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COMPANY REGISTRATION NUMBER: 01542669
Samkin of Saxmundham Limited
Unaudited financial statements
31 December 2024
Samkin of Saxmundham Limited
Statement of financial position
31 December 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
52,147
58,637
Current assets
Stock
9,532
9,541
Debtors
6
21,636
38,602
Cash at bank and in hand
5,129
16,845
-------
-------
36,297
64,988
Creditors: Amounts falling due within one year
7
( 44,140)
( 57,931)
-------
-------
Net current (liabilities)/assets
( 7,843)
7,057
-------
-------
Total assets less current liabilities
44,304
65,694
Creditors: Amounts falling due after more than one year
8
( 7,034)
( 17,366)
Provisions
Taxation including deferred tax
( 11,478)
( 13,071)
-------
-------
Net assets
25,792
35,257
-------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
25,692
35,157
-------
-------
Shareholders funds
25,792
35,257
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Samkin of Saxmundham Limited
Statement of financial position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 27 February 2025 , and are signed on behalf of the board by:
N A Grout
Director
Company registration number: 01542669
Samkin of Saxmundham Limited
Notes to the financial statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Park View The Limes, Brook Farm Road, Saxmundham, Suffolk, IP17 1TD. The trading address during the year was 28 Chantry Road, Saxmundham, Suffolk, IP17 1DJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
5% straight line
Plant & machinery
-
15% reducing balance & 33% straight line
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of employees during the year was 3 (2023: 4 ).
5. Tangible assets
Leasehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
49,870
128,729
76,521
255,120
Additions
1,124
1,000
2,124
Disposals
( 1,957)
( 1,957)
-------
---------
-------
---------
At 31 December 2024
49,870
127,896
77,521
255,287
-------
---------
-------
---------
Depreciation
At 1 January 2024
25,989
100,180
70,314
196,483
Charge for the year
2,493
4,443
1,676
8,612
Disposals
( 1,955)
( 1,955)
-------
---------
-------
---------
At 31 December 2024
28,482
102,668
71,990
203,140
-------
---------
-------
---------
Carrying amount
At 31 December 2024
21,388
25,228
5,531
52,147
-------
---------
-------
---------
At 31 December 2023
23,881
28,549
6,207
58,637
-------
---------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
6,304
6,534
Amounts owed by group undertakings and undertakings in which the company has a participating interest
10,127
26,792
Other debtors
5,205
5,276
-------
-------
21,636
38,602
-------
-------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,333
10,078
Trade creditors
9,878
19,470
Social security and other taxes
15,817
18,690
Other creditors
8,112
9,693
-------
-------
44,140
57,931
-------
-------
8. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,034
17,366
------
-------