8 01/07/2023 30/06/2024 2024-06-30 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-07-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 10770595 2023-07-01 2024-06-30 10770595 2024-06-30 10770595 2023-06-30 10770595 2022-07-01 2023-06-30 10770595 2023-06-30 10770595 2022-06-30 10770595 core:PlantMachinery 2023-07-01 2024-06-30 10770595 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 10770595 core:MotorVehicles 2023-07-01 2024-06-30 10770595 core:OnerousContractsExcludingVacantProperties 2023-07-01 2024-06-30 10770595 bus:RegisteredOffice 2023-07-01 2024-06-30 10770595 bus:Director1 2023-07-01 2024-06-30 10770595 core:PlantMachinery 2023-06-30 10770595 core:FurnitureFittingsToolsEquipment 2023-06-30 10770595 core:MotorVehicles 2023-06-30 10770595 core:PlantMachinery 2024-06-30 10770595 core:FurnitureFittingsToolsEquipment 2024-06-30 10770595 core:MotorVehicles 2024-06-30 10770595 core:WithinOneYear 2024-06-30 10770595 core:WithinOneYear 2023-06-30 10770595 core:AfterOneYear 2024-06-30 10770595 core:AfterOneYear 2023-06-30 10770595 core:ShareCapital 2024-06-30 10770595 core:ShareCapital 2023-06-30 10770595 core:RetainedEarningsAccumulatedLosses 2024-06-30 10770595 core:RetainedEarningsAccumulatedLosses 2023-06-30 10770595 core:PlantMachinery 2023-06-30 10770595 core:FurnitureFittingsToolsEquipment 2023-06-30 10770595 core:MotorVehicles 2023-06-30 10770595 bus:SmallEntities 2023-07-01 2024-06-30 10770595 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 10770595 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 10770595 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10770595 bus:FullAccounts 2023-07-01 2024-06-30 10770595 core:ComputerEquipment 2023-07-01 2024-06-30 10770595 core:ComputerEquipment 2023-06-30 10770595 core:ComputerEquipment 2024-06-30
Company registration number: 10770595
SOVEREIGN DAMP AND TIMBER LIMITED
Unaudited filleted financial statements
30 June 2024
SOVEREIGN DAMP AND TIMBER LIMITED
Directors and other information
Director Mr Ross Tunbridge
Company number 10770595
Registered office Unit 1 Ingoldmells Court
Edinburgh Way
Corsham
Wiltshire
SN13 9XN
Business address Unit 1 Ingoldmells Court
Edinburgh Way
Corsham
Wiltshire
SN13 9XN
SOVEREIGN DAMP AND TIMBER LIMITED
Statement of financial position
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 125,980 130,846
_______ _______
125,980 130,846
Current assets
Stocks 18,447 15,188
Debtors 6 164,560 76,130
Cash at bank and in hand 87,967 83,194
_______ _______
270,974 174,512
Creditors: amounts falling due
within one year 7 ( 177,878) ( 84,794)
_______ _______
Net current assets 93,096 89,718
_______ _______
Total assets less current liabilities 219,076 220,564
Creditors: amounts falling due
after more than one year 8 ( 30,976) ( 45,781)
Provisions for liabilities ( 25,785) ( 24,861)
_______ _______
Net assets 162,315 149,922
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 162,215 149,822
_______ _______
Shareholders funds 162,315 149,922
_______ _______
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act 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 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.
These financial statements were approved by the board of directors and authorised for issue on 13 December 2024 , and are signed on behalf of the board by:
Mr Ross Tunbridge
Director
Company registration number: 10770595
SOVEREIGN DAMP AND TIMBER LIMITED
Notes to the financial statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in ENGLAND. The address of the registered office is Unit 1 Ingoldmells Court, Edinburgh Way, Corsham, Wiltshire, SN13 9XN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in statement of comprehensive income.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
ICT equipment - 33.33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of the financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 6 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles IT equipment Total
£ £ £ £ £
Cost
At 1 July 2023 55,677 4,978 145,706 2,889 209,250
Additions 10,750 - 15,850 - 26,600
_______ _______ _______ _______ _______
At 30 June 2024 66,427 4,978 161,556 2,889 235,850
_______ _______ _______ _______ _______
Depreciation
At 1 July 2023 23,409 1,965 51,524 1,506 78,404
Charge for the year 6,166 452 24,207 641 31,466
_______ _______ _______ _______ _______
At 30 June 2024 29,575 2,417 75,731 2,147 109,870
_______ _______ _______ _______ _______
Carrying amount
At 30 June 2024 36,852 2,561 85,825 742 125,980
_______ _______ _______ _______ _______
At 30 June 2023 32,268 3,013 94,182 1,383 130,846
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 163,663 22,669
Other debtors 897 53,461
_______ _______
164,560 76,130
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,127 9,872
Trade creditors 44,684 15,432
Corporation tax 44,982 18,929
Social security and other taxes 53,561 25,028
Other creditors 24,524 15,533
_______ _______
177,878 84,794
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 15,670 25,798
Other creditors 15,306 19,983
_______ _______
30,976 45,781
_______ _______