Company registration number 11604535 (England and Wales)
S H C COMMERCIALS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
S H C COMMERCIALS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
S H C COMMERCIALS LTD
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF S H C COMMERCIALS LTD FOR THE YEAR ENDED 31 MARCH 2024
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of S H C Commercials Ltd for the period ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation
This report is made solely to the board of directors of S H C Commercials Ltd, as a body, in accordance with the terms of our engagement letter dated 5 December 2024. Our work has been undertaken solely to prepare for your approval the financial statements of S H C Commercials Ltd and state those matters that we have agreed to state to the board of directors of S H C Commercials Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S H C Commercials Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that S H C Commercials Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of S H C Commercials Ltd. You consider that S H C Commercials Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of S H C Commercials Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Waters & Atkinson
14 February 2025
Chartered Accountants
The Old Court House
Clark Street
Morecambe
Lancashire
LA4 5HR
S H C COMMERCIALS LTD
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
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2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,268
1,728
Current assets
Stocks
75,525
72,400
Debtors
31,400
29,565
Cash at bank and in hand
7,374
2,017
114,299
103,982
Creditors: amounts falling due within one year
(141,047)
(98,694)
Net current (liabilities)/assets
(26,748)
5,288
Total assets less current liabilities
(25,480)
7,016
Creditors: amounts falling due after more than one year
(28,509)
(34,117)
Net liabilities
(53,989)
(27,101)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(54,089)
(27,201)
Total equity
(53,989)
(27,101)
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
S H C COMMERCIALS LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
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The financial statements were approved and signed by the director and authorised for issue on 14 February 2025
Mrs SH Forsyth
Director
Company registration number 11604535 (England and Wales)
S H C COMMERCIALS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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1
Accounting policies
Company information
S H C Commercials Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Sefton House, Whitegate, White Lund Industrial Estate, Morecambe, Lancashire, LA3 3BS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Despite the company having net liabilities of £53,989 the directors have formed a reasonable expectation that the company will remain within agreed facilities and continue in operational existence for the foreseeable future. Therefore, they continue to adopt the going concern basis of accounting in preparation of the annual financial statements.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance
Computers
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
S H C COMMERCIALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
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1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised 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 a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
3,000
747
3,747
Depreciation and impairment
At 1 April 2023
1,312
707
2,019
Depreciation charged in the year
422
38
460
At 31 March 2024
1,734
745
2,479
Carrying amount
At 31 March 2024
1,266
2
1,268
At 31 March 2023
1,688
40
1,728
S H C COMMERCIALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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4
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
2.25
20,551
1,342
492
22,385
20,551
1,342
492
22,385