Registered number
08600437
Shearer's Fine Foods Limited
Unaudited Filleted Accounts
31 July 2024
Shearer's Fine Foods Limited
Registered number: 08600437
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 456 1,133
Current assets
Stocks 21,553 21,324
Debtors 4 25,814 8,640
Cash at bank and in hand 3,555 14,105
50,922 44,069
Creditors: amounts falling due within one year 5 (50,939) (44,354)
Net current liabilities (17) (285)
Total assets less current liabilities 439 848
Provisions for liabilities (87) (215)
Net assets 352 633
Capital and reserves
Called up share capital 100 100
Profit and loss account 252 533
Shareholders' funds 352 633
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N. Shearer
Director
Approved by the board on 14 April 2025
Shearer's Fine Foods Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 2-4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023 37,472
At 31 July 2024 37,472
Depreciation
At 1 August 2023 36,339
Charge for the year 677
At 31 July 2024 37,016
Net book value
At 31 July 2024 456
At 31 July 2023 1,133
4 Debtors 2024 2023
£ £
Trade debtors 18,960 8,640
Other debtors 6,854 -
25,814 8,640
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 14,916 14,319
Taxation and social security costs 36,023 25,987
Other creditors - 4,048
50,939 44,354
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
N. Shearer
Overdrawn director's loan account, interest free and repayable on demand - 3,247 - 3,247
S. Shearer
Overdrawn director's loan account, interest free and repayable on demand - 3,247 - 3,247
- 6,494 - 6,494
7 Other information
Shearer's Fine Foods Limited is a private company limited by shares and incorporated in England. Its registered office is:
Little Orchard, The Avenue
South Nutfield
Redhill
Surrey
RH1 5RY
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