Company Registration No. 00989539 (England and Wales)
S. Sexton Limited
Unaudited accounts
for the year ended 31 May 2024
S. Sexton Limited
Unaudited accounts
Contents
S. Sexton Limited
Company Information
for the year ended 31 May 2024
Directors
Philip Sexton
Sara Louise Sexton
Company Number
00989539 (England and Wales)
Registered Office
2 EAGLE BROW
LYMM
CHESHIRE
WA13 0AD
Accountants
Jeffrey Alan Huddart
15 Randsclough Drive
Boothstown
Worsley
Manchester
M28 1HJ
S. Sexton Limited
Statement of financial position
as at 31 May 2024
Tangible assets
767,056
790,607
Cash at bank and in hand
343,360
402,192
Creditors: amounts falling due within one year
(157,406)
(149,692)
Net current assets
230,939
285,866
Total assets less current liabilities
997,995
1,076,473
Provisions for liabilities
Deferred tax
(18,383)
(19,695)
Net assets
979,612
1,056,778
Called up share capital
100
100
Revaluation reserve
289,727
289,727
Profit and loss account
689,785
766,951
Shareholders' funds
979,612
1,056,778
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2025 and were signed on its behalf by
Philip Sexton
Director
Company Registration No. 00989539
S. Sexton Limited
Notes to the Accounts
for the year ended 31 May 2024
S. Sexton Limited is a private company, limited by shares, registered in England and Wales, registration number 00989539. The registered office is 2 EAGLE BROW, LYMM , CHESHIRE, WA13 0AD.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives: Land and Buildings included at their market value are not depreciated
Plant & machinery
10% straight line
Motor vehicles
30% reducing balance
Fixtures & fittings
10% straight line
Computer equipment
33% straight line
Stocks are valued at the lower of purchase cost and net realisable value, after making due allowance for obsolete and slow moving items.
Turnover represents the amount received during the year from the sale of confectionery and delicatessen products at the company's shops. Turnover is exclusive of value added tax
Goodwill being the amount paid in connection with the purchase of the business has been written off
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full, based on current tax rates and laws on timing differences which result in an obligation to pay more (or less) tax at a future date, and are expected to apply when the timing differences reverse. Timing differences arising from the revaluation of land and buildings has not been provided
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme. Contributions payable are recognised in the profit and loss account when due. The assets of the scheme are held separately from those of the company in an independently administered fund
S. Sexton Limited
Notes to the Accounts
for the year ended 31 May 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 June 2023
680,000
267,474
17,572
26,703
20,331
1,012,080
Additions
-
13,131
-
-
3,978
17,109
Disposals
-
(92,902)
-
-
(2,219)
(95,121)
At 31 May 2024
680,000
187,703
17,572
26,703
22,090
934,068
At 1 June 2023
-
174,559
15,252
14,677
16,985
221,473
Charge for the year
-
17,075
696
2,214
2,500
22,485
On disposals
-
(74,727)
-
-
(2,219)
(76,946)
At 31 May 2024
-
116,907
15,948
16,891
17,266
167,012
At 31 May 2024
680,000
70,796
1,624
9,812
4,824
767,056
At 31 May 2023
680,000
92,915
2,320
12,026
3,346
790,607
Land and Buildings were valued on an open market basis of £680000 on 1st December 2017 by Eckersley Property Ltd, Chartered Surveyors and Valuers Had they not been so valued they would have been included at a cost of £390273
Amounts falling due within one year
Accrued income and prepayments
3,791
3,666
S. Sexton Limited
Notes to the Accounts
for the year ended 31 May 2024
7
Creditors: amounts falling due within one year
2024
2023
Trade creditors
47,452
38,607
Taxes and social security
38,154
38,587
Loans from directors
31
9,919
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
9
Operating lease commitments
2024
2023
At 31 May 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
17,264
11,555
Later than one year and not later than five years
63,855
46,000
During the year advances totalling £52888 were made to the Directors. These advances were fully repaid during the year. No interest was charged
11
Transactions with related parties
Throughout the year Mr P and Mrs S Sexton controlled the company by virtue of their holding of the whole of the issued share capital of the company. Dividends totalling £140000 were paid to them
12
Average number of employees
During the year the average number of employees was 30 (2023: 28).