Sherwood Aluminium Systems Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03417547 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

FOR

SHERWOOD ALUMINIUM SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr M. C. Shirley

REGISTERED OFFICE:

Sherwood House

Acorn Way

Mansfield

Nottinghamshire

NG18 3HD

REGISTERED NUMBER:

03417547 (England and Wales)

ACCOUNTANTS:

Anderson & Co

18 Diamond Avenue

Kirkby in Ashfield

Nottinghamshire

NG17 7GR

BANKERS:

National Westminster Plc

Sutton & Kirkby Branch

Portland Square

Sutton in Ashfield

Nottinghamshire

NG17 1BA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

696,839

637,219

696,839

637,219

CURRENT ASSETS

Stocks

4,200

4,200

Debtors

6

573,917

441,520

Cash at bank and in hand

1,512,674

1,179,215

2,090,791

1,624,935

CREDITORS

Amounts falling due within one year

7

421,602

471,614

NET CURRENT ASSETS

1,669,189

1,153,321

TOTAL ASSETS LESS CURRENT LIABILITIES

2,366,028

1,790,540

PROVISIONS FOR LIABILITIES

45,683

13,761

NET ASSETS

2,320,345

1,776,779

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

2,320,145

1,776,579

SHAREHOLDERS' FUNDS

2,320,345

1,776,779

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 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.

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 30 June 2023 and were signed by:

Mr M. C. Shirley - Director

1.	STATUTORY INFORMATION

Sherwood Aluminium Systems 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.

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, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

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

-

20% on reducing balance

Office equipment

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

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

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.

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 profit or loss in the period to which they relate.

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independantly administered fund. Contributions payable for the year are charged in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2021 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 October 2021

and 30 September 2022

7,200

AMORTISATION

At 1 October 2021

and 30 September 2022

7,200

NET BOOK VALUE

At 30 September 2022

-

At 30 September 2021

-

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Office

Motor

property

machinery

equipment

vehicles

Totals

£

£

£

£

£

COST

At 1 October 2021

479,109

75,225

105,420

149,917

809,671

Additions

-

-

1,389

95,156

96,545

At 30 September 2022

479,109

75,225

106,809

245,073

906,216

DEPRECIATION

At 1 October 2021

-

55,495

68,080

48,877

172,452

Charge for year

-

1,500

4,229

31,196

36,925

At 30 September 2022

-

56,995

72,309

80,073

209,377

NET BOOK VALUE

At 30 September 2022

479,109

18,230

34,500

165,000

696,839

At 30 September 2021

479,109

19,730

37,340

101,040

637,219

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.22

30.9.21

£

£

Trade debtors

528,773

358,129

Amount recoverable on contract

1,327

29,837

Value added tax

31,820

41,557

Prepayments

11,997

11,997

573,917

441,520

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.22

30.9.21

£

£

Trade creditors

206,398

357,947

Corporation tax

102,474

25,292

Pension Fund Account

4,319

3,130

PAYE and national insurance

19,376

17,187

Directors' current accounts

66,386

45,896

Accrued expenses

22,649

22,162

421,602

471,614

8.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr M. C. Shirley.

The ultimate controlling party is Mr M. C. Shirley.