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Registration number: 00253759

Slater Brothers (Sheffield) Limited

Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Slater Brothers (Sheffield) Limited

(Registration number: 00253759)

Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

1,215,550

1,215,647

Investments

4

14,240

14,240

 

1,229,790

1,229,887

Current assets

 

Debtors

5

45,524

42,010

Cash at bank and in hand

 

1,760

6,797

 

47,284

48,807

Creditors: Amounts falling due within one year

6

(22,694)

(23,257)

Net current assets

 

24,590

25,550

Total assets less current liabilities

 

1,254,380

1,255,437

Provisions for liabilities

(88,149)

(88,149)

Net assets

 

1,166,231

1,167,288

Capital and reserves

 

Called up share capital

4,000

4,000

Revaluation reserve

728,732

728,732

Retained earnings

433,499

434,556

Shareholders' funds

 

1,166,231

1,167,288

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

 

Slater Brothers (Sheffield) Limited

(Registration number: 00253759)

Balance Sheet as at 31 December 2024 (continued)

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 28 February 2025 and signed on its behalf by:
 

.........................................

J A Kitson

Director

 

Slater Brothers (Sheffield) Limited

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

1

Accounting policies

Statutory information

Slater Brothers (Sheffield) Limited is a private company, limited by shares, domiciled in England and Wales, company number 00253759. The registered office is at 103 Arundel Street, Sheffield, S1 2NT.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Revenue recognition

Turnover represents the income arising from property lettings. Revenue is recognised on a straight line basis over the lease term.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax shall be recognised in respect of all timing differences at the reporting date, except as otherwise required by FRS102. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that 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 income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

 

Slater Brothers (Sheffield) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

1

Accounting policies (continued)

Asset class

Depreciation method and rate

Plant and machinery

15% on reducing balance

Office equipment

15% on reducing balance

Investment properties

Investment properties are initially recognised at purchase price plus any directly attributable costs. Measurement after initial recognition should be at fair value if that value can be measured reliably without undue cost or effort. Changes in fair value are recognised in the accumulated profit and loss reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Slater Brothers (Sheffield) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

3

Tangible assets

Investment properties
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2024

1,215,000

23,840

3,920

1,242,760

At 31 December 2024

1,215,000

23,840

3,920

1,242,760

Depreciation

At 1 January 2024

-

23,689

3,424

27,113

Charge for the year

-

23

74

97

At 31 December 2024

-

23,712

3,498

27,210

Carrying amount

At 31 December 2024

1,215,000

128

422

1,215,550

At 31 December 2023

1,215,000

151

496

1,215,647

Revaluations

The class of fixed assets investment properties was revalued on 31 December 2024 by the directors who are internal to the company. The basis of this valuation was existing use basis. This class of assets has a current value of £1,215,000 (2023 - £1,215,000) and a carrying amount at historical cost of £398,118 (2023 - £398,118). The depreciation on this historical cost is £Nil (2023 - £Nil).

 

Slater Brothers (Sheffield) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4

Investments

2024
£

2023
£

Investments in subsidiaries

14,240

14,240

Subsidiaries

£

Cost or valuation

At 1 January 2024

14,240

At 31 December 2024

14,240

Carrying amount

At 31 December 2024

14,240

At 31 December 2023

14,240

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

W. & J.A. Baxter Limited

Ordinary

100%

100%

         

W. & J.A. Baxter Limited

The principal activity of W. & J.A. Baxter Limited is the supply of decorative silverware.

5

Debtors

2024
£

2023
£

Trade debtors

15,466

10,810

Amounts owed by group undertakings

28,000

29,000

Prepayments

2,058

2,200

 

45,524

42,010

 

Slater Brothers (Sheffield) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6

Creditors

2024
£

2023
£

Due within one year

Trade creditors

182

476

Taxation and social security

2,625

2,432

Other creditors

11,181

11,181

Accruals and deferred income

8,706

9,168

22,694

23,257

7

Related party transactions

The company has taken advantage of the exemptions available under FRS 102 (1A) from disclosing transactions with other members of the group.