Registered number
07544034
SFB Trading Limited
Filleted Accounts
29 February 2024
SFB Trading Limited
Registered number: 07544034
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 775,925 777,093
Investments 4 6,000 6,000
781,925 783,093
Creditors: amounts falling due within one year 5 (320,841) (301,300)
Net current liabilities (320,841) (301,300)
Total assets less current liabilities 461,084 481,793
Creditors: amounts falling due after more than one year 6 (549,439) (551,699)
Net liabilities (88,355) (69,906)
Capital and reserves
Called up share capital 1 1
Profit and loss account (88,356) (69,907)
Shareholder's funds (88,355) (69,906)
The directors are 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 directors acknowledge their 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.
S Bishop
Director
Approved by the board on 27 November 2024
SFB Trading Limited
Notes to the Accounts
for the year ended 29 February 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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
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.
Going concern
The company’s balance sheet shows a net liability position. However, the director considers the company can continue to rely upon his own support to ensure that its liabilities can be settled when they fall due. Accordingly, these financial statements have been prepared on a going concern basis and do not include any provision for adjustments that may become necessary if the support referred to above were withdrawn.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 772,423 9,798 22,667 804,888
At 29 February 2024 772,423 9,798 22,667 804,888
Depreciation
At 1 March 2023 - 8,974 18,821 27,795
Charge for the year - 206 962 1,168
At 29 February 2024 - 9,180 19,783 28,963
Net book value
At 29 February 2024 772,423 618 2,884 775,925
At 28 February 2023 772,423 824 3,846 777,093
All land and buildings are investment properties.
4 Investments
Other
investments
£
Cost
At 1 March 2023 6,000
At 29 February 2024 6,000
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 25,487 23,884
Other creditors 295,354 277,416
320,841 301,300
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 549,439 551,699
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 551,699 423,049
Secured bank loans 551,699 423,049
The loans are all secured on the investment properties shown under fixed assets.
8 Other information
SFB Trading Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Mill
Kingsteignton Road
Newton Abbot
Devon
TQ12 2QA
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