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REGISTERED NUMBER: 02335963 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

FOR

SECOND CHANCE LIMITED

SECOND CHANCE LIMITED (REGISTERED NUMBER: 02335963)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 January 2025




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SECOND CHANCE LIMITED

COMPANY INFORMATION
for the year ended 31 January 2025







DIRECTORS: T P Daniels
Mrs C Daniels
P K Daniels
T B Daniels





REGISTERED OFFICE: 17 St Peters Place
Fleetwood
Lancashire
FY7 6EB





REGISTERED NUMBER: 02335963 (England and Wales)





ACCOUNTANTS: Jones Harris Limited
17 St Peters Place
Fleetwood
Lancashire
FY7 6EB

SECOND CHANCE LIMITED (REGISTERED NUMBER: 02335963)

BALANCE SHEET
31 January 2025

2025 2024
Notes £    £   
FIXED ASSETS
Tangible assets 4 428,495 349,249

CURRENT ASSETS
Stocks 2,337,879 2,059,040
Debtors 5 3,105,913 3,147,517
Cash at bank 256,765 609,732
5,700,557 5,816,289
CREDITORS
Amounts falling due within one year 6 (622,995 ) (491,470 )
NET CURRENT ASSETS 5,077,562 5,324,819
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,506,057

5,674,068

PROVISIONS FOR LIABILITIES (84,978 ) (64,530 )
NET ASSETS 5,421,079 5,609,538

CAPITAL AND RESERVES
Called up share capital 90 90
Retained earnings 5,420,989 5,609,448
SHAREHOLDERS' FUNDS 5,421,079 5,609,538

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SECOND CHANCE LIMITED (REGISTERED NUMBER: 02335963)

BALANCE SHEET - continued
31 January 2025


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 May 2025 and were signed on its behalf by:





P K Daniels - Director


SECOND CHANCE LIMITED (REGISTERED NUMBER: 02335963)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 January 2025

1. STATUTORY INFORMATION

Second Chance Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to leasehold property - 2% on cost
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost less accumulated depreciation. Such cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on tangible assets at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its useful expected life. The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recovered.

Depreciation is not charged on leasehold buildings contrary to the provisions of FRS102 (effective January 2016). In the opinion of the directors the residual value of the properties is so high and the useful economic life so long that any depreciation is wholly immaterial.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences 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 tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

SECOND CHANCE LIMITED (REGISTERED NUMBER: 02335963)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2025

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The directors are satisfied at the time of approving the financial statements that the company has adequate resources to continue to operate for the foreseeable future and as such, continues to adopt the going concern basis in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2024 - 31 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Fixtures
leasehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2024 109,096 364,932 210,236 29,522 713,786
Additions - 127,759 - 2,642 130,401
At 31 January 2025 109,096 492,691 210,236 32,164 844,187
DEPRECIATION
At 1 February 2024 24,009 243,346 67,661 29,521 364,537
Charge for year 2,182 12,449 35,643 881 51,155
At 31 January 2025 26,191 255,795 103,304 30,402 415,692
NET BOOK VALUE
At 31 January 2025 82,905 236,896 106,932 1,762 428,495
At 31 January 2024 85,087 121,586 142,575 1 349,249

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 1,312,554 1,024,890
Amounts owed by group undertakings 1,656,584 2,022,642
Other debtors 26,530 21,195
Tax 25,928 -
Prepayments 84,317 78,790
3,105,913 3,147,517

SECOND CHANCE LIMITED (REGISTERED NUMBER: 02335963)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2025

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade creditors 373,145 142,815
Tax - 175,732
Social security and other taxes 45,886 12,500
VAT 142,598 141,453
Other creditors 3,962 -
Accrued expenses 57,404 18,970
622,995 491,470

7. ULTIMATE CONTROLLING PARTY

Second Chance Group Limited is regarded by the directors as being the company's ultimate parent company.