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REGISTERED NUMBER: 03493192 (England and Wales)











Sheerspeed Shelters Limited

Unaudited Financial Statements

for the Period 1 January 2023 to 29 February 2024






Sheerspeed Shelters Limited (Registered number: 03493192)

Contents of the Financial Statements
for the Period 1 January 2023 to 29 February 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Sheerspeed Shelters Limited

Company Information
for the Period 1 January 2023 to 29 February 2024







DIRECTOR: S M F Reid





SECRETARY: A Horobin





REGISTERED OFFICE: Unit 3
Diamond House, Reme Drive
Heathpark Ind. Estate
Honiton
Devon
EX14 1SE





REGISTERED NUMBER: 03493192 (England and Wales)





ACCOUNTANTS: Haines Watts Tamworth Limited
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF

Sheerspeed Shelters Limited (Registered number: 03493192)

Balance Sheet
29 February 2024

2024 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 318,944 201,169

CURRENT ASSETS
Stocks 127,000 119,500
Debtors 5 1,006,871 1,089,198
Cash at bank and in hand 289,787 361,085
1,423,658 1,569,783
CREDITORS
Amounts falling due within one year 6 321,965 272,430
NET CURRENT ASSETS 1,101,693 1,297,353
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,420,637

1,498,522

PROVISIONS FOR LIABILITIES 45,560 20,317
NET ASSETS 1,375,077 1,478,205

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 1,374,977 1,478,105
SHAREHOLDERS' FUNDS 1,375,077 1,478,205

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 29 February 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.

Sheerspeed Shelters Limited (Registered number: 03493192)

Balance Sheet - continued
29 February 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 19 September 2024 and were signed by:





S M F Reid - Director


Sheerspeed Shelters Limited (Registered number: 03493192)

Notes to the Financial Statements
for the Period 1 January 2023 to 29 February 2024


1. STATUTORY INFORMATION

Sheerspeed Shelters Limited 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 4% on reducing balance
Plant and machinery etc - 33% on reducing balance, 25% on reducing balance, 20% 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 period 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 period 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Sheerspeed Shelters Limited (Registered number: 03493192)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 29 February 2024


2. ACCOUNTING POLICIES - continued

Leasing and hire purchase contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 18 (2022 - 16 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 93,750 507,977 601,727
Additions - 171,750 171,750
Disposals - (14,636 ) (14,636 )
At 29 February 2024 93,750 665,091 758,841
DEPRECIATION
At 1 January 2023 - 400,558 400,558
Charge for period - 49,269 49,269
Eliminated on disposal - (9,930 ) (9,930 )
At 29 February 2024 - 439,897 439,897
NET BOOK VALUE
At 29 February 2024 93,750 225,194 318,944
At 31 December 2022 93,750 107,419 201,169

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Trade debtors 87,288 154,945
Other debtors 919,583 934,253
1,006,871 1,089,198

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Trade creditors 239,841 124,262
Taxation and social security 50,959 115,220
Other creditors 31,165 32,948
321,965 272,430

Sheerspeed Shelters Limited (Registered number: 03493192)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 29 February 2024


7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2022
value: £    £   
75 Ordinary £1 75 75
25 B Ordinary £1 25 25
100 100

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 29 February 2024 and the year ended 31 December 2022:

2024 2022
£    £   
S M F Reid
Balance outstanding at start of period 219,362 18,844
Amounts advanced 489,003 219,518
Amounts repaid (729,631 ) (19,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period (21,266 ) 219,362

The above balance has been repaid within 9 months of the balance sheet date.