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REGISTERED NUMBER: 02329039 (England and Wales)
























SHERWOOD SCIENTIFIC LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






SHERWOOD SCIENTIFIC LIMITED (REGISTERED NUMBER: 02329039)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 May 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


SHERWOOD SCIENTIFIC LIMITED

COMPANY INFORMATION
For The Year Ended 31 May 2024







DIRECTORS: S Nowinski
J Copsey
S Lloyd-Edgar
L Shellie
A Laurie
N Nowinska





REGISTERED OFFICE: 1 The Paddocks
Cherry Hinton Road
Cambridge
CB1 8DH





REGISTERED NUMBER: 02329039 (England and Wales)





ACCOUNTANTS: TC Group
4 Office Village
Forder Way
Cygnet Park, Hampton
Peterborough
Cambridgeshire
PE7 8GX

SHERWOOD SCIENTIFIC LIMITED (REGISTERED NUMBER: 02329039)

STATEMENT OF FINANCIAL POSITION
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 120,571 135,349

CURRENT ASSETS
Stocks 5 716,137 695,434
Debtors 6 220,050 237,225
Cash at bank and in hand 1,055,896 1,218,040
1,992,083 2,150,699
CREDITORS
Amounts falling due within one year 7 532,775 576,003
NET CURRENT ASSETS 1,459,308 1,574,696
TOTAL ASSETS LESS CURRENT LIABILITIES 1,579,879 1,710,045

PROVISIONS FOR LIABILITIES 8 21,415 24,910
NET ASSETS 1,558,464 1,685,135

CAPITAL AND RESERVES
Called up share capital 9 60 60
Retained earnings 10 1,558,404 1,685,075
SHAREHOLDERS' FUNDS 1,558,464 1,685,135

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 January 2025 and were signed on its behalf by:



S Nowinski - Director


SHERWOOD SCIENTIFIC LIMITED (REGISTERED NUMBER: 02329039)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 May 2024


1. STATUTORY INFORMATION

Sherwood Scientific Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
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.

No significant judgements (apart from those involving estimations) have been made by management in the process of applying the entity's accounting policies and preparing these financial statements.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There have been no key assumptions or there 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 20% on cost
Office equipment - 10% on cost

At each balance sheet date assets not carried at fair value are assessed to determine whether there is an indication that the asset may be impaired. If there is such an indication the recoverable amount of the asset is compared to the carrying amount of the asset.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost.

Financial liabilities - trade creditors, accruals and other creditors and basic financial instruments and are measured at amortised cost. Taxation and social security and not included in the financial instruments disclosure definition.

SHERWOOD SCIENTIFIC LIMITED (REGISTERED NUMBER: 02329039)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 May 2024


2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are initially measured at transaction price less attributable costs and then subsequently measured at amortised costs using EIR. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are initially measured at transaction price less attributable costs. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 18 ) .

SHERWOOD SCIENTIFIC LIMITED (REGISTERED NUMBER: 02329039)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 May 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Office
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2023 135,744 3,591 65,323 280,554 485,212
Additions 1,785 - - 2,379 4,164
At 31 May 2024 137,529 3,591 65,323 282,933 489,376
DEPRECIATION
At 1 June 2023 133,252 1,220 29,650 185,741 349,863
Charge for year 1,851 238 7,134 9,719 18,942
At 31 May 2024 135,103 1,458 36,784 195,460 368,805
NET BOOK VALUE
At 31 May 2024 2,426 2,133 28,539 87,473 120,571
At 31 May 2023 2,492 2,371 35,673 94,813 135,349

5. STOCKS
2024 2023
£    £   
Stocks 716,137 695,434

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 140,408 123,141
Other debtors 3,703 26,840
VAT 23,179 22,404
Prepayments 52,760 64,840
220,050 237,225

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 211,706 274,672
Corporation tax 7,882 52,841
Social security and other taxes 67,338 32,871
Net wages 62,402 51,152
Pension 3,873 3,171
Directors' current accounts 120,000 -
Accruals and deferred income 59,574 161,296
532,775 576,003

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 21,415 24,910

SHERWOOD SCIENTIFIC LIMITED (REGISTERED NUMBER: 02329039)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 May 2024


8. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 June 2023 24,910
Provided during year (3,495 )
Balance at 31 May 2024 21,415

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
60 Ordinary £1 60 60

10. RESERVES
Retained
earnings
£   

At 1 June 2023 1,685,075
Profit for the year 23,329
Dividends (150,000 )
At 31 May 2024 1,558,404

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £150,000 were paid to the directors .

As at the year end, the company owed the director Ms S Lloyd-Edgar £40,000. This loan is unsecured, interest free and repayable on demand.

As at the year end, the company owed the director Mr A Laurie £40,000. This loan is unsecured, interest free and repayable on demand.

As at the year end, the company owed the director Ms N Nowinska £40,000. This loan is unsecured, interest free and repayable on demand.

12. ULTIMATE CONTROLLING PARTY

The controlling parties are S L Edgar, N P Nowinska and A S Laurie by virtue of their ownership of the ordinary issued share capital.