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Registered number: 02714699 SHERLOCK LONDON LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
SHERLOCK LONDON LIMITED COMPANY INFORMATION
Directors | R. J. Sherlock
| N. D. Harvey
| M. J. Pearson
| S. C. Pollard
| B. Stack
Company secretary | N. D. Harvey
Registered number | 02714699
Registered office | 27 Elizabeth Mews
| London
| England
| NW3 4UH
Independent auditor | MHA
| Century House
| The Lakes
| Northampton
| NN4 7HD
SHERLOCK LONDON LIMITED CONTENTS
| Page
Strategic Report | 1
Directors' Report | 2 - 3
Independent Auditor's Report | 4 - 7
Statement of Income and Retained Earnings | 8
Balance Sheet | 9
Notes to the Financial Statements | 10 - 22
SHERLOCK LONDON LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 30 APRIL 2025
Introduction
The directors present their Strategic Report for the year to 30 April 2025.
Business review
The Company has continued to pursue its activities as a general building contractor with an emphasis on high quality interior fitting out in the residential housing market.
Principal risks and uncertainties
Political environment The current Government's policies have had an adverse effect on high net worth individuals and in particular overseas residents. The result is that the market place for high quality fitting out contracts has become highly competitive. Cashflow The Company continues to maintain its cash reserves to ensure it can meet the cash demands of its activities. Treasury management has enabled the Company to benefit from the higher rates of interest on offer during the year. Credit risk The Company's workload comes from a complex procedure of preparation and tender. During this process the potential client's credit worthiness is considered and assessed, and if there are concerns these are investigated. All projects are subject to contractual terms which are enforceable and include the option to withdraw from the contract. This provides a mitgation for significant loss.
Financial key performance indicators
For the year in question, turnover was up at £17,497,894 (2024 - £14,510,880). Gross profit of £1,900,037 was up on 2024 (£1,442,066) by £457,971 which reflects a higher turnover and the fact that 2025 includes a significant settlement on an historic contract which meant that gross margin was higher than average at 10.9% (2024 - 9.9%). Overheads at £1,533,030 were however higher than 2024 (£1,422,468). Pre-tax profits were £433,340 (2024 - £35,726) and reflect the historic settlement. Cash at bank or in hand at 30 April 2025 fell to £2,031,285 (2024 - £2,041,185). Current asset investments at 30 April 2025 increased to £1,569,275 (2024 - £1,011,511). Net assets again rose during the year to £3,157,059 (2024 - £2,911,163). This report was approved by the board and signed on its behalf.
N. D. Harvey Secretary
Date: 20 January 2026
Page 1
SHERLOCK LONDON LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 APRIL 2025 The directors present their report and the financial statements for the year ended 30 April 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £295,896 (2024 - £7,133). During the year the Company paid dividends of £50,000 (2024 - £Nil).
Directors
The directors who served during the year were:
R. J. Sherlock
N. D. Harvey
M. J. Pearson
S. C. Pollard
B. Stack
Future developments
The directors continue to maintain a policy of organic growth for the Company. Page 2
SHERLOCK LONDON LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditor
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP. MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
N. D. Harvey Secretary
Date: 20 January 2026
Page 3
SHERLOCK LONDON LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHERLOCK LONDON LIMITED
Opinion
We have audited the financial statements of Sherlock London Limited (the 'Company') for the year ended 30 April 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 30 April 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 4
SHERLOCK LONDON LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHERLOCK LONDON LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 5
SHERLOCK LONDON LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHERLOCK LONDON LIMITED (CONTINUED)
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - Enquiry of management around actual and potential litigation and claims; - Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and review of accounting estimates for bias; - Reviewing minutes of meetings of those charged with governance; - Reviewing financial statement disclosures and testing supporting documentation to assess compliance with applicable laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report. Page 6
SHERLOCK LONDON LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHERLOCK LONDON LIMITED (CONTINUED)
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Richard Powell BA FCA (Senior Statutory Auditor) for and on behalf of MHA Statutory Auditor Northampton, United Kingdom Date: MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)22 January 2026 Page 7
SHERLOCK LONDON LIMITED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 30 APRIL 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 17,497,894 | 14,510,880
Cost of sales |  | (15,597,857) | (13,068,814)
Gross profit |  | 1,900,037 | 1,442,066
Administrative expenses |  | (1,533,030) | (1,422,468)
Operating profit | 5 | 367,007 | 19,598
Interest receivable and similar income | 9 | 66,333 | 16,128
Profit before tax |  | 433,340 | 35,726
Tax on profit | 10 | (137,444) | (28,593)
Profit after tax |  | 295,896 | 7,133
Retained earnings at the beginning of the year |  | 2,911,085 | 2,903,952
Profit for the year |  | 295,896 | 7,133
Dividends declared and paid | 11 | (50,000) | -
Retained earnings at the end of the year |  | 3,156,981 | 2,911,085
The notes on pages 10 to 22 form part of these financial statements.
Page 8
SHERLOCK LONDON LIMITED REGISTERED NUMBER: 02714699 BALANCE SHEET AS AT 30 APRIL 2025
|  |  |  | As restated
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 62,702 |  | 14,501
Investments | 13 |  | 200 |  | 200
|  |  | 62,902 |  | 14,701
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 14 | 4,696,368 |  | 4,239,334 |
Current asset investments | 15 | 1,569,275 |  | 1,011,511 |
Cash at bank and in hand | 16 | 2,031,285 |  | 2,041,185 |
|  | 8,296,928 |  | 7,292,030 |
Creditors: amounts falling due within one year | 17 | (5,202,771) |  | (4,395,568) |
Net current assets |  |  | 3,094,157 |  | 2,896,462
Total assets less current liabilities |  |  | 3,157,059 |  | 2,911,163
Net assets |  |  | 3,157,059 |  | 2,911,163
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 78 |  | 78
Profit and loss account | 19 |  | 3,156,981 |  | 2,911,085
|  |  | 3,157,059 |  | 2,911,163
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
R. J. Sherlock
Director
Date: 20 January 2026
The notes on pages 10 to 22 form part of these financial statements. Page 9
SHERLOCK LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
1. | General information
Sherlock London Limited is a private company, limited by shares, registered in England and Wales, registered number 02714699. The registered office and principal place of business is 27 Elizabeth Mews, London, England, NW3 4UH. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Sherlock Group Limited as at 30 April 2025 and these financial statements may be obtained from 27 Elizabeth Mews, London, England, NW3 4UH.
| 2.3 | Exemption from preparing consolidated financial statements
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
| 2.4 | Going concern
The financial statements have been prepared on a going concern basis. The directors have considered relevant information, its committed turnover and profit forecasts, future cash flows projections and the impact of external events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts. Page 10
SHERLOCK LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue includes amounts not yet invoiced which are shown under debtors as amounts recoverable on contracts. The revenue recognised on each contract reflects the value of the work certifiable after making allowance for retentions and amounts which may be deducted from the contract on completion, and recognises attributable profit or losses as they become apparent. Retentions due to the Company are recognised as revenue when the contract has reached practical completion and it is probable that the retention will be receivable.
| 2.6 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 11
SHERLOCK LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.9 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.10 | Tangible fixed assets
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, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Motor vehicles | - | 25% |
|  |  |  | Plant & office equipment | - | 33% |
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.
| 2.11 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Page 12
SHERLOCK LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.14 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.15 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the Page 13
SHERLOCK LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. Page 14
SHERLOCK LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.16 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance Sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The principal judgments are with regard to the assessment of completion of work on long term contracts, and the recognition of associated costs and revenues. Management closely monitor the progress on these projects with reference to agreed schedules of work, agreed contract amendments and certified applications for payment and use this in making their informed assessment of completion and profit recognition. Retentions due to the Company are recognised as revenue when the contract has reached practical completion and it is probable that the retention will be receivable. A retention provision of £1,039,210 (2024 - £570,797) recognised at year end for retentions that are not deemed probable to be received.
4. | Turnover
The whole of the turnover is attributable to the principal activity of the Company.
| All turnover arose within the United Kingdom.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation | 14,876 | 8,271
| Hire of plant and machinery | 57,132 | 40,803
| Operating lease rentals | 85,836 | 84,026
Page 15
SHERLOCK LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
6. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 16,000 | 15,000
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 2,667,362 | 2,414,330
| Social security costs | 307,317 | 271,684
| Cost of defined contribution scheme | 132,896 | 107,943
|  | 3,107,575 | 2,793,957
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Administration / Management | 25 | 23
|  | Site Based Operatives | 20 | 19
|  |  | 45 | 42
Page 16
SHERLOCK LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 358,574 | 342,062
| Company contributions to defined contribution pension schemes | 23,564 | 29,654
|  | 382,138 | 371,716
| During the year retirement benefits were accruing to 4 directors (2024 - 4) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £94,750 (2024 - £89,240).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £12,687 (2024 - £8,924).
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest receivable | 66,333 | 16,128
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 133,826 | 28,593
| Adjustments in respect of previous periods | 3,618 | -
| Total current tax | 137,444 | 28,593
| Tax on profit | 137,444 | 28,593
Page 17
SHERLOCK LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 433,340 | 35,726
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 108,335 | 8,932
| Effects of: |  |
| Expenses not deductible for tax purposes | 27,260 | 18,733
| Capital allowances for year (in excess of)/less than depreciation | (5,044) | 928
| Adjustments to tax charge in respect of prior periods | 3,618 | -
| Other timing differences leading to an increase in taxation | 3,275 | -
| Total tax charge for the year | 137,444 | 28,593
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
11. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid | 50,000 | -
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SHERLOCK LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
12. | Tangible fixed assets
|  | Motor vehicles | Plant & office equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 May 2024 | 71,242 | 42,420 | 113,662
| Additions | 57,999 | 5,078 | 63,077
| Disposals | - | (3,401) | (3,401)
| At 30 April 2025 | 129,241 | 44,097 | 173,338
| Depreciation |  |  |
| At 1 May 2024 | 65,223 | 33,938 | 99,161
| Charge for the year on owned assets | 10,557 | 4,319 | 14,876
| Disposals | - | (3,401) | (3,401)
| At 30 April 2025 | 75,780 | 34,856 | 110,636
| Net book value |  |  |
| At 30 April 2025 | 53,461 | 9,241 | 62,702
| At 30 April 2024 | 6,019 | 8,482 | 14,501
13. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 May 2024 | 200
| At 30 April 2025 | 200
Page 19
SHERLOCK LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Class of shares | Holding
| Sherlock Interiors Limited | Ordinary | 100%
| Sherlock London Contracting Limited | Ordinary | 100%
| All subsidiary undertakings share the same registered office as the Company.
14. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 348,435 | 267,482
| Amounts owed by group undertakings | 2,241,969 | 2,272,619
| Other debtors | 260,744 | 3,544
| Prepayments and accrued income | 116,442 | 94,916
| Amounts recoverable on long-term contracts | 1,728,778 | 1,600,773
|  | 4,696,368 | 4,239,334
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
15. | Current asset investments
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Short-term deposits | 1,569,275 | 1,011,511
16. | Cash and cash equivalents
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 2,031,285 | 2,041,185
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SHERLOCK LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 3,432,050 | 3,330,438
| Corporation tax | 133,826 | 28,593
| Other taxation and social security | 505,674 | 407,020
| Other creditors | 32,929 | 19,297
| Accruals and deferred income | 1,098,292 | 610,220
|  | 5,202,771 | 4,395,568
18. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 78 (2024 - 78) Ordinary shares of £1.00 each | 78 | 78
19. | Reserves
Profit and loss account Includes all current and prior period retained profit and losses.
20. | Prior year adjustment
A prior year adjustment has been made to reclassify amounts totalling £1,011,511 from cash at bank and in hand to current asset investments. This was mis-classified in error in the prior year due to the notice period being 120 days. The prior year adjustment had no impact on profit or loss or net assets reported in the prior year.
21. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £13,101 (2024 - £Nil) were payable to the fund at the year end date. Page 21
SHERLOCK LONDON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
22. | Related party transactions
| The Company has taken advantage of the exemption in FRS 102, para 33.1a, not to disclose transactions with other group companies which meet the criteria that all undertakings which are party to the transactions are wholly owned. The Company paid £34,118 (2024 - £81,005) and earned £75,167 (2024 - £67,710) to companies in which directors of the Company have a majority shareholding. At the year end, the Company owed these related parties £2,505 (2024 - £5,400) and was owed £5,452 (2024 - £4,872). During the year, the Company advanced a loan of £350,000 (2024 - £Nil) to a company owned jointly by the wife of an associate director and interest was charged on the loan at 0.065% per day on the balance owing. At the year end £249,200 (2024 - £Nil) was owed and interest will continue to accrue on any sums outstanding after that date. The loan was fully repaid on 9 May 2025.
23. | Controlling party
The immediate and ultimate parent company is Sherlock Group Limited, a company incorporated in England which shares the same registered office address as the Company. Sherlock Group Limited is the parent company of both the smallest and largest group for which consolidated financial statements are prepared containing the results of the Company, and these accounts can be obtained from their registered office address. The ultimate controlling party is considered by the directors to be R. J. Sherlock by virtue of his sole shareholding in Sherlock Group Limited.
Page 22