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Registration number: 13349280

Seven3 Bespoke Works Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Seven3 Bespoke Works Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Seven3 Bespoke Works Limited

Company Information

Director

Nathan Jones

Registration number

13349280

Registered office

c/o mca Shepherd Smail
21 Market Place
Cirencester
Gloucestershire
GL7 2NX

Accountants

mca Shepherd Smail
21 Market Place
Cirencester
Gloucestershire
GL7 2NX

 

Seven3 Bespoke Works Limited

(Registration number: 13349280)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

42,566

17,246

Current assets

 

Stocks

5

219,589

90,000

Debtors

6

57,977

106,012

Cash at bank and in hand

 

79,663

50,592

 

357,229

246,604

Creditors: Amounts falling due within one year

7

(299,408)

(282,515)

Net current assets/(liabilities)

 

57,821

(35,911)

Total assets less current liabilities

 

100,387

(18,665)

Creditors: Amounts falling due after more than one year

7

(100,000)

-

Net assets/(liabilities)

 

387

(18,665)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

287

(18,765)

Shareholders' funds/(deficit)

 

387

(18,665)

 

Seven3 Bespoke Works Limited

(Registration number: 13349280)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 1 January 2025
 

Nathan Jones

Director

 

Seven3 Bespoke Works Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
c/o mca Shepherd Smail
21 Market Place
Cirencester
Gloucestershire
GL7 2NX

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 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 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.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Going concern

The financial statements have been prepared 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 sales/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.

Tax

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 taxable income.

 

Seven3 Bespoke Works Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:

Asset class

Depreciation method and rate

Motor vehicles

25% Reducing balance

Plant and machinery

25% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

 

Seven3 Bespoke Works Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

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 the director) during the year, was 2 (2023 - 2).

 

Seven3 Bespoke Works Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

9,540

18,925

28,465

Additions

-

39,508

39,508

At 30 April 2024

9,540

58,433

67,973

Depreciation

At 1 May 2023

4,174

7,045

11,219

Charge for the year

1,341

12,847

14,188

At 30 April 2024

5,515

19,892

25,407

Carrying amount

At 30 April 2024

4,025

38,541

42,566

At 30 April 2023

5,366

11,880

17,246

5

Stocks

2024
£

2023
£

Work in progress

219,589

90,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

12,312

1,221

Prepayments

87

-

Other debtors

45,578

104,791

 

57,977

106,012

 

Seven3 Bespoke Works Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

3,225

49,863

Trade creditors

 

130,823

89,984

Taxation and social security

 

85,757

67,627

Accruals and deferred income

 

4,325

3,100

Other creditors

 

75,278

71,941

 

299,408

282,515

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

100,000

-

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

100,000

-

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

3,225

-

Other borrowings

-

49,863

3,225

49,863

 

Seven3 Bespoke Works Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £1 each

75

75

75

75

Ordinary B shares of £1 each

25

25

25

25

 

100

100

100

100