Slater & Mayes Drywall Solutions Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 08940933 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2022

FOR

SLATER & MAYES DRYWALL SOLUTIONS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr G L Slater

Mr D Mayes

REGISTERED OFFICE:

86 Academy Drive

Gillingham

Kent

ME7 3EJ

REGISTERED NUMBER:

08940933 (England and Wales)

ACCOUNTANTS:

Stephen Hill Partnership Limited

139-141 Watling Street

Gillingham

Kent

ME7 2YY

FIXED ASSETS

Tangible assets

4

2,057

2,794

CURRENT ASSETS

Debtors

5

81,242

54,494

Cash at bank and in hand

37,827

117,072

119,069

171,566

CREDITORS

Amounts falling due within one year

6

68,400

47,865

NET CURRENT ASSETS

50,669

123,701

TOTAL ASSETS LESS CURRENT LIABILITIES

52,726

126,495

CREDITORS

Amounts falling due after more than one year

7

(33,333

)

(50,000

)

PROVISIONS FOR LIABILITIES

(411

)

(531

)

NET ASSETS

18,982

75,964

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

18,978

75,960

SHAREHOLDERS' FUNDS

18,982

75,964

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 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.

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 3rd November 2022 and were signed on its behalf by:

Mr D Mayes - Director

Mr G L Slater - Director

1.	STATUTORY INFORMATION

Slater & Mayes Drywall Solutions Ltd 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 and value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

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.

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying value amount and are recognised in the Income Statement.

Government grants

Government grants received in support of the coronavirus pandemic are recognised only when there is reasonable assurance that the entity will comply with any conditions attached to the grant and that the grant will be received.

The grant is recognised as income over the period necessary to match them with related costs, for which they are intended to compensate.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

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.

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.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

Creditors

Short term creditors are measured at the transaction price.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1st April 2021

and 31st March 2022

606

3,000

691

4,297

DEPRECIATION

At 1st April 2021

525

750

228

1,503

Charge for year

21

563

153

737

At 31st March 2022

546

1,313

381

2,240

NET BOOK VALUE

At 31st March 2022

60

1,687

310

2,057

At 31st March 2021

81

2,250

463

2,794

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade debtors

42,389

16,452

Other debtors

38,853

38,042

81,242

54,494

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans and overdrafts

10,002

-

Trade creditors

9,120

6,175

Taxation and social security

22,014

23,268

Other creditors

27,264

18,422

68,400

47,865

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans

33,333

50,000