Registered number
08486818
SB Ironmongery Solutions Limited
Filleted Accounts
31 May 2024
SB Ironmongery Solutions Limited
Registered number: 08486818
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 6,445 4,435
Current assets
Stocks 14,699 166,383
Debtors 5 11,159 26,580
Cash at bank and in hand 32,356 113,894
58,214 306,857
Creditors: amounts falling due within one year 6 (41,236) (242,664)
Net current assets 16,978 64,193
Total assets less current liabilities 23,423 68,628
Creditors: amounts falling due after more than one year 7 (17,343) (31,809)
Net assets 6,080 36,819
Capital and reserves
Called up share capital 4 4
Profit and loss account 6,076 36,815
Shareholders' funds 6,080 36,819
The directors are 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 directors acknowledge their 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.
S Waistell
Director
Approved by the board on 26 November 2024
SB Ironmongery Solutions 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).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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, other than freehold land, 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 machinery 25% Straight Line
Motor Vehicles 25% Straight Line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2023 4,435
Additions 2,010
At 31 May 2024 6,445
Amortisation
At 31 May 2024 -
Net book value
At 31 May 2024 6,445
At 31 May 2023 4,435
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2023 2,000 5,474 7,474
At 31 May 2024 2,000 5,474 7,474
Depreciation
At 1 June 2023 2,000 5,474 7,474
At 31 May 2024 2,000 5,474 7,474
Net book value
At 31 May 2024 - - -
5 Debtors 2024 2023
£ £
Other debtors 11,159 26,580
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,684 -
Trade creditors 2,235 216,971
Corporation tax 23,532 24,965
Other taxes and social security costs (2,716) (91)
Other creditors 11,501 819
41,236 242,664
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 17,343 31,809
8 Other information
SB Ironmongery Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is:
9s Riverside Road
Sunderland
SR5 3JG
SB Ironmongery Solutions Limited 08486818 false 2023-06-01 2024-05-31 2024-05-31 VT Final Accounts July 2024 S Waistell No description of principal activity 08486818 2022-06-01 2023-05-31 08486818 core:WithinOneYear 2023-05-31 08486818 core:AfterOneYear 2023-05-31 08486818 core:ShareCapital 2023-05-31 08486818 core:RetainedEarningsAccumulatedLosses 2023-05-31 08486818 2023-06-01 2024-05-31 08486818 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 08486818 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 08486818 bus:Director40 2023-06-01 2024-05-31 08486818 1 2023-06-01 2024-05-31 08486818 2 2023-06-01 2024-05-31 08486818 core:Goodwill 2023-06-01 2024-05-31 08486818 countries:England 2023-06-01 2024-05-31 08486818 bus:FRS102 2023-06-01 2024-05-31 08486818 bus:FilletedAccounts 2023-06-01 2024-05-31 08486818 2024-05-31 08486818 core:WithinOneYear 2024-05-31 08486818 core:AfterOneYear 2024-05-31 08486818 core:ShareCapital 2024-05-31 08486818 core:RetainedEarningsAccumulatedLosses 2024-05-31 08486818 core:Goodwill 2024-05-31 08486818 core:LandBuildings 2024-05-31 08486818 core:PlantMachinery 2024-05-31 08486818 2023-05-31 08486818 core:Goodwill 2023-05-31 08486818 core:LandBuildings 2023-05-31 08486818 core:PlantMachinery 2023-05-31 iso4217:GBP xbrli:pure