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Company No: 07257875 (England and Wales)

SARAH CHARD ASSOCIATES LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

SARAH CHARD ASSOCIATES LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

SARAH CHARD ASSOCIATES LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2024
SARAH CHARD ASSOCIATES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2024
DIRECTOR S L Chard
REGISTERED OFFICE Wey Court West
Union Road
Farnham
GU9 7PT
United Kingdom
COMPANY NUMBER 07257875 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT
SARAH CHARD ASSOCIATES LIMITED

BALANCE SHEET

As at 30 June 2024
SARAH CHARD ASSOCIATES LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,559 396
1,559 396
Current assets
Debtors 4 14,243 29,689
Cash at bank and in hand 5 532,836 540,039
547,079 569,728
Creditors: amounts falling due within one year 6 ( 34,662) ( 41,930)
Net current assets 512,417 527,798
Total assets less current liabilities 513,976 528,194
Provision for liabilities 7 ( 390) ( 99)
Net assets 513,586 528,095
Capital and reserves
Called-up share capital 100 100
Profit and loss account 513,486 527,995
Total shareholder's funds 513,586 528,095

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Sarah Chard Associates Limited (registered number: 07257875) were approved and authorised for issue by the Director on 07 November 2024. They were signed on its behalf by:

S L Chard
Director
SARAH CHARD ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
SARAH CHARD ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sarah Chard Associates Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Wey Court West, Union Road, Farnham, GU9 7PT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 July 2023 3,165 3,165
Additions 1,308 1,308
At 30 June 2024 4,473 4,473
Accumulated depreciation
At 01 July 2023 2,769 2,769
Charge for the financial year 145 145
At 30 June 2024 2,914 2,914
Net book value
At 30 June 2024 1,559 1,559
At 30 June 2023 396 396

4. Debtors

2024 2023
£ £
Trade debtors 7,124 15,870
Prepayments and accrued income 7,119 13,819
14,243 29,689

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 532,836 540,039

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 2,116 2,336
Accruals 2,500 2,500
Corporation tax 21,966 18,985
Other taxation and social security 4,387 13,779
Other creditors 3,693 4,330
34,662 41,930

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 99) ( 57)
Charged to the Statement of Income and Retained Earnings ( 291) ( 42)
At the end of financial year ( 390) ( 99)