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SUTHERLANDS (WIMBLEDON) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2024
Sutherlands (Wimbledon) Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page. The company operates on a 52 week accounting year.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
At 29 September 2024 the company balance sheet shows a net deficit of £137,944 (2023: £111,204). In recent years the company has been supported by loans from its two directors M A Searle and T M Searle. At the year end the loan owed to T M Searle and M A Searle totalled £168,000 (2023: £150,000). These two directors have confirmed that they will continue to support Sutherlands (Wimbledon) Limited for the foreseeable future, and that they do not anticipate requesting repayment of these balances until Sutherlands (Wimbledon) Limited is in a position to repay the loans.
The revenue shown in the profit and loss account represents amounts receivable for newspaper distribution services provided during the year in the normal course of business, net of trade discounts, VAT and other sales and related taxes.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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