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COMPANY REGISTRATION NUMBER: 03033819
STREETS S W BUSINESS SERVICES LIMITED (FORMERLY S W BUSINESS SERVICES LIMITED)
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 April 2024
STREETS S W BUSINESS SERVICES LIMITED (FORMERLY S W BUSINESS SERVICES LIMITED)
STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
£
£
CURRENT ASSETS
Debtors
6
51,984
75,164
Cash at bank and in hand
883
173
---------
---------
52,867
75,337
CREDITORS: amounts falling due within one year
7
41,281
56,386
---------
---------
NET CURRENT ASSETS
11,586
18,951
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
11,586
18,951
CREDITORS: amounts falling due after more than one year
8
8,125
15,625
---------
---------
NET ASSETS
3,461
3,326
---------
---------
STREETS S W BUSINESS SERVICES LIMITED (FORMERLY S W BUSINESS SERVICES LIMITED)
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2024
2024
2023
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
9
918
918
Profit and loss account
2,543
2,408
-------
-------
SHAREHOLDERS FUNDS
3,461
3,326
-------
-------
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 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 were approved by the board of directors and authorised for issue on 21 January 2025 , and are signed on behalf of the board by:
A Kennedy
Director
Company registration number: 03033819
STREETS S W BUSINESS SERVICES LIMITED (FORMERLY S W BUSINESS SERVICES 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 is Tower House, Lucy Tower Street, Lincoln, West Yorkshire, LN1 1XW.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Current and deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Equipment
-
25% straight line
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.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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 6 (2023: 6 ).
5. TANGIBLE ASSETS
Equipment
Total
£
£
Cost or valuation
At 1 May 2023 and 30 April 2024
8,290
8,290
-------
-------
Depreciation
At 1 May 2023 and 30 April 2024
8,290
8,290
-------
-------
Carrying amount
At 30 April 2024
-------
-------
At 30 April 2023
-------
-------
6. DEBTORS
2024
2023
£
£
Trade debtors
3,878
2,318
Other debtors
48,106
72,846
---------
---------
51,984
75,164
---------
---------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
7,499
7,500
Trade creditors
5,161
Corporation tax
6,151
4,463
Social security and other taxes
6,076
5,806
Other creditors
21,555
33,456
---------
---------
41,281
56,386
---------
---------
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,125
15,625
-------
---------
9. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 0.50 (2023 - £ 1) each
918
459
459
459
Ordinary B shares of £ 0.50 (2023 - £ 1) each
306
153
153
153
Ordinary C shares of £ 0.50 (2023 - £ 1) each
306
153
153
153
Ordinary D shares of £ 0.50 (2023 - £ 1) each
306
153
153
153
-------
----
----
----
1,836
918
918
918
-------
----
----
----
On 17 November 2023 the company's existing Ordinary A, B, C and D £1 shares were subdivided into Ordinary A, B, C and D £0.50 shares. All ordinary shares rank pari passu with respect to all rights except for dividends where the directors may pay interim dividends at variable rates on the different classes of shares, and the company, on the recommendation of the directors may declare dividends at variable rates on the different classes of shares.
10. EVENTS AFTER THE END OF THE REPORTING PERIOD
On 30 July 2024 100% of the Ordinary share capital was acquired by Spenser Wilson Halifax LLP. on 19 August 2024 the company changed its name to Streets S W Business Services Limited.