Shortlands (Plastering & Drylining) Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03041035 (England and Wales)

SHORTLANDS (PLASTERING & DRYLINING)

LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2022

Page

Company information

1

Chartered accountants' report

2

to

3

Abridged statement of financial position

4

to

5

Notes to the financial statements

6

to

8

Director:

B I Mardell

Registered office:

Landell House

46 Basils Road

Stevenage

Hertfordshire

SG1 3PX

Registered number:

03041035 (England and Wales)

Accountants:

Wags LLP t/a Wagstaffs

Richmond House

Walkern Road

Stevenage

Hertfordshire

SG1 3QP

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Shortlands (Plastering & Drylining) Limited for the year ended 30th September 2022 which comprise the Income statement, Abridged Statement of financial position, Statement of changes in equity and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Shortlands (Plastering & Drylining) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Shortlands (Plastering & Drylining) Limited and state those matters that we have agreed to state to the director of Shortlands (Plastering & Drylining) Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shortlands (Plastering & Drylining) Limited and its director for our work or for this report.

It is your duty to ensure that Shortlands (Plastering & Drylining) 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 profit of Shortlands (Plastering & Drylining) Limited. You consider that Shortlands (Plastering & Drylining) 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 financial statements of Shortlands (Plastering & Drylining) 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 financial statements.

Wags LLP t/a Wagstaffs

Richmond House

Walkern Road

Stevenage

Hertfordshire

SG1 3QP

31st March 2023

FIXED ASSETS

Property, plant and equipment

5

24,516

32,429

CURRENT ASSETS

Inventories

172,127

173,103

Debtors

716,999

475,755

Cash at bank and in hand

1,866,764

2,072,981

2,755,890

2,721,839

CREDITORS

Amounts falling due within one year

(1,242,725

)

(1,375,529

)

NET CURRENT ASSETS

1,513,165

1,346,310

TOTAL ASSETS LESS CURRENT LIABILITIES

1,537,681

1,378,739

CAPITAL AND RESERVES

Called up share capital

6

500

125

Retained earnings

1,537,181

1,378,614

SHAREHOLDERS' FUNDS

1,537,681

1,378,739

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Statement of financial position for the year ended 30th September 2022 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31st March 2023 and were signed by:

B I Mardell - Director

1.	STATUTORY INFORMATION

Shortlands (Plastering & Drylining) Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

No significant judgements or estimates have had to be made by the directors in preparing these financial statements.

Revenue

Revenue represents the total invoice value, excluding value added tax, trade discounts and all other taxes of sales made during the year.

Revenue Recognition

Revenue is recognised when goods have been delivered and services supplied to customers such that risks and rewards of ownership have transferred to them.

Property, plant and equipment

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

Plant and machinery etc

-

25% on reducing balance and 20% on reducing balance

Inventories

Inventories and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Tax

Tax 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 tax 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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 the income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2021 - 10 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Totals

£

Cost

At 1st October 2021

and 30th September 2022

101,055

Depreciation

At 1st October 2021

68,626

Charge for year

7,913

At 30th September 2022

76,539

Net book value

At 30th September 2022

24,516

At 30th September 2021

32,429

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

375

Ordinary A

£1

375

100

75

Ordinary B

£1

75

25

50

Ordinary C

£1

50

-

500

125

During the year the company issued 300 Ordinary A shares and 75 Ordinary B shares. The issued share capital of the company was then reclassified from 400 Ordinary A shares and 100 Ordinary B shares into 375 Ordinary A shares, 75 Ordinary B shares and 50 Ordinary C shares which rank pari-passu in all respects.