Company registration number: 03378721
Unaudited financial statements
for the year ended 31 May 2024
for
Sarik Hobbies Limited
Pages for filing with the Registrar
Company registration number: 03378721
Sarik Hobbies Limited
Balance sheet
as at 31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 66,339 85,598
66,339 85,598
Current assets
Stocks 38,765 40,805
Debtors 11,297 4,574
Cash at bank and in hand 11,071 15,056
61,133 60,435
Creditors: amounts falling due within
one year
(68,823) (90,715)
Net current liabilities (7,690) (30,280)
Total assets less current liabilities 58,649 55,318
Provisions for liabilities (9,975) (9,973)
NET ASSETS 48,674 45,345
Capital and reserves
Called up share capital 2 2
Profit and loss account 48,672 45,343
TOTAL EQUITY 48,674 45,345
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 31 May 2024.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: 03378721
Sarik Hobbies Limited
Balance sheet - continued
as at 31 May 2024
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 to the Registrar.
These financial statements were approved by the Board of directors and authorised for issue on 14 October 2024 and signed on its behalf by:
Mr T Stephenson, Director
14 October 2024
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Sarik Hobbies Limited
Notes to the financial statements
for the year ended 31 May 2024
1 Company information
Sarik Hobbies Limited is a private company registered in England and Wales. Its registered number is 03378721. The company is limited by shares. Its registered office is Unit 8 -12 Willow End Park, Blackmore Park Road, Malvern, WR13 6NN.
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 historic cost convention.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc.:
Plant and machinery - 25% straight line
Fixtures & fittings - 25% reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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Sarik Hobbies Limited
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 taxation. 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 balance sheet date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 been enacted or substantively enacted by the balance sheet date 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 probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.
3 Average number of employees
During the year the average number of employees was 4 (2023 - 6).
4 Tangible fixed assets
Plant and
machinery
etc.
£
Cost
At 1 June 2023 164,860
Additions 19,880
At 31 May 2024 184,740
Depreciation
At 1 June 2023 79,262
Charge for year 39,139
At 31 May 2024 118,401
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Sarik Hobbies Limited
Notes to the financial statements - continued
for the year ended 31 May 2024
4 Tangible fixed assets - continued
Net book value
At 31 May 2024 66,339
At 31 May 2023 85,598
5 Advances, credit and guarantees granted to directors
The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023.
2024 2023
£ £
Mr Anthony Henry Dubarrie Stephenson
Balance outstanding at start of year 15,382 15,832
Balance outstanding at end of year 15,382 15,832
2024 2023
£ £
Mr Thomas Andrew Stephenson
Balance outstanding at start of year 46,901 43,541
Amounts advanced 24,000 53,560
Amounts repaid (60,750) (50,200)
Balance outstanding at end of year 10,151 46,901
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