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Registered number: 09440722
Styalways Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
GMS FC Limited
1 London Road
Ipswich
Suffolk
IP1 2HA
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—6
Page 1
Balance Sheet
Registered number: 09440722
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 738 1,455
738 1,455
CURRENT ASSETS
Stocks 5 244,551 292,350
Debtors 6 138,852 141,987
Cash at bank and in hand 9,843 5,913
393,246 440,250
Creditors: Amounts Falling Due Within One Year 7 (239,913 ) (170,303 )
NET CURRENT ASSETS (LIABILITIES) 153,333 269,947
TOTAL ASSETS LESS CURRENT LIABILITIES 154,071 271,402
Creditors: Amounts Falling Due After More Than One Year 8 (14,505 ) (125,673 )
NET ASSETS 139,566 145,729
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 139,564 145,727
SHAREHOLDERS' FUNDS 139,566 145,729
Page 1
Page 2
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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Neve
Director
26th November 2024
The notes on pages 4 to 6 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 March 2022 2 152,357 152,359
Loss for the year and total comprehensive income - (2,630 ) (2,630)
Dividends paid - (4,000) (4,000)
As at 28 February 2023 and 1 March 2023 2 145,727 145,729
Loss for the year and total comprehensive income - (6,163 ) (6,163)
As at 29 February 2024 2 139,564 139,566
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Notes to the Financial Statements
1. General Information
Styalways Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09440722 . The registered office is Styalways Saddlery Curf Farm Business Park, Doddington Road, Chatteris, Cambridgeshire, PE16 6UJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles Fully depreciated
Fixtures & Fittings 33% SL
Computer Equipment 33% SL
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 6)
6 6
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 March 2023 6,771 13,651 9,860 30,282
Disposals - - (7,688 ) (7,688 )
As at 29 February 2024 6,771 13,651 2,172 22,594
Depreciation
As at 1 March 2023 6,771 13,652 8,404 28,827
Provided during the period - - 717 717
Disposals - - (7,688 ) (7,688 )
As at 29 February 2024 6,771 13,652 1,433 21,856
Net Book Value
As at 29 February 2024 - (1 ) 739 738
As at 1 March 2023 - (1 ) 1,456 1,455
5. Stocks
2024 2023
£ £
Stock 244,551 292,350
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 74,752 77,982
Other debtors 64,005 64,005
VAT 95 -
138,852 141,987
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 126,638 95,479
Bank loans and overdrafts 89,286 14,658
Corporation tax (283 ) -
Other taxes and social security 1,186 1,371
VAT - 3,598
Net wages - 643
Other creditors 389 329
Accruals and deferred income 1,725 1,725
Directors' loan accounts 20,972 52,500
239,913 170,303
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Page 6
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 14,505 125,673
14,505 125,673
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
10. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mr Paul Neve - 2,000
Mrs Gillian Neve - 2,000
Page 6