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COMPANY REGISTRATION NUMBER: NI042036
SRS Limited
Filleted Unaudited Financial Statements
31 December 2024
SRS Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
7,030
5,442
Current assets
Debtors
6
690,193
754,196
Cash at bank and in hand
11,578
974
---------
---------
701,771
755,170
Creditors: amounts falling due within one year
7
55,538
87,888
---------
---------
Net current assets
646,233
667,282
---------
---------
Total assets less current liabilities
653,263
672,724
Creditors: amounts falling due after more than one year
8
6,721
10,661
Provisions
Taxation including deferred tax
1,606
1,280
---------
---------
Net assets
644,936
660,783
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
643,936
659,783
---------
---------
Shareholders funds
644,936
660,783
---------
---------
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 income statement has not been delivered.
For the year ending 31 December 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 .
SRS Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 1 May 2025 , and are signed on behalf of the board by:
Mr S Robinson
Mrs L Robinson
Director
Director
Company registration number: NI042036
SRS Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit 2 The Courtyard, Clogher, Co Tyrone, BT76 0AA.
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.
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.
Revenue recognition
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
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 as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 2 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2024
6,781
5,601
12,382
Additions
3,770
3,770
--------
-------
--------
At 31 December 2024
10,551
5,601
16,152
--------
-------
--------
Depreciation
At 1 January 2024
2,556
4,384
6,940
Charge for the year
1,999
183
2,182
--------
-------
--------
At 31 December 2024
4,555
4,567
9,122
--------
-------
--------
Carrying amount
At 31 December 2024
5,996
1,034
7,030
--------
-------
--------
At 31 December 2023
4,225
1,217
5,442
--------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
6,790
27,284
Other debtors
683,403
726,912
---------
---------
690,193
754,196
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,666
17,703
Trade creditors
10,546
5,964
Social security and other taxes
32,689
63,999
Other creditors
1,637
222
--------
--------
55,538
87,888
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,721
10,661
-------
--------
9. Directors' advances, credits and guarantees
During the year the directors advanced to the company £1,415. At the 31 December 2024 the aggregate amount owed to the directors was £1,637. (2023: £222).
10. Related party transactions
During the year SRS Limited entered into transactions, in the ordinary course of business, with Robinson Stores Ltd and Mullabaney Farms Ltd who is deemed to be related parties due to common directorship. The intercompany balance between SRS Limited and Robinson Stores Ltd at the 31 December 2024 was £231,430 (2023: £243,361). The intercompany balance between SRS Limited and Mullabaney Farms Ltd at 31 December 2024 was £451,973 (2023: £482,303).