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Registration number: 05477673

Sharon Lee Limited
Unaudited Financial Statements
30 October 2024

Sharon Lee Limited

Contents

Accountants' Report | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 4

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Sharon Lee Limited
for the Year Ended 30 October 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Sharon Lee Limited for the year ended 30 October 2024 as set out on pages 2 to 9 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 http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Sharon Lee Limited, as a body, in accordance with the terms of our engagement letter dated 25 August 2022. Our work has been undertaken solely to prepare for your approval the accounts of Sharon Lee Limited and state those matters that we have agreed to state to the Board of Directors of Sharon Lee Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sharon Lee Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Sharon Lee Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Sharon Lee Limited. You consider that Sharon Lee 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 accounts of Sharon Lee 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 accounts.

Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

14 October 2025

Sharon Lee Limited

(Registration number: 05477673)
Balance Sheet as at 30 October 2024

| Note | 30 October 2024 £ | 30 October 2023 £
Fixed assets |  |  |
Tangible assets | 4 | 257,561 | 306,742
Investments | 5 | 16,800 | 16,800
|  | 274,361 | 323,542
Current assets |  |  |
Stocks |  | 592,189 | 664,186
Debtors | 6 | 1,151,929 | 1,453,309
Cash at bank and in hand |  | 87,938 | 36,620
|  | 1,832,056 | 2,154,115
Creditors: Amounts falling due within one year | 7 | (841,056) | (1,047,621)
Net current assets |  | 991,000 | 1,106,494
Total assets less current liabilities |  | 1,265,361 | 1,430,036
Creditors: Amounts falling due after more than one year | 7 | (100,951) | (189,544)
Provisions for liabilities |  | (49,834) | (61,698)
Net assets |  | 1,114,576 | 1,178,794
Capital and reserves |  |  |
Allotted, called up and fully paid share capital |  | 8,234 | 8,234
Profit and loss account |  | 1,106,342 | 1,170,560
Total equity |  | 1,114,576 | 1,178,794

Sharon Lee Limited

(Registration number: 05477673)
Balance Sheet as at 30 October 2024 (continued)

For the financial year ending 30 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 October 2025

.........................................

L M Parkin

Director

Sharon Lee Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 October 2024

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Units 8, 8A and 9
Warwick Mill Business Village
Warwick Bridge
CARLISLE
CA4 8RR

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Sharon Lee Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 October 2024 (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Land and buildings | evenly over the remaining lease term
Plant and equipment | 12.5% reducing balance basis
Furniture, fittings and office equipment | 25% reducing balance basis

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Sharon Lee Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 October 2024 (continued)

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Sharon Lee Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 October 2024 (continued)

3 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4 | Tangible assets

| Land and buildings £ | Plant and equipment £ | Furniture, fittings and office equipment £ | Total £
Cost or valuation
At 31 October 2023 | 137,670 | 604,917 | 65,223 | 807,810
Additions | - | - | 578 | 578
At 30 October 2024 | 137,670 | 604,917 | 65,801 | 808,388
Depreciation
At 31 October 2023 | 92,180 | 352,227 | 56,661 | 501,068
Charge for the year | 16,016 | 31,586 | 2,157 | 49,759
At 30 October 2024 | 108,196 | 383,813 | 58,818 | 550,827
Carrying amount
At 30 October 2024 | 29,474 | 221,104 | 6,983 | 257,561
At 30 October 2023 | 45,490 | 252,690 | 8,562 | 306,742

Sharon Lee Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 October 2024 (continued)

5 | Investments

| 30 October 2024 £ | 30 October 2023 £
Investments in subsidiaries | 16,800 | 16,800

Subsidiaries | £
Cost or valuation
At 31 October 2023 | 16,800
At 30 October 2024 | 16,800
Carrying amount
At 30 October 2024 | 16,800
At 30 October 2023 | 16,800

6 | Debtors

| 30 October 2024 £ | 30 October 2023 £
Trade debtors | 282,170 | 345,221
Amounts owed by group undertakings and undertakings in which the company has a participating interest | 842,119 | 1,085,090
Other debtors | 27,640 | 22,998
| 1,151,929 | 1,453,309

7 | Creditors

| Note | 30 October 2024 £ | 30 October 2023 £
Due within one year |  |  |
Loans and borrowings | 8 | 113,205 | 111,694
Trade creditors |  | 335,095 | 603,391
Amounts owed to group undertakings and undertakings in which the company has a participating interest |  | 11,012 | -
Taxation and social security |  | 193,605 | 119,864
Other creditors |  | 188,139 | 212,672
|  | 841,056 | 1,047,621

Sharon Lee Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 October 2024 (continued)

| Note | 30 October 2024 £ | 30 October 2023 £
Due after one year |  |  |
Loans and borrowings | 8 | 100,951 | 189,544

8 | Loans and borrowings

| 30 October 2024 £ | 30 October 2023 £
Current loans and borrowings
Bank borrowings | 83,205 | 81,694
Other borrowings | 30,000 | 30,000
| 113,205 | 111,694

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

| 30 October 2024 £ | 30 October 2023 £
Bank borrowings | 83,205 | 81,694

Bank borrowings are secured by fixed charges over the company's assets.

Included within Other creditors is £181,389 (2023 - £205,922) secured by company assets.

| 30 October 2024 £ | 30 October 2023 £
Non-current loans and borrowings
Bank borrowings | 100,951 | 189,544

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

| 30 October 2024 £ | 30 October 2023 £
Bank borrowings | 100,951 | 189,544

Bank borrowings are secured by fixed charges over the company's assets.