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COMPANY REGISTRATION NUMBER: 03195784
Five One Two (Sheffield) Limited
Filleted Unaudited Financial Statements
31 August 2024
Five One Two (Sheffield) Limited
Financial Statements
Year ended 31 August 2024
Contents
Pages
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 7
Five One Two (Sheffield) Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Five One Two (Sheffield) Limited
Year ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Five One Two (Sheffield) Limited for the year ended 31 August 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Five One Two (Sheffield) Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Five One Two (Sheffield) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Five One Two (Sheffield) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Five One Two (Sheffield) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Five One Two (Sheffield) Limited. You consider that Five One Two (Sheffield) Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Five One Two (Sheffield) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
23 May 2025
Five One Two (Sheffield) Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
3,890
7,517
Current assets
Debtors
6
599,068
892,858
Cash at bank and in hand
761,575
723,972
------------
------------
1,360,643
1,616,830
Creditors: amounts falling due within one year
7
621,195
877,784
------------
------------
Net current assets
739,448
739,046
---------
---------
Total assets less current liabilities
743,338
746,563
Creditors: amounts falling due after more than one year
8
8,333
18,333
Provisions
Taxation including deferred tax
865
1,748
---------
---------
Net assets
734,140
726,482
---------
---------
Five One Two (Sheffield) Limited
Statement of Financial Position (continued)
31 August 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
1,111
1,111
Share premium account
3,386
3,386
Profit and loss account
729,643
721,985
---------
---------
Shareholders funds
734,140
726,482
---------
---------
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 August 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 .
These financial statements were approved by the board of directors and authorised for issue on 23 May 2025 , and are signed on behalf of the board by:
E A Barber-Atkinson
Director
Company registration number: 03195784
Five One Two (Sheffield) Limited
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Willow Lodge, Doncaster Road, Oldcotes, Worksop, Nottinghamshire, S81 8HT.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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. 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 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:
Plant and machinery
-
33% straight line
Fixtures and fittings
-
33% straight line
Motor vehicles
-
25% straight line
Equipment
-
33% straight line
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 14 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 September 2023
2,731
58,009
240
78,411
139,391
Disposals
( 2,731)
( 2,717)
( 240)
( 3,148)
( 8,836)
-------
--------
----
--------
---------
At 31 August 2024
55,292
75,263
130,555
-------
--------
----
--------
---------
Depreciation
At 1 September 2023
2,731
57,564
240
71,339
131,874
Charge for the year
314
3,313
3,627
Disposals
( 2,731)
( 2,717)
( 240)
( 3,148)
( 8,836)
-------
--------
----
--------
---------
At 31 August 2024
55,161
71,504
126,665
-------
--------
----
--------
---------
Carrying amount
At 31 August 2024
131
3,759
3,890
-------
--------
----
--------
---------
At 31 August 2023
445
7,072
7,517
-------
--------
----
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
563,526
775,807
Other debtors
35,542
117,051
---------
---------
599,068
892,858
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
293,948
439,593
Corporation tax
26,600
40,951
Social security and other taxes
23,198
37,470
Other creditors
267,449
349,770
---------
---------
621,195
877,784
---------
---------
The above loan is unsecured.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,333
18,333
-------
--------
The above loan is unsecured.
9. Related party transactions
Included within debtors at the year end date are loan amounts owed to Five One Two (Sheffield) Limited by a related company, in the sum of £8,679 (2023: £56,294). The companies are connected by virtue of a common director and a common shareholder. The loan is not subject to any formal repayment terms and neither is any interest chargeable.
10. Controlling party
The ultimate parent undertaking of this company is Five One Two Limited, a company registered in England and Wales. The registered office address of the parent company is Willow Lodge, Doncaster Road, Oldcotes, Worksop, S81 8HT. The group structure headed by Five One Two Limited qualifies as a small group, and therefore the parent company is not required to prepare consolidated financial statements. The ultimate controlling party is Mrs E A Barber-Atkinson .