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Company registration number: 08521199







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


SHEEPFOLD LIMITED






































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SHEEPFOLD LIMITED
 


 
COMPANY INFORMATION


Directors
G M Faulkner 
D P Faulkner 




Registered number
08521199



Registered office
Cavendish House
Littlewood Court

West 26 Industrial Estate

Cleckheaton

West Yorkshire

BD19 4TE




Trading Address
Silverdene
South Drive

Dorking

Surrey

RH5 4AG






Accountants
Menzies LLP
Chartered Accountants

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


SHEEPFOLD LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 9


 


SHEEPFOLD LIMITED
REGISTERED NUMBER:08521199



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
81,471
163,937

Tangible assets
 5 
17,955
21,742

  
99,426
185,679

Current assets
  

Debtors: amounts falling due within one year
 6 
3,608
3,739

Cash at bank and in hand
  
1,855
6,520

  
5,463
10,259

Creditors: amounts falling due within one year
 7 
(63,193)
(131,106)

Net current liabilities
  
 
 
(57,730)
 
 
(120,847)

Total assets less current liabilities
  
41,696
64,832

Creditors: amounts falling due after more than one year
 8 
(8,983)
(15,133)

  

Net assets
  
32,713
49,699


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
32,711
49,697

  
32,713
49,699


Page 1

 


SHEEPFOLD LIMITED
REGISTERED NUMBER:08521199


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

G M Faulkner
Director
Date: 27 November 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 


SHEEPFOLD LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Sheepfold Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office and principle place of business is disclosed on the company information page.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements are prepared on a going concern basis. There have been no significant judgements or estimates used in these financial statements that impact on the going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 


SHEEPFOLD LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 


SHEEPFOLD LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).






Page 5

 


SHEEPFOLD LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
260,221


Disposals
(38,028)



At 31 March 2024

222,193



Amortisation


At 1 April 2023
96,284


Charge for the year on owned assets
44,438



At 31 March 2024

140,722



Net book value



At 31 March 2024
81,471



At 31 March 2023
163,937



Page 6

 


SHEEPFOLD LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 April 2023
31,181


Additions
2,083



At 31 March 2024

33,264



Depreciation


At 1 April 2023
9,439


Charge for the year on owned assets
5,870



At 31 March 2024

15,309



Net book value



At 31 March 2024
17,955



At 31 March 2023
21,742


6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
69
178

Other debtors
3,000
3,000

Prepayments and accrued income
539
561

3,608
3,739


Page 7

 


SHEEPFOLD LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
6,152
6,000

Trade creditors
292
420

Corporation tax
35,028
35,010

Other taxation and social security
18,966
10,485

Other creditors
205
15,490

Accruals and deferred income
2,550
63,701

63,193
131,106



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
8,983
15,133

8,983
15,133


The following liabilities were secured:

2024
2023
£
£



Bank loans
15,135
21,133

15,135
21,133

Details of security provided:

The loan amount is guaranteed under the Bounce Back Loan Scheme (BBLS) by the UK Government.

Page 8

 


SHEEPFOLD LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
6,152
6,000


6,152
6,000

Amounts falling due 1-2 years

Bank loans
8,983
15,133


8,983
15,133



15,135
21,133



10.


Controlling party

The ultimate parent company is Silverdene Properties Limited, a company registered in England & Wales whose registered office is Silverdene, South Drive, Dorking, Surrey RH5 4AG.

 
Page 9