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COMPANY REGISTRATION NUMBER: 07138233
Surridge Willow Limited
Filleted Unaudited Financial Statements
31 March 2024
Surridge Willow Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Surridge Willow Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
2,979
6,050
Current assets
Stocks
28,907
58,212
Debtors
7
30,908
12,024
Cash at bank and in hand
19,461
57,400
--------
---------
79,276
127,636
Creditors: amounts falling due within one year
8
149,322
176,105
---------
---------
Net current liabilities
70,046
48,469
--------
--------
Total assets less current liabilities
( 67,067)
( 42,419)
Creditors: amounts falling due after more than one year
9
13,376
23,605
--------
--------
Net liabilities
( 80,443)
( 66,024)
--------
--------
Capital and reserves
Called up share capital
10
150
150
Profit and loss account
( 80,593)
( 66,174)
--------
--------
Shareholders deficit
( 80,443)
( 66,024)
--------
--------
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 31 March 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 .
Surridge Willow Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 27 January 2025 , and are signed on behalf of the board by:
J S Surridge
L J Surridge
Director
Director
Company registration number: 07138233
Surridge Willow Limited
Notes to the Financial Statements
Year ended 31 March 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 Smidgins, 10 Hedingham Close, Langshott, Horley, Surrey, RH6 9NB.
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.
Going concern
The financial statements have been prepared on a going concern basis which is dependent upon the continued financial support from the directors. The directors have indicated their willingness to support the company in the foreseeable future by ensuring sufficient funds are available for the company to continue trading. Therefore the directors consider the going concern basis is appropriate.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
Patent
-
Over 17 years 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.
Fixed assets
All fixed assets are initially recorded at cost.
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% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
20% straight line
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 stock to its present location and condition.
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.
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 4 (2023: 3 ).
5. Intangible assets
Development costs
£
Cost
At 1 April 2023 and 31 March 2024
6,678
-------
Amortisation
At 1 April 2023 and 31 March 2024
6,678
-------
Carrying amount
At 31 March 2024
-------
At 31 March 2023
-------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
27,461
4,120
26,305
57,886
Additions
2,962
2,962
--------
-------
--------
--------
At 31 March 2024
30,423
4,120
26,305
60,848
--------
-------
--------
--------
Depreciation
At 1 April 2023
26,672
4,120
21,044
51,836
Charge for the year
772
5,261
6,033
--------
-------
--------
--------
At 31 March 2024
27,444
4,120
26,305
57,869
--------
-------
--------
--------
Carrying amount
At 31 March 2024
2,979
2,979
--------
-------
--------
--------
At 31 March 2023
789
5,261
6,050
--------
-------
--------
--------
7. Debtors
2024
2023
£
£
Trade debtors
26,115
6,757
Prepayments and accrued income
3,791
3,422
Other debtors
1,002
1,845
--------
--------
30,908
12,024
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9,900
9,600
Trade creditors
10,827
10,929
Accruals and deferred income
4,169
5,465
Corporation tax
1,476
Social security and other taxes
3,691
Director loan accounts
115,636
145,453
Other creditors
5,099
3,182
---------
---------
149,322
176,105
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,376
23,605
--------
--------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
45
45
45
45
Ordinary B shares of £ 1 each
45
45
45
45
Ordinary C shares of £ 1 each
30
30
30
30
Ordinary D shares of £ 1 each
30
30
30
30
----
----
----
----
150
150
150
150
----
----
----
----
11. Related party transactions
At the year end the company owed the directors £115,636 (2023: £145,453) in the form of a loan account. This loan, which is shown amongst creditors, is interest free and repayable on demand.