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COMPANY REGISTRATION NUMBER: 03846832
SJS Building Supplies Limited
Filleted Unaudited Financial Statements
30 September 2024
SJS Building Supplies Limited
Financial Statements
Year ended 30 September 2024
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 7
SJS Building Supplies Limited
Balance Sheet
30 September 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
694,421
652,520
Investments
6
1,300
1,300
---------
---------
695,721
653,820
Current assets
Stocks
395,849
369,633
Debtors
7
179,117
203,635
Cash at bank and in hand
255,328
424,428
---------
---------
830,294
997,696
Creditors: amounts falling due within one year
8
579,189
613,668
---------
---------
Net current assets
251,105
384,028
---------
------------
Total assets less current liabilities
946,826
1,037,848
Creditors: amounts falling due after more than one year
9
413,493
450,973
Provisions
Taxation including deferred tax
24,000
36,396
---------
------------
Net assets
509,333
550,479
---------
------------
Capital and reserves
Called up share capital
900
1,000
Capital redemption reserve
100
Profit and loss account
508,333
549,479
---------
---------
Shareholders funds
509,333
550,479
---------
---------
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 profit and loss has not been delivered.
For the year ending 30 September 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 .
SJS Building Supplies Limited
Balance Sheet (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 9 January 2025 , and are signed on behalf of the board by:
Mr S Davies
Director
Company registration number: 03846832
SJS Building Supplies Limited
Notes to the Financial Statements
Year ended 30 September 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 Unit 1-3, Home Farm, West Avenue, Talke, Stoke on Trent, Staffordshire, ST7 1NT. The company registration number is 03846832 .
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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. Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.
Revenue recognition
Turnover comprises the value of sales (exclusive of VAT and trade discounts) of goods and services provided in the normal course of business. Revenue in respect of goods is recognised when goods are despatched, which is the same day on which goods are delivered and hence the point at which the risks and rewards of ownership pass to the buyer.
Income 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 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 material 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.
Tangible assets
Tangible assets are initially recorded at cost, and 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
-
33% reducing balance
Fixtures, fittings & equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Freehold Property - 2% straight line
Investments
Fixed asset investments are measured at fair value with changes in fair value being recognised in the profit and loss account.
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stock is valued at the lower of cost and net realisable value. Cost is calculated on an average basis with reference to purchase invoice prices. Net Realisable Value is the estimated proceeds from the sale of stock items, less all future costs to completion, costs to be incurred in marketing, selling and distributing.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
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 as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2023: 11 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
497,642
410,440
108,102
430
1,016,614
Additions
15,800
9,690
4,925
89,600
120,015
Disposals
( 30,176)
( 1,059)
( 31,235)
---------
---------
---------
--------
------------
At 30 September 2024
513,442
389,954
111,968
90,030
1,105,394
---------
---------
---------
--------
------------
Depreciation
At 1 October 2023
258,659
105,435
364,094
Charge for the year
53,124
1,839
22,400
77,363
Disposals
( 29,675)
( 809)
( 30,484)
---------
---------
---------
--------
------------
At 30 September 2024
282,108
106,465
22,400
410,973
---------
---------
---------
--------
------------
Carrying amount
At 30 September 2024
513,442
107,846
5,503
67,630
694,421
---------
---------
---------
--------
------------
At 30 September 2023
497,642
151,781
2,667
430
652,520
---------
---------
---------
--------
------------
6. Investments
Other investments other than loans
£
Cost
At 1 October 2023 and 30 September 2024
1,300
-------
Impairment
At 1 October 2023 and 30 September 2024
-------
Carrying amount
At 30 September 2024
1,300
-------
At 30 September 2023
1,300
-------
The investment represents a minority shareholding in an unquoted company. The valuation equates to cost which the directors consider represents fair value.
7. Debtors
2024
2023
£
£
Trade debtors
174,990
197,479
Other debtors
4,127
6,156
---------
---------
179,117
203,635
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
24,038
24,740
Trade creditors
383,261
435,913
Corporation tax
19,909
25,194
Social security and other taxes
52,491
54,208
Other creditors
99,490
73,613
---------
---------
579,189
613,668
---------
---------
Included in creditors due within one year are hire purchase liabilities of £79,503 (2023 - £58,312) which are secured against the assets being financed, and loans of £24,038 (2023 - £24,740) of which £13,705 (2023 - £14,462) is secured via a charge in favour of NatWest Bank PLC against the property.
Natwest Bank PLC holds a fixed and floating charge over the undertaking and all property and assets present and future of SJS Building Supplies Limited .
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
295,813
320,778
Other creditors
117,680
130,195
---------
---------
413,493
450,973
---------
---------
Included in creditors due after more than one year are hire purchase liabilities of £117,680 (2023 - £130,195) which are secured against the assets being financed, and loans of £295,813 (2023 - £320,778) of which £288,808 (2023 - £303,649) is secured via a charge in favour of NatWest Bank PLC against the property, with the remainder being secured via a personal guarantee from the directors.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
15,113
15,550
Later than 1 year and not later than 5 years
29,089
44,202
--------
--------
44,202
59,752
--------
--------