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Registration number: 00831426

S Clements (Shop Fitters) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

S Clements (Shop Fitters) Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

S Clements (Shop Fitters) Limited

(Registration number: 00831426)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

206,810

608,101

Cash at bank and in hand

 

813,978

1,013

 

1,020,788

609,114

Creditors: Amounts falling due within one year

5

(267,296)

(38,005)

Net assets

 

753,492

571,109

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

753,392

571,009

Shareholders' funds

 

753,492

571,109

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 February 2025 and signed on its behalf by:
 

.........................................
Mr Ian Clements
Director

 

S Clements (Shop Fitters) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
19 Queensway
Enfield
Middlesex
EN3 4SA
United Kingdom

These financial statements were authorised for issue by the Board on 14 February 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.

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.

 

S Clements (Shop Fitters) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

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.

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.

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 directors) during the year, was 2 (2023 - 0).

 

S Clements (Shop Fitters) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Debtors

Current

2024
£

2023
£

Trade debtors

120,000

-

Prepayments

690

380

Other debtors

86,120

607,721

 

206,810

608,101

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

146,290

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

7

8,500

37,000

Taxation and social security

 

102,009

-

Accruals and deferred income

 

-

1,005

Other creditors

 

10,497

-

 

267,296

38,005

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       
 

S Clements (Shop Fitters) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Related party transactions

Summary of transactions with all entities with joint control or significant interest

2024
£

2023
£

Clements Construction Limited

I Clements is a director and 51% shareholder of Clements Construction Limited which provided construction services and materials to S Clements (Shop Fitters) Limited during the year. All services were provided at a commercial rate.

8,500

37,000

Roundbridge Farm Developments Ltd

I Clements is a director of Roundbridge Farm Developments Ltd. S. Clements (Shop Fitters) Limited lent funds to Roundbridge Farm Developments Ltd. There is no set repayment date and funds are repayable on demand.

70,000

602,370