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Registered number: 06967792
Samuel Edgar Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
Mouktaris & Co Ltd
Chartered Accountants & Registered Auditors
156a Burnt Oak Broadway
Edgware
Middlesex
HA8 0AX
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 06967792
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,728 7,160
5,728 7,160
CURRENT ASSETS
Stocks 5 25,650 18,450
Debtors 6 7,113 7,900
Cash at bank and in hand 26,969 58,933
59,732 85,283
Creditors: Amounts Falling Due Within One Year 7 (75,840 ) (94,468 )
NET CURRENT ASSETS (LIABILITIES) (16,108 ) (9,185 )
TOTAL ASSETS LESS CURRENT LIABILITIES (10,380 ) (2,025 )
PROVISIONS FOR LIABILITIES
Provisions For Charges (1,780 ) (1,780 )
NET LIABILITIES (12,160 ) (3,805 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Income Statement (12,260 ) (3,905 )
SHAREHOLDERS' FUNDS (12,160) (3,805)
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Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Vygantas Diedonis
Director
30 January 2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Samuel Edgar Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06967792 . The registered office is 156a Burnt Oak Broadway, Edgware, Middlesex, HA8 0AX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. The financial statements have been prepared on a going concern basis on the grounds that:
  • the company's shareholders will continue to support the company over the following twelve months at least; and
  • the director and Other creditor have assured the company that they will not request repayment of the amount owed until the company is able to meet its dues without negatively impacting its working capital requirements.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer; 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. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% reducing balance
Motor Vehicles 20% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
There is no corporation tax liability as the company generated losses during the year.
Tax payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.7. Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and where material are subsequently measured at amortised cost using the effective interest method, less any impairment.
2.8. Basic financial liabilities
Basic financial liabilities, including trade and other payables and loans from company undertakings that are classified as debt are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at the market rate of interest.
2.9. Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investmens with original maturities of three months or less.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 July 2023 56,317 15,700 72,017
As at 30 June 2024 56,317 15,700 72,017
Depreciation
As at 1 July 2023 52,777 12,080 64,857
Provided during the period 708 724 1,432
As at 30 June 2024 53,485 12,804 66,289
Net Book Value
As at 30 June 2024 2,832 2,896 5,728
As at 1 July 2023 3,540 3,620 7,160
5. Stocks
2024 2023
£ £
Stock 25,650 18,450
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 4,121 3,135
CIS Tax 2,992 2,992
Other debtor - 950
Director's loan account - 823
7,113 7,900
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 5,011 3,925
Other taxes and social security 710 888
VAT 745 1,948
Other creditors 49,692 69,692
Director's loan account 19,682 18,015
75,840 94,468
An amount of £49,692 (2023: £69,692) previously shown in Director's loan account has been reclassified to Other creditors in both the current and previous financial years, as it relates to an amount owed to an ex-director of the company.
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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