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COMPANY REGISTRATION NUMBER: 01270395
David Sykes (Whitley Bridge) Limited
Filleted Unaudited Financial Statements
For the year ended
31 August 2024
David Sykes (Whitley Bridge) Limited
Financial Statements
Year ended 31 August 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
David Sykes (Whitley Bridge) Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
65,480
25,005
Current assets
Stocks
23,961
6,550
Debtors
6
273,276
282,577
Cash at bank and in hand
12,126
6,575
----------
----------
309,363
295,702
Creditors: amounts falling due within one year
7
187,000
129,207
----------
----------
Net current assets
122,363
166,495
----------
----------
Total assets less current liabilities
187,843
191,500
Creditors: amounts falling due after more than one year
8
35,977
64,250
Provisions
Taxation including deferred tax
16,200
9,009
----------
----------
Net assets
135,666
118,241
----------
----------
Capital and reserves
Called up share capital
500
500
Capital redemption reserve
500
500
Profit and loss account
134,666
117,241
----------
----------
Shareholders funds
135,666
118,241
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
David Sykes (Whitley Bridge) Limited
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 19 December 2024 , and are signed on behalf of the board by:
D Richardson
Director
Company registration number: 01270395
David Sykes (Whitley Bridge) Limited
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Maltings, Whitley Bridge, GOOLE, East Riding of Yorkshire, DN14 0HH.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. (b) Going concern The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis. (c) Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. (d) Current & deferred tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference . (e) Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. (f) Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Tenant's Improvements - 10% reducing balance
Plant & Machinery - 15% reducing balance
Motor Vehicles - 25% reducing balance
(g) Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
(h) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(i) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 13 ).
5. Tangible assets
Tenants improve-ments
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2023
93,035
88,299
181,334
Additions
256
34,623
34,879
Disposals
( 45,799)
( 45,799)
Transfers
15,441
15,441
--------
--------
----------
----------
At 31 August 2024
15,441
47,492
122,922
185,855
--------
--------
----------
----------
Depreciation
At 1 September 2023
86,081
70,248
156,329
Charge for the year
2,316
782
4,852
7,950
Disposals
( 43,904)
( 43,904)
--------
--------
----------
----------
At 31 August 2024
2,316
42,959
75,100
120,375
--------
--------
----------
----------
Carrying amount
At 31 August 2024
13,125
4,533
47,822
65,480
--------
--------
----------
----------
At 31 August 2023
6,954
18,051
25,005
--------
--------
----------
----------
The transfer represents the movement of tenants improvements from David Sykes Property Limited to David Sykes (Whitley Bridge) Limited , which is a subsidiary of David Sykes Property Limited.
6. Debtors
2024
2023
£
£
Trade debtors
164,840
128,705
Amounts owed by group undertakings
92,991
139,818
Other debtors
15,445
14,054
----------
----------
273,276
282,577
----------
----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loan
10,268
10,015
Trade creditors
108,837
73,792
Corporation tax
4,889
1,484
Social security and other taxes
18,906
24,607
Other creditors
44,100
19,309
----------
----------
187,000
129,207
----------
----------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loan
9,639
19,908
Other creditors
26,338
44,342
--------
--------
35,977
64,250
--------
--------
The bank loan is repayable within 5 years and repayments are made in equal monthly instalments. Other creditors represents amounts due to the previous shareholders of the company. The amounts due are interest free and total £39,339. The balance is repayable within 5 years and repayments are made in equal monthly instalments.
9. Controlling party
The company is a 100% subsidiary of David Sykes Property Limited. The ultimate parent company is Maltings Electrical Limited , a company registered in England and Wales, whose registered office is The Maltings, Whitley Bridge, Goole, England, DN14 0HH.