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Registration number: 02606982

Sandwell Accountancy Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Sandwell Accountancy Services Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 11

 

Sandwell Accountancy Services Ltd

Company Information

Director

Mr SS Sohal

Company secretary

Mrs DK Sohal

Registered office

Old Bank Buildings
Upper High Street
Cradley Heath
West Midlands
B64 5HY

Accountants

Sandwell Accountancy Services Limited
Certified Public AccountantsOld Bank Buildings
Upper High Street
Upper High Street
Cradley Heath
West Midlands
B64 5HY

 

Sandwell Accountancy Services Ltd

(Registration number: 02606982)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

7,614

7,614

Tangible assets

5

1,097,511

1,105,609

 

1,105,125

1,113,223

Current assets

 

Stocks

6

23,166

23,166

Debtors

7

67,592

76,515

Cash at bank and in hand

 

48,194

38,380

 

138,952

138,061

Creditors: Amounts falling due within one year

8

(126,750)

(117,410)

Net current assets

 

12,202

20,651

Total assets less current liabilities

 

1,117,327

1,133,874

Creditors: Amounts falling due after more than one year

8

(322,664)

(355,174)

Net assets

 

794,663

778,700

Capital and reserves

 

Called up share capital

9

151

151

Revaluation reserve

333,000

333,000

Retained earnings

461,512

445,549

Shareholders' funds

 

794,663

778,700

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 January 2025
 

.........................................
Mr SS Sohal
Director

 

Sandwell Accountancy Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Old Bank Buildings
Upper High Street
Cradley Heath
West Midlands
B64 5HY
England

These financial statements were authorised for issue by the director on 29 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Sandwell Accountancy Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land & Buildings

1% on a reducing balance basis

Plant & Machinery

1% on a reducing balance basis

Office Equipment

1% on a reducing balance basis

Motor Vehicles

20% on a reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

None

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Sandwell Accountancy Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Sandwell Accountancy Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 17 (2023 - 17).

 

Sandwell Accountancy Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

7,614

7,614

At 30 April 2024

7,614

7,614

Amortisation

Carrying amount

At 30 April 2024

7,614

7,614

At 30 April 2023

7,614

7,614

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 May 2023

1,024,230

25,776

47,787

152,485

Additions

-

-

2,966

-

At 30 April 2024

1,024,230

25,776

50,753

152,485

Depreciation

At 1 May 2023

126,131

821

7,456

10,261

Charge for the year

8,981

252

409

1,422

At 30 April 2024

135,112

1,073

7,865

11,683

Carrying amount

At 30 April 2024

889,118

24,703

42,888

140,802

At 30 April 2023

898,099

24,955

40,331

142,224

 

Sandwell Accountancy Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Total
£

Cost or valuation

At 1 May 2023

1,250,278

Additions

2,966

At 30 April 2024

1,253,244

Depreciation

At 1 May 2023

144,669

Charge for the year

11,064

At 30 April 2024

155,733

Carrying amount

At 30 April 2024

1,097,511

At 30 April 2023

1,105,609

Included within the net book value of land and buildings above is £889,118 (2023 - £898,099) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Work in progress

23,166

23,166

7

Debtors

Current

2024
£

2023
£

Trade debtors

67,592

76,515

 

67,592

76,515

 

Sandwell Accountancy Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

58,660

64,749

trade creditors

 

27,848

23,873

Taxation and social security

 

22,599

21,307

Other creditors

 

17,643

7,481

 

126,750

117,410

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

322,664

355,174

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares shares of £1 each

150

150

150

150

Ordinary A Share shares of £1 each

1

1

1

1

 

151

151

151

151

 

Sandwell Accountancy Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

271,058

316,720

Other borrowings

51,606

38,454

322,664

355,174

Current loans and borrowings

2024
£

2023
£

Bank borrowings

58,660

62,774

Other borrowings

-

1,975

58,660

64,749

11

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £37,000.00 (2023 - £34,000.00) per each Ordinary A Share

37,000

34,000

Final dividend of £500.00 (2023 - £1,000.00) per each ordinary Share

3,000

6,000

40,000

40,000

12

Related party transactions

 

Sandwell Accountancy Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

25,374

23,400

Contributions paid to money purchase schemes

300

750

25,674

24,150