PTP Accounts Production v24.3.0.553 06675786 director 1.5.23 30.4.24 30.4.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh066757862023-04-30066757862024-04-30066757862023-05-012024-04-30066757862022-04-30066757862022-05-012023-04-30066757862023-04-3006675786ns15:EnglandWales2023-05-012024-04-3006675786ns14:PoundSterling2023-05-012024-04-3006675786ns10:Director12023-05-012024-04-3006675786ns10:PrivateLimitedCompanyLtd2023-05-012024-04-3006675786ns10:SmallEntities2023-05-012024-04-3006675786ns10:AuditExempt-NoAccountantsReport2023-05-012024-04-3006675786ns10:SmallCompaniesRegimeForDirectorsReport2023-05-012024-04-3006675786ns10:SmallCompaniesRegimeForAccounts2023-05-012024-04-3006675786ns10:FullAccounts2023-05-012024-04-300667578612023-05-012024-04-3006675786ns10:RegisteredOffice2023-05-012024-04-3006675786ns5:CurrentFinancialInstruments2024-04-3006675786ns5:CurrentFinancialInstruments2023-04-3006675786ns5:Non-currentFinancialInstruments2024-04-3006675786ns5:Non-currentFinancialInstruments2023-04-3006675786ns5:ShareCapital2024-04-3006675786ns5:ShareCapital2023-04-3006675786ns5:RetainedEarningsAccumulatedLosses2024-04-3006675786ns5:RetainedEarningsAccumulatedLosses2023-04-3006675786ns5:NetGoodwill2023-05-012024-04-3006675786ns5:ComputerSoftware2023-05-012024-04-3006675786ns5:PlantMachinery2023-05-012024-04-3006675786ns5:NetGoodwill2023-04-3006675786ns5:IntangibleAssetsOtherThanGoodwill2023-04-3006675786ns5:NetGoodwill2024-04-3006675786ns5:IntangibleAssetsOtherThanGoodwill2024-04-3006675786ns5:NetGoodwill2023-04-3006675786ns5:IntangibleAssetsOtherThanGoodwill2023-04-3006675786ns5:LandBuildings2023-04-3006675786ns5:PlantMachinery2023-04-3006675786ns5:LandBuildings2023-05-012024-04-3006675786ns5:LandBuildings2024-04-3006675786ns5:PlantMachinery2024-04-3006675786ns5:LandBuildings2023-04-3006675786ns5:PlantMachinery2023-04-3006675786ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-04-3006675786ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-05-012024-04-3006675786ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-04-3006675786ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-04-3006675786ns5:WithinOneYearns5:CurrentFinancialInstruments2024-04-3006675786ns5:WithinOneYearns5:CurrentFinancialInstruments2023-04-3006675786ns5:Secured2024-04-3006675786ns5:Secured2023-04-30
REGISTERED NUMBER: 06675786 (England and Wales)















Financial Statements for the Year Ended 30 April 2024

for

Sully's Framing Ltd

Sully's Framing Ltd (Registered number: 06675786)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Sully's Framing Ltd

Company Information
for the Year Ended 30 April 2024







DIRECTOR: P R Hambrook





REGISTERED OFFICE: Commercial Road
Penryn
Cornwall
TR10 8AG





REGISTERED NUMBER: 06675786 (England and Wales)





ACCOUNTANTS: Sovereign Accounting Solutions
Chartered Accountants and Business Advisers
Unit 9
Moorland Road Industrial Park
Moorland Road, Indian Queens
St Columb
Cornwall
TR9 6FB

Sully's Framing Ltd (Registered number: 06675786)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 359,336 362,826
359,336 362,826

CURRENT ASSETS
Stocks 8,597 8,640
Debtors 6 7,510 7,425
Cash at bank and in hand 140 612
16,247 16,677
CREDITORS
Amounts falling due within one year 7 77,007 69,013
NET CURRENT LIABILITIES (60,760 ) (52,336 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

298,576

310,490

CREDITORS
Amounts falling due after more than one
year

8

(152,156

)

(175,159

)

PROVISIONS FOR LIABILITIES (1,618 ) (2,255 )
NET ASSETS 144,802 133,076

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 144,702 132,976
SHAREHOLDERS' FUNDS 144,802 133,076

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Sully's Framing Ltd (Registered number: 06675786)

Balance Sheet - continued
30 April 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 November 2024 and were signed by:





P R Hambrook - Director


Sully's Framing Ltd (Registered number: 06675786)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Sully's Framing Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of six years.

Website costs
Website costs are being amortised evenly over a five year period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Sully's Framing Ltd (Registered number: 06675786)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Freehold property
No depreciation has been charged in respect of the company's freehold property. The Directors are of the opinion that the company's freehold property will not suffer any form of diminution in value due to the ongoing maintenance policy adopted by the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 May 2023
and 30 April 2024 18,000 1,600 19,600
AMORTISATION
At 1 May 2023
and 30 April 2024 18,000 1,600 19,600
NET BOOK VALUE
At 30 April 2024 - - -
At 30 April 2023 - - -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023
and 30 April 2024 348,631 73,416 422,047
DEPRECIATION
At 1 May 2023 - 59,221 59,221
Charge for year - 3,490 3,490
At 30 April 2024 - 62,711 62,711
NET BOOK VALUE
At 30 April 2024 348,631 10,705 359,336
At 30 April 2023 348,631 14,195 362,826

Sully's Framing Ltd (Registered number: 06675786)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 May 2023
and 30 April 2024 28,543
DEPRECIATION
At 1 May 2023 21,770
Charge for year 1,693
At 30 April 2024 23,463
NET BOOK VALUE
At 30 April 2024 5,080
At 30 April 2023 6,773

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 5,158 5,483
Other debtors 2,352 1,942
7,510 7,425

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts 33,552 25,384
Hire purchase contracts 2,457 2,457
Trade creditors 14,944 15,013
Taxation and social security 15,852 17,553
Other creditors 10,202 8,606
77,007 69,013

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Bank loans 144,786 165,333
Hire purchase contracts 7,370 9,826
152,156 175,159

Sully's Framing Ltd (Registered number: 06675786)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
30.4.24 30.4.23
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Mortgage account more 5 years 57,444 80,088

9. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   
Bank loans 165,333 184,977
Hire purchase contracts 9,827 12,283
175,160 197,260