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REGISTERED NUMBER: 05324081 (England and Wales)















Mastercuts (Sheppey) Limited

Unaudited Financial Statements for the Year Ended 31 December 2024






Mastercuts (Sheppey) Limited (Registered number: 05324081)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Mastercuts (Sheppey) Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: M Tovey
Mrs K D Tovey





SECRETARY: Mrs K D Tovey





REGISTERED OFFICE: 1 High Street
Sheerness
Kent
ME12 1NY





BUSINESS ADDRESS: 101 High Street
Sheerness
Kent
ME12 1UD





REGISTERED NUMBER: 05324081 (England and Wales)





ACCOUNTANTS: Foreman Waller
Chartered Accountants
1 High Street
Sheerness
Kent
ME12 1NY

Mastercuts (Sheppey) Limited (Registered number: 05324081)

Statement of Financial Position
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 219 257

CURRENT ASSETS
Inventories 350 350
Debtors 5 424 412
Cash at bank and in hand 14,931 37,841
15,705 38,603
CREDITORS
Amounts falling due within one year 6 15,504 28,542
NET CURRENT ASSETS 201 10,061
TOTAL ASSETS LESS CURRENT LIABILITIES 420 10,318

PROVISIONS FOR LIABILITIES 42 49
NET ASSETS 378 10,269

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 278 10,169
SHAREHOLDERS' FUNDS 378 10,269

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

Mastercuts (Sheppey) Limited (Registered number: 05324081)

Statement of Financial Position - continued
31 December 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 February 2025 and were signed on its behalf by:





Mrs K D Tovey - Director


Mastercuts (Sheppey) Limited (Registered number: 05324081)

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

1. STATUTORY INFORMATION

Mastercuts (Sheppey) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Income recognition
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 the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 20% on reducing balance

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

Financial instruments
The Company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans to and from banks, other third parties and related parties.

Basic financial instruments are recognised at amortised cost, with changes recognised in profit or loss.

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

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted by the statement of financial position date.

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

3. EMPLOYEES AND DIRECTORS

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

Mastercuts (Sheppey) Limited (Registered number: 05324081)

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024 4,830
Disposals (1,310 )
At 31 December 2024 3,520
DEPRECIATION
At 1 January 2024 4,573
Charge for year 38
Eliminated on disposal (1,310 )
At 31 December 2024 3,301
NET BOOK VALUE
At 31 December 2024 219
At 31 December 2023 257

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 424 412

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 4,529 3,194
Other creditors 10,975 25,348
15,504 28,542

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024 2023
£    £   
M Tovey
Balance outstanding at start of year - -
Amounts advanced - 2,840
Amounts repaid - (2,840 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -