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Company registration number: 02000030
Companies House
Socket and Allied Screws Limited
Unaudited filleted financial statements
30 April 2024
Socket and Allied Screws Limited
Contents
Statement of financial position
Notes to the financial statements
Socket and Allied Screws Limited
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 174,194 191,161
_______ _______
174,194 191,161
Current assets
Stocks 58,006 65,055
Debtors 7 446,589 434,439
Cash at bank and in hand 1,599,606 1,404,884
_________ _________
2,104,201 1,904,378
Creditors: amounts falling due
within one year 8 ( 308,728) ( 319,734)
_______ _______
Net current assets 1,795,473 1,584,644
_________ _________
Total assets less current liabilities 1,969,667 1,775,805
Provisions for liabilities - deferred tax ( 17,200) ( 20,200)
_________ _________
Net assets 1,952,467 1,755,605
_________ _________
Capital and reserves
Called up share capital 9 100 100
Profit and loss account 1,952,367 1,755,505
_________ _________
Shareholders funds 1,952,467 1,755,605
_________ _________
For the 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.
Directors responsibilities:
- The members have 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Mr K M Bradley
Director
Company registration number: 02000030
Socket and Allied Screws Limited
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office and the business address is Austin Way, Hamstead Industrial Estate, Birmingham, B42 1DU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
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, and are rounded to the nearest £1.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 pay or recover 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 50 % straight line
Website design and software - 25 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Improvements to property - 3 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Debtors receivable and creditors payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2023: 18 ).
5. Intangible assets
Goodwill Website design and software Total
£ £ £
Cost
At 1 May 2023 and 30 April 2024 4,000 18,078 22,078
_______ _______ _______
Amortisation
At 1 May 2023 and 30 April 2024 4,000 18,078 22,078
_______ _______ _______
Carrying amount
At 30 April 2024 - - -
_______ _______ _______
At 30 April 2023 - - -
_______ _______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Improve - ments to property Total
£ £ £ £ £
Cost
At 1 May 2023 414,857 120,410 41,618 74,393 651,278
Additions 17,656 3,853 - - 21,509
_______ _______ _______ _______ _______
At 30 April 2024 432,513 124,263 41,618 74,393 672,787
_______ _______ _______ _______ _______
Depreciation
At 1 May 2023 307,006 113,731 32,684 6,696 460,117
Charge for the year 31,378 2,632 2,234 2,232 38,476
_______ _______ _______ _______ _______
At 30 April 2024 338,384 116,363 34,918 8,928 498,593
_______ _______ _______ _______ _______
Carrying amount
At 30 April 2024 94,129 7,900 6,700 65,465 174,194
_______ _______ _______ _______ _______
At 30 April 2023 107,851 6,679 8,934 67,697 191,161
_______ _______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 307,053 385,490
Prepayments and accrued income 44,000 39,383
Other debtors 95,536 9,566
_______ _______
446,589 434,439
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 139,097 190,807
Accruals and deferred income 31,237 27,045
Corporation tax 81,726 43,669
Social security and other taxes 35,535 39,657
Other creditors 21,133 18,556
_______ _______
308,728 319,734
_______ _______
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr K M Bradley 4,850 66,041 70,891
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr K M Bradley ( 78,543) 83,393 4,850
_______ _______ _______