4Sale2U (Barnsley) Limited Filleted accounts for Companies House (small and micro)

4Sale2U (Barnsley) Limited Filleted accounts for Companies House (small and micro)

4SALE2U (BARNSLEY) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07329342
4Sale2U (Barnsley) Limited
Filleted Unaudited Financial Statements
For the year ended
31 July 2020
4Sale2U (Barnsley) Limited
Balance Sheet
31 July 2020
2020
2019
Note
£
£
Fixed assets
Tangible assets
5
7,335
6,170
Current assets
Debtors
6
215,147
33,741
Cash at bank and in hand
11,341
9,921
---------
--------
226,488
43,662
Creditors: amounts falling due within one year
7
112,102
48,190
---------
--------
Net current assets/(liabilities)
114,386
( 4,528)
---------
-------
Total assets less current liabilities
121,721
1,642
Creditors: amounts falling due after more than one year
8
119,233
–
Provisions
1,394
1,172
---------
-------
Net assets
1,094
470
---------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
994
370
-------
----
Shareholders funds
1,094
470
-------
----
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 profit and loss has not been delivered.
For the year ending 31 July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
4Sale2U (Barnsley) Limited
Balance Sheet (continued)
31 July 2020
These financial statements were approved by the board of directors and authorised for issue on 30 July 2021 , and are signed on behalf of the board by:
Mr C Lawlor
Director
Company registration number: 07329342
4Sale2U (Barnsley) Limited
Notes to the Financial Statements
Year ended 31 July 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1-3 Church Street, Barnsley, South Yorkshire, S70 2AB, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements under FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts. These estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
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.
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:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Equipment
-
25% reducing balance
Government grants
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2019: 7 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 August 2019
19,369
7,497
1,922
28,788
Additions
–
3,250
–
3,250
--------
--------
-------
--------
At 31 July 2020
19,369
10,747
1,922
32,038
--------
--------
-------
--------
Depreciation
At 1 August 2019
17,915
3,450
1,253
22,618
Charge for the year
364
1,554
167
2,085
--------
--------
-------
--------
At 31 July 2020
18,279
5,004
1,420
24,703
--------
--------
-------
--------
Carrying amount
At 31 July 2020
1,090
5,743
502
7,335
--------
--------
-------
--------
At 31 July 2019
1,454
4,047
669
6,170
--------
--------
-------
--------
6. Debtors
2020
2019
£
£
Other debtors
215,147
33,741
---------
--------
Included in "Other debtors" is a balance of £20,571 (2019: £5,182) which the directors do not consider will be recoverable within twelve months of the balance sheet date. Included in "Other debtors" is a balance of £86,709 (2019: £nil) which is due from companies controlled by Mr C Lawlor. The loans are unsecured, interest free and repayable on demand.
7. Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
21,667
–
Trade creditors
2,524
564
Corporation tax
31,075
15,686
Social security and other taxes
49,149
30,440
Other creditors
7,687
1,500
---------
--------
112,102
48,190
---------
--------
8. Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
119,233
–
---------
----
Included in "Bank loans and overdrafts" is a loan that is repayable in monthly instalments, £1,667 of which fall due more than five years from the balance sheet date.
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2020
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr C P Kelly
15,945
19,868
35,813
Mr C Lawlor
–
48,449
48,449
--------
--------
--------
15,945
68,317
84,262
--------
--------
--------
2019
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr C P Kelly
15,945
–
15,945
Mr C Lawlor
–
–
–
--------
----
--------
15,945
–
15,945
--------
----
--------