Company Registration No. 07515800 (England and Wales)
Sample & Hold Limited
Unaudited accounts
for the year ended 29 February 2024
Sample & Hold Limited
Unaudited accounts
Contents
Sample & Hold Limited
Statement of financial position
as at 29 February 2024
Tangible assets
201,182
224,356
Cash at bank and in hand
407,990
138,675
Creditors: amounts falling due within one year
(241,567)
(101,754)
Net current assets
383,066
334,703
Total assets less current liabilities
584,248
559,059
Creditors: amounts falling due after more than one year
(84,101)
(116,747)
Provisions for liabilities
Deferred tax
(38,224)
(42,628)
Net assets
461,923
399,684
Called up share capital
300
300
Profit and loss account
461,623
399,384
Shareholders' funds
461,923
399,684
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 8 November 2024 and were signed on its behalf by
S N J Jackson
Director
Company Registration No. 07515800
Sample & Hold Limited
Notes to the Accounts
for the year ended 29 February 2024
Sample & Hold Limited is a private company, limited by shares, registered in England and Wales, registration number 07515800. The registered office is Shoreditch Town Hall, 380 Old Street, London, EC1V 9LT, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
The presentational and functional currency of the company is Sterling pounds (£) and amounts in the accounts rounded to the nearest £.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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.
Hire purchase and leasing commitments
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Sample & Hold Limited
Notes to the Accounts
for the year ended 29 February 2024
Taxation for the year comprises current and deferred tax and is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current taxation liabilities are not discounted and is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Current taxation liabilities is not discounted
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts.
Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance basis and straight line over 4 years
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Sample & Hold Limited
Notes to the Accounts
for the year ended 29 February 2024
4
Tangible fixed assets
Plant & machinery
At 29 February 2024
471,329
Charge for the year
67,911
At 29 February 2024
270,147
At 29 February 2024
201,182
At 28 February 2023
224,356
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
77,878
103,838
Amounts falling due within one year
Trade debtors
121,128
104,406
Accrued income and prepayments
43,200
162,957
Other debtors
42,141
13,626
Amounts falling due after more than one year
Accrued income and prepayments
10,174
16,793
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Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
10,098
9,855
Obligations under finance leases and hire purchase contracts
22,554
22,554
Trade creditors
153,679
55,872
Taxes and social security
41,304
3,013
Loans from directors
11,550
8,691
Bank loans represent a Bounce Back loan which is guaranteed by the UK government with interest at 2.5% p.a..
HP liabilities of £22,554 (2023: £22,554) are secured against Fixed Assets with a net book value of £77,878 (2023: £103,838).
Sample & Hold Limited
Notes to the Accounts
for the year ended 29 February 2024
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
67,585
90,139
Bank loans represent a Bounce Back loan which is guaranteed by the UK government with interest at 2.5% p.a..
HP liabilities of £67,585 (2023: £90,139) are secured against Fixed Assets with a net book value of £77,878 (2023: £103,838).
Allotted, called up and fully paid:
300 Ordinary shares of £1 each
300
300
9
Operating lease commitments
2024
2023
At 29 February 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Later than one year and not later than five years
24,059
37,797
10
Average number of employees
During the year the average number of employees was 2 (2023: 2).