Samuel Brothers (St.Paul's) Limited 31/03/2022 iXBRL

Samuel Brothers (St.Paul's) Limited 31/03/2022 iXBRL

SAMUEL BROTHERS(ST.PAUL'S) LIMITED - Company Information

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Company registration number: 00216047
Samuel Brothers (St.Paul's) Limited
Unaudited filleted abridged financial statements
31 March 2022
Samuel Brothers (St.Paul's) Limited
Contents
Directors and other information
Accountant's report
Abridged statement of financial position
Notes to the financial statements
Samuel Brothers (St.Paul's) Limited
Directors and other information
Director Mr L Dawson
Secretary S.A.Dawson
Company number 00216047
Registered office Unit 3, Elliott Park
Eastern Road
Aldershot
Surrey
GU12 4TF
Accountant Alan James & Associates Limited
1 Shepperton Marina
Felix Lane
Shepperton
Middlesex
TW178NS
Samuel Brothers (St.Paul's) Limited
Chartered accountant's report to the director on the preparation of the
unaudited statutory financial statements of Samuel Brothers (St.Paul's) Limited
Year ended 31 March 2022
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Samuel Brothers (St.Paul's) Limited for the year ended 31 March 2022 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Samuel Brothers (St.Paul's) Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Samuel Brothers (St.Paul's) Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Samuel Brothers (St.Paul's) Limited and its director as a body for my work or for this report.
It is your duty to ensure that Samuel Brothers (St.Paul's) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Samuel Brothers (St.Paul's) Limited. You consider that Samuel Brothers (St.Paul's) Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Samuel Brothers (St.Paul's) Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Alan James & Associates Limited
1 Shepperton Marina
Felix Lane
Shepperton
Middlesex
TW178NS
16 December 2022
Samuel Brothers (St.Paul's) Limited
Abridged statement of financial position
31 March 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 25,500 27,000
Tangible assets 124,475 160,846
_______ _______
149,975 187,846
Current assets
Stocks 252,992 187,166
Debtors 145,367 103,953
Cash at bank and in hand 63 118,275
_______ _______
398,422 409,394
Creditors: amounts falling due
within one year ( 285,221) ( 446,649)
_______ _______
Net current assets/(liabilities) 113,201 ( 37,255)
_______ _______
Total assets less current liabilities 263,176 150,591
Creditors: amounts falling due
after more than one year ( 93,555) ( 64,250)
Provisions for liabilities ( 19,060) ( 24,950)
_______ _______
Net assets 150,561 61,391
_______ _______
Capital and reserves
Called up share capital 2 2
Share premium account 100,000 -
Profit and loss account 50,559 61,389
_______ _______
Shareholders funds 150,561 61,391
_______ _______
For the year ending 31 March 2022 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 March 2022 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 16 December 2022 , and are signed on behalf of the board by:
Mr L Dawson
Director
Company registration number: 00216047
Samuel Brothers (St.Paul's) Limited
Notes to the financial statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 3, Elliott Park, Eastern Road, Aldershot, Surrey, GU12 4TF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Improvements to property - 10 % straight line
Short leasehold property - 12 years straight line
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2021: 24 ).
5. Intangible assets
£
Cost
At 1 April 2021 and 31 March 2022 30,000
_______
Amortisation
At 1 April 2021 3,000
Charge for the year 1,500
_______
At 31 March 2022 4,500
_______
Carrying amount
At 31 March 2022 25,500
_______
At 31 March 2021 27,000
_______
6. Tangible assets
£
Cost
At 1 April 2021 305,144
Additions 10,730
Disposals ( 1,010 )
_______ |
At 31 March 2022 314,864
_______ |
Depreciation
At 1 April 2021 144,298
Charge for the year 47,090
Disposals ( 999 )
_______ |
At 31 March 2022 190,389
_______ |
Carrying amount
At 31 March 2022 124,475
_______ |
At 31 March 2021 160,846
_______ |
7. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr L Dawson ( 30) 24,870 ( 14,015) 10,825
_______ _______ _______ _______
2021
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr L Dawson ( 38) 27,658 ( 27,650) ( 30)
_______ _______ _______ _______
Since the Year End, on 29th September 2022, the Directors loan was repaid in full.
8. Controlling party
During the year under review the company was under the control of Mr L Dawson by virtue of his and his wife's shareholdings.