Company registration number 03483586 (England and Wales)
SHERLOCK HOMES (BG) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SHERLOCK HOMES (BG) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SHERLOCK HOMES (BG) LIMITED
BALANCE SHEET
AS AT
30 MARCH 2024
30 March 2024
- 1 -
30 March 2024
31 March 2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,076,295
1,281,404
Investments
4
3,497
1,076,295
1,284,901
Current assets
Debtors
5
101,380
24,999
Cash at bank and in hand
1,393
60,059
102,773
85,058
Creditors: amounts falling due within one year
6
(676,902)
(814,097)
Net current liabilities
(574,129)
(729,039)
Total assets less current liabilities
502,166
555,862
Creditors: amounts falling due after more than one year
7
(191,248)
(236,362)
Net assets
310,918
319,500
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
310,916
319,498
Total equity
310,918
319,500
SHERLOCK HOMES (BG) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 MARCH 2024
30 March 2024
- 2 -
For the financial year ended 30 March 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 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 13 March 2025 and are signed on its behalf by:
Mr R A Boucher-Giles
Director
Company registration number 03483586 (England and Wales)
SHERLOCK HOMES (BG) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
- 3 -
1
Accounting policies
Company information
Sherlock Homes (BG) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Green, 2 Post Office Road, Alrewas, Burton-on-Trent, Staffordshire, United Kingdom, DE13 7BS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” “FRS 102” and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
10% straight line and nil
Plant and equipment
10% straight line
Fixtures and fittings
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
SHERLOCK HOMES (BG) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
SHERLOCK HOMES (BG) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
1,258,403
233,984
1,492,387
Disposals
(182,108)
(3,984)
(186,092)
At 30 March 2024
1,076,295
230,000
1,306,295
Depreciation and impairment
At 1 April 2023
210,983
210,983
Depreciation charged in the year
23,001
23,001
Eliminated in respect of disposals
(3,984)
(3,984)
At 30 March 2024
230,000
230,000
Carrying amount
At 30 March 2024
1,076,295
1,076,295
At 31 March 2023
1,258,403
23,001
1,281,404
SHERLOCK HOMES (BG) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 6 -
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
3,497
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
3,497
Disposals
(3,497)
At 30 March 2024
-
Carrying amount
At 30 March 2024
-
At 31 March 2023
3,497
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,016
Corporation tax recoverable
20,918
Other debtors
74,446
24,999
101,380
24,999
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
15,482
Trade creditors
(2)
Corporation tax
20,918
Other taxation and social security
1,595
Other creditors
661,420
791,586
676,902
814,097
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
191,248
236,362
SHERLOCK HOMES (BG) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 7 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
9
Related party transactions
Transactions with related parties
At the Balance Sheet date the following amounts were owed to companies in which Mr R Boucher-Giles had a material interest:
Dirkhurst Limited £657,326 (2023: £667,326)
At the Balance Sheet date the company was owed from Mr R Boucher-Giles £49,323 (2023: £123,217 owed to Mr R Boucher-Giles).
10
Prior period adjustment
The identified errors have been corrected by retrospective restatement. In this case it is impracticable to distinguish the period-specific effect of the error, due to changes in management and the lack of availability of information, in which case the error was corrected by restatement of the comparative period.
The nature of the error relates to an other debtor of £148,086 that is not recoverable and an other creditor of £31,118 that was not due. The values related to the development of a site that has subsequently been sold with all income and expenses having been reported within the Profit and Loss account in prior periods.
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Mar 2023
£
£
£
Current assets
Debtors due within one year
173,085
(148,086)
24,999
Creditors due after one year
Other creditors
(31,118)
31,118
Net assets
436,468
(116,968)
319,500
Capital and reserves
Profit and loss reserves
436,466
(116,968)
319,498
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 March 2023
£
£
£
Turnover
1,470,711
(116,968)
1,353,743
Profit/(loss) for the financial period
104,799
(116,968)
(12,169)