477673)
Balance Sheet as at 30 October 2023 (continued)

For the financial period ending 30 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 October 2024
 

.........................................

L M Parkin

Director

 

Sharon Lee Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 October 2023

1

General information

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

The address of its registered office is:
Unit 13 Finch Drive
Springwood Industrial Estate
BRAINTREE
CM7 2SF

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Sharon Lee Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 October 2023 (continued)

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.

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

Land and buildings

evenly over the remaining lease term

Plant and equipment

12.5% reducing balance basis

Furniture, fittings and office equipment

25% reducing balance basis

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

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.

 

Sharon Lee Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 October 2023 (continued)

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

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.

 

Sharon Lee Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 October 2023 (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2022 - 1).

 

Sharon Lee Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 October 2023 (continued)

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 November 2022

137,670

604,917

65,223

807,810

At 30 October 2023

137,670

604,917

65,223

807,810

Depreciation

At 1 November 2022

75,660

316,128

53,807

445,595

Charge for the period

16,520

36,099

2,854

55,473

At 30 October 2023

92,180

352,227

56,661

501,068

Carrying amount

At 30 October 2023

45,490

252,690

8,562

306,742

At 31 October 2022

62,010

288,789

11,416

362,215

5

Investments

30 October 2023
£

31 October 2022
£

Investments in subsidiaries

16,800

16,800

Subsidiaries

£

Cost or valuation

At 1 November 2022

16,800

At 30 October 2023

16,800

Carrying amount

At 30 October 2023

16,800

At 31 October 2022

16,800

 

Sharon Lee Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 October 2023 (continued)

6

Debtors

30 October 2023
£

31 October 2022
£

Trade debtors

345,221

250,535

Amounts owed by group undertakings and undertakings in which the company has a participating interest

1,085,090

1,400,016

Other debtors

22,998

56,808

1,453,309

1,707,359

7

Creditors

Note

30 October 2023
£

31 October 2022
£

Due within one year

 

Loans and borrowings

8

111,694

131,134

Trade creditors

 

603,391

1,136,881

Taxation and social security

 

119,864

-

Other creditors

 

212,672

199,853

 

1,047,621

1,467,868

Due after one year

 

Loans and borrowings

8

189,544

276,367

8

Loans and borrowings

30 October 2023
£

31 October 2022
£

Current loans and borrowings

Bank borrowings

81,694

86,800

Finance lease liabilities

-

14,334

Other borrowings

30,000

30,000

111,694

131,134

 

Sharon Lee Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 October 2023 (continued)

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

30 October 2023
£

31 October 2022
£

Finance lease liabilities

-

14,334

Bank borrowings

81,694

86,800

81,694

101,134

Finance lease liabilities are secured on the assets to which they relate.

Bank borrowings are secured by fixed charges over the company's assets.

Included within Other creditors is £205,922 (£2022 - £192,253) securred by company assets.

30 October 2023
£

31 October 2022
£

Non-current loans and borrowings

Bank borrowings

189,544

276,367

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

30 October 2023
£

31 October 2022
£

Bank borrowings

110,377

147,200

Finance lease liabilities are secured on the assets to which they relate.

Bank borrowings are secured by fixed charges over the company's assets.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2022 - £4,875).