IRIS Accounts Production v24.1.0.578 01166172 Board of Directors 1.6.23 31.5.24 31.5.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh011661722023-05-31011661722024-05-31011661722023-06-012024-05-31011661722022-05-31011661722022-06-012023-05-31011661722023-05-3101166172ns15:EnglandWales2023-06-012024-05-3101166172ns14:PoundSterling2023-06-012024-05-3101166172ns10:Director12023-06-012024-05-3101166172ns10:PrivateLimitedCompanyLtd2023-06-012024-05-3101166172ns10:SmallEntities2023-06-012024-05-3101166172ns10:AuditExemptWithAccountantsReport2023-06-012024-05-3101166172ns10:SmallCompaniesRegimeForDirectorsReport2023-06-012024-05-3101166172ns10:SmallCompaniesRegimeForAccounts2023-06-012024-05-3101166172ns10:FullAccounts2023-06-012024-05-3101166172ns10:Director22023-06-012024-05-3101166172ns10:Director32023-06-012024-05-3101166172ns10:CompanySecretary12023-06-012024-05-3101166172ns10:RegisteredOffice2023-06-012024-05-3101166172ns5:CurrentFinancialInstruments2024-05-3101166172ns5:CurrentFinancialInstruments2023-05-3101166172ns5:ShareCapital2024-05-3101166172ns5:ShareCapital2023-05-3101166172ns5:SharePremium2024-05-3101166172ns5:SharePremium2023-05-3101166172ns5:FurtherSpecificReserve1ComponentTotalEquity2024-05-3101166172ns5:FurtherSpecificReserve1ComponentTotalEquity2023-05-3101166172ns5:RetainedEarningsAccumulatedLosses2024-05-3101166172ns5:RetainedEarningsAccumulatedLosses2023-05-3101166172ns5:PlantMachinery2023-06-012024-05-3101166172ns5:FurnitureFittings2023-06-012024-05-3101166172ns5:MotorVehicles2023-06-012024-05-3101166172ns5:ComputerEquipment2023-06-012024-05-3101166172ns5:ShortLeaseholdAssetsns5:LandBuildings2023-05-3101166172ns5:PlantMachinery2023-05-3101166172ns5:FurnitureFittings2023-05-3101166172ns5:ShortLeaseholdAssetsns5:LandBuildings2023-06-012024-05-3101166172ns5:ShortLeaseholdAssetsns5:LandBuildings2024-05-3101166172ns5:PlantMachinery2024-05-3101166172ns5:FurnitureFittings2024-05-3101166172ns5:ShortLeaseholdAssetsns5:LandBuildings2023-05-3101166172ns5:PlantMachinery2023-05-3101166172ns5:FurnitureFittings2023-05-3101166172ns5:MotorVehicles2023-05-3101166172ns5:ComputerEquipment2023-05-3101166172ns5:MotorVehicles2024-05-3101166172ns5:ComputerEquipment2024-05-3101166172ns5:MotorVehicles2023-05-3101166172ns5:ComputerEquipment2023-05-3101166172ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-05-3101166172ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-05-3101166172ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-05-3101166172ns5:CostValuation2023-05-3101166172ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-05-3101166172ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3101166172ns5:DeferredTaxation2023-05-3101166172ns5:DeferredTaxation2024-05-31
REGISTERED NUMBER: 01166172 (England and Wales)















Financial Statements for the Year Ended 31 May 2024

for

Seventy-One Group Limited

Seventy-One Group Limited (Registered number: 01166172)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Seventy-One Group Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: Mrs M Hurkett
A Hurkett
B Radcliffe





SECRETARY: B Radcliffe





REGISTERED OFFICE: Unit H3
Burrell Road
Hayward Heath
West Sussex
RH16 1TW





REGISTERED NUMBER: 01166172 (England and Wales)





ACCOUNTANTS: Lawrence Johns
164 Field End Road
Eastcote
Middlesex
HA5 1RH

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Seventy-One Group Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

We have performed certain procedures in respect of the company's unaudited financial statements for the year ended 31 May 2024 on pages four to ten, made enquiries of the company's directors and assessed accounting policies adopted by the directors, in order to gather sufficient evidence for our conclusion in this report.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose.

You have acknowledged on the Balance Sheet as at 31 May 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.






Lawrence Johns
164 Field End Road
Eastcote
Middlesex
HA5 1RH


24 February 2025

Seventy-One Group Limited (Registered number: 01166172)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 27,847 33,189
Investments 5 3,497 3,497
31,344 36,686

CURRENT ASSETS
Stocks 195,685 216,582
Debtors 6 60,428 69,808
Cash at bank and in hand 131,094 87,032
387,207 373,422
CREDITORS
Amounts falling due within one year 7 238,274 205,053
NET CURRENT ASSETS 148,933 168,369
TOTAL ASSETS LESS CURRENT
LIABILITIES

180,277

205,055

PROVISIONS FOR LIABILITIES 8 6,319 6,547
NET ASSETS 173,958 198,508

CAPITAL AND RESERVES
Called up share capital 300 300
Share premium 6,317 6,317
Other reserves 3,649 3,649
Retained earnings 163,692 188,242
SHAREHOLDERS' FUNDS 173,958 198,508

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Seventy-One Group Limited (Registered number: 01166172)

Balance Sheet - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 February 2025 and were signed on its behalf by:





B Radcliffe - Director


Seventy-One Group Limited (Registered number: 01166172)

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

1. STATUTORY INFORMATION

Seventy-One Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Seventy-One Group Limited (Registered number: 01166172)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 21 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 June 2023
and 31 May 2024 28,948 112,909 99,572
DEPRECIATION
At 1 June 2023 28,948 86,680 96,438
Charge for year - 3,934 627
At 31 May 2024 28,948 90,614 97,065
NET BOOK VALUE
At 31 May 2024 - 22,295 2,507
At 31 May 2023 - 26,229 3,134

Seventy-One Group Limited (Registered number: 01166172)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2023
and 31 May 2024 56,489 104,749 402,667
DEPRECIATION
At 1 June 2023 56,170 101,242 369,478
Charge for year 80 701 5,342
At 31 May 2024 56,250 101,943 374,820
NET BOOK VALUE
At 31 May 2024 239 2,806 27,847
At 31 May 2023 319 3,507 33,189

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 June 2023 19,995
Transfer to ownership (19,995 )
At 31 May 2024 -
DEPRECIATION
At 1 June 2023 6,452
Transfer to ownership (6,452 )
At 31 May 2024 -
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 13,543

Seventy-One Group Limited (Registered number: 01166172)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 June 2023
and 31 May 2024 3,497
NET BOOK VALUE
At 31 May 2024 3,497
At 31 May 2023 3,497

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 24,525 24,748
Other debtors 1,110 -
Prepayments and accrued income 34,793 45,060
60,428 69,808

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts - 1,944
Trade creditors 115,675 106,779
Tax 19,338 8,661
Social security and other taxes 51,127 45,982
Other creditors 9,497 11,936
Directors' current accounts 27,203 12,448
Accruals and deferred income 15,434 17,303
238,274 205,053

8. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred taxation 6,319 6,547

Deferred
tax
£   
Balance at 1 June 2023 6,547
Accelerated capital allowances (228 )
Balance at 31 May 2024 6,319

Seventy-One Group Limited (Registered number: 01166172)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within creditors: Amounts falling due within one year are amounts owed to the directors of £27,203 (2023: £12,448).

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are the directors. There is no party who has overall control as at 31 May 2024.