Registered number
07116833
SHUTTERS FACTORY LTD
Unaudited Filleted Accounts
31 January 2024
SHUTTERS FACTORY LTD
Company Information
Director
Mr S Negoescu
Accountants
Key Business Consultants LLP
13 Whitchurch Lane
Edgware
HA8 6JZ
Registered office
148 Wandsworth Bridge Road
London
SW6 2UH
Registered number
07116833
SHUTTERS FACTORY LTD
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of SHUTTERS FACTORY LTD for the year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of SHUTTERS FACTORY LTD for the year ended 31 January 2024 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes 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, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Key Business Consultants LLP
Chartered Accountants
13 Whitchurch Lane
Edgware
HA8 6JZ
30 October 2024
SHUTTERS FACTORY LTD
Registered number: 07116833
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 186,423 79,853
Current assets
Debtors 4 282,903 157,607
Cash at bank and in hand 132,886 114,272
415,789 271,879
Creditors: amounts falling due within one year 5 (313,414) (331,321)
Net current assets/(liabilities) 102,375 (59,442)
Total assets less current liabilities 288,798 20,411
Creditors: amounts falling due after more than one year 6 (94,287) (4,934)
Net assets 194,511 15,477
Capital and reserves
Called up share capital 2 2
Profit and loss account 194,509 15,475
Shareholders' funds 194,511 15,477
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 members have 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 S Negoescu
Director
Approved by the board on 30 October 2024
SHUTTERS FACTORY 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 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:
Office and computer equipment 15% and 25% reducing balance
Motor vehicles 15% 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. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice 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.
1 Accounting policies (cont.)
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. 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 12 5
3 Tangible fixed assets
Office and computer equipment Motor vehicles Total
£ £ £
Cost
At 1 February 2023 17,969 83,640 101,609
Additions 6,465 121,226 127,691
At 31 January 2024 24,434 204,866 229,300
Depreciation
At 1 February 2023 8,009 13,747 21,756
Charge for the year 3,011 18,110 21,121
At 31 January 2024 11,020 31,857 42,877
Net book value
At 31 January 2024 13,414 173,009 186,423
At 31 January 2023 9,960 69,893 79,853
4 Debtors 2024 2023
£ £
Trade debtors 262,182 151,965
Other debtors 20,721 5,642
282,903 157,607
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,833 -
Obligations under finance lease and hire purchase contracts 49,908 55,047
Trade creditors - 22,104
Taxation and social security costs 128,183 70,564
Other creditors 129,490 183,606
313,414 331,321
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 94,287 4,934
7 Related party transactions
At the year end, the company owes Euro Floors London Limited, a company under the common control, £124,287 (2023: £160,100) and Mr S Negoescu owes £53 (2023: £410) and by Monger Tools Ltd £nil (2023: £4,850), a company under the common control, all in interest free repayable on demand loans .
8 Controlling party
The ultimate controlling party throughout the year was Mr S Negoescu.
9 Other information
SHUTTERS FACTORY LTD is a private company limited by shares and incorporated in England. Its registered office is:
148 Wandsworth Bridge Road
London
SW6 2UH
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