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Registration number: 14701274

SJS Asbestos Ltd

Filleted Annual Report and Unaudited Abridged Financial Statements

for the Period from 2 March 2023 to 31 March 2024

 

SJS Asbestos Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

SJS Asbestos Ltd

Company Information

Directors

Mr JM Flaherty

Mr S Albert

Mr S Flavell

Registered office

Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

SJS Asbestos Ltd

(Registration number: 14701274)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

Fixed assets

 

Tangible assets

4

10,136

Current assets

 

Stocks

5

13,545

Debtors

3,688

 

17,233

Prepayments and accrued income

 

121

Creditors: Amounts falling due within one year

(27,522)

Net current liabilities

 

(10,168)

Total assets less current liabilities

 

(32)

Accruals and deferred income

 

(1,700)

Net liabilities

 

(1,732)

Capital and reserves

 

Called up share capital

7

3

Retained earnings

(1,735)

Shareholders' deficit

 

(1,732)

 

SJS Asbestos Ltd

(Registration number: 14701274)
Abridged Balance Sheet as at 31 March 2024

For the financial period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 November 2024 and signed on its behalf by:
 

.........................................

Mr S Flavell
Director

 

SJS Asbestos Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 2 March 2023 to 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

These financial statements were authorised for issue by the Board on 25 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. Total liabilities exceed current assets at the balance sheet date. The directors consider, however that the company, with their continued support, has sufficient liquid assets to meet its liabilities as and when they fall due. Accordingly the directors consider that it is appropriate to prepare the accounts on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

SJS Asbestos Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 2 March 2023 to 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

SJS Asbestos Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 2 March 2023 to 31 March 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 3.

 

SJS Asbestos Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 2 March 2023 to 31 March 2024

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

Additions

12,670

12,670

At 31 March 2024

12,670

12,670

Depreciation

Charge for the period

2,534

2,534

At 31 March 2024

2,534

2,534

Carrying amount

At 31 March 2024

10,136

10,136

5

Stocks

2024
£

Work in progress

13,545

6

Related party transactions

Key management personnel

Relationship: Director

Summary of transactions with key management

During the period, the director provided an unsecured interest free repayable on demand loan to the company. At the balance sheet date the amount due to the directors is £12,044.
 

7

Share capital

Allotted, called up and fully paid shares

 

2024

 

No.

£

Ordinary shares of £1 each

3

3

     

New shares allotted

During the period 3 Ordinary shares having an aggregate nominal value of £3 were allotted for an aggregate consideration of £3.