G.E. SHENTON & CO LTD
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - -
Tangible assets 4 3,969 4,669
3,969 4,669
Current assets
Debtors 5 48,430 46,573
Cash at bank and in hand 67,071 71,040
115,501 117,613
Creditors: amounts falling due within one year 6 (60,723) (53,633)
Net current assets 54,778 63,980
Total assets less current liabilities 58,747 68,649
Creditors: amounts falling due after one year 7 (10,666) (18,666)
Provisions for liabilities (34,970) (34,970)
Net assets 13,111 15,013
Capital and reserves
Called up share capital 100 100
Profit and loss account 13,011 14,913
Shareholder's funds 13,111 15,013
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
MR. D.L. AUSTIN
Director
Approved by the board on 29 March 2024
G.E. SHENTON & CO LTD
Notes to the Accounts
for the year ended 31 January 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 rendering of services. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Fixtures, fittings and equipment 15% reducing balance basis
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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. 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. 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 38,000
At 31 January 2024 38,000
Amortisation
At 1 February 2023 38,000
At 31 January 2024 38,000
Net book value
At 31 January 2024 -
At 31 January 2023 -
Goodwill is written off.
4 Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 February 2023 10,313
At 31 January 2024 10,313
Depreciation
At 1 February 2023 5,644
Charge for the year 700
At 31 January 2024 6,344
Net book value
At 31 January 2024 3,969
At 31 January 2023 4,669
5 Debtors 2024 2023
£ £
Trade debtors 46,638 44,566
Other debtors 1,792 2,007
48,430 46,573
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loan account (unsecured) 8,000 8,000
Trade creditors 1,196 2,626
Taxes and social security costs 22,311 22,431
Director's loan account 29,216 20,576
60,723 53,633
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loan account (unsecured) 10,666 18,666
8 Controlling party
The sole director of the company at the Balance Sheet date is also the controlling party.
9 Other information
G.E. SHENTON & CO LTD is a private company limited by shares and incorporated in England (Company Number 10591873). Its registered office is St. Paul's House, North Street, Newcastle-under-Lyme, Staffordshire, ST5 1AZ.
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