Registered number
10063859
Sharman Accountancy Limited
Unaudited Filleted Financial Statements
For the Year Ended
31 May 2024
Sharman Accountancy Limited
Registered number: 10063859
Balance Sheet as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 18,510 21,146
Tangible assets 4 309 1
18,819 21,147
Current assets
Debtors 5 10,723 16,538
Cash at bank and in hand 21,886 20,869
32,609 37,407
Creditors: amounts falling due within one year 6 (19,571) (10,440)
Net current assets 13,038 26,967
Total assets less current liabilities 31,857 48,114
Creditors: amounts falling due after one year 7 (2,200) (4,400)
Net assets 29,657 43,714
Capital and reserves
Called up share capital 100 100
Profit and loss account 29,557 43,614
Shareholders' funds 29,657 43,714
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr N.W. Sharman
Director
Approved by the board on 13 February 2025
Sharman Accountancy Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the Standard).
Going concern
The director believes the company is experiencing healthy levels of sales and profitability and that it is well placed to manage its business risks successfully. Accordingly he has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. Goodwill is being written off in equal annual instalments over its estimated economic life of 15 years.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and Equipment 3 years straight line basis
Work in progress
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.
Taxation (continued)
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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the
company (including director) during the year 2 2
3 Intangible fixed assets £
Goodwill
Cost
At 1 June 2023 39,550
At 31 May 2024 39,550
Amortisation
At 1 June 2023 18,404
Provided during the year 2,636
At 31 May 2024 21,040
Net book value
At 31 May 2024 18,510
At 31 May 2023 21,146
4 Tangible fixed assets
Plant & Equipment
£
Cost
At 1 June 2023 1,413
Additions 465
Disposals (251)
At 31 May 2024 1,627
Depreciation
At 1 June 2023 1,412
Charge for the year 157
On disposals (251)
At 31 May 2024 1,318
Net book value
At 31 May 2024 309
At 31 May 2023 1
5 Debtors 2024 2023
£ £
Trade debtors 2,320 7,280
Amounts recoverable on contracts 6,812 7,928
Prepayments 1,591 1,330
10,723 16,538
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loan 2,200 2,200
Trade creditors 2,862 2,974
Taxes and social security costs 3,207 3,559
Other creditors 10,004 487
Accruals 1,298 1,220
19,571 10,440
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loan 2,200 4,400
The bank loan carries a commercial rate of interest and therefore has a carrying amount equivalent to its fair value.
8 Other information
Sharman Accountancy Limited is a private company limited by shares and incorporated in England. Its registered office is : 48 Western Road, Cowlersley, Huddersfield, West Yorkshire, HD4 5TH.
The financial statements are presented in Sterling, which is the functional currency of the company.
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