Superior Ceilings and Partitions Ltd Filleted accounts for Companies House (small and micro)

SUPERIOR CEILINGS AND PARTITIONS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 07224424

SUPERIOR CEILINGS AND PARTITIONS LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 April 2023

SUPERIOR CEILINGS AND PARTITIONS LTD

FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2023

CONTENTS	PAGE

Statement of financial position	1

Notes to the financial statements	3

SUPERIOR CEILINGS AND PARTITIONS LTD

STATEMENT OF FINANCIAL POSITION

30 April 2023

	2023	2022
Note	£	£

FIXED ASSETS

Tangible assets	5	94,447	84,936

CURRENT ASSETS

Debtors	6	195,383	271,491
Cash at bank and in hand		348,629	146,752
		-----------	-----------
		544,012	418,243

CREDITORS: amounts falling due within one year	7	126,751	96,547
		-----------	-----------
NET CURRENT ASSETS		417,261	321,696
		-----------	-----------
TOTAL ASSETS LESS CURRENT LIABILITIES		511,708	406,632

CREDITORS: amounts falling due after more than one year	8	58,440	–
		-----------	-----------
NET ASSETS		453,268	406,632
		-----------	-----------

SUPERIOR CEILINGS AND PARTITIONS LTD

STATEMENT OF FINANCIAL POSITION (continued)

30 April 2023

	2023	2022
Note	£	£

CAPITAL AND RESERVES

Called up share capital	1	1
Profit and loss account	453,267	406,631
	-----------	-----------
SHAREHOLDERS FUNDS	453,268	406,632
	-----------	-----------

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 income statement has not been delivered.

For the year ending 30 April 2023 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 7 December 2023 , and are signed on behalf of the board by:

W Stow
Director

Company registration number: 07224424

SUPERIOR CEILINGS AND PARTITIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2023

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 135 Sevenoaks Way, Orpington, Kent, BR5 3AQ, United Kingdom.

2. 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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

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 profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Fixtures and fittings	-	15% reducing balance
Motor vehicles	-	15% reducing balance
Equipment	-	15% reducing balance

Impairment of fixed assets

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. For the purposes of impairment testing, 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 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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).

4. TAX ON PROFIT

Major components of tax expense

	2023	2022
	£	£

Current tax:

UK current tax expense	33,775	23,735
	----------	----------
Tax on profit	33,775	23,735
	----------	----------

5. TANGIBLE ASSETS

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 May 2022	22,875	153,407	13,027	189,309
Additions	–	82,920	3,863	86,783
Disposals	–	( 116,100)	–	( 116,100)
	----------	-----------	----------	-----------
At 30 April 2023	22,875	120,227	16,890	159,992
	----------	-----------	----------	-----------
Depreciation
At 1 May 2022	11,659	83,772	8,942	104,373
Charge for the year	1,683	13,793	1,192	16,668
Disposals	–	( 55,496)	–	( 55,496)
	----------	-----------	----------	-----------
At 30 April 2023	13,342	42,069	10,134	65,545
	----------	-----------	----------	-----------
Carrying amount
At 30 April 2023	9,533	78,158	6,756	94,447
	----------	-----------	----------	-----------
At 30 April 2022	11,216	69,635	4,085	84,936
	----------	-----------	----------	-----------

6. DEBTORS

	2023	2022
	£	£
Trade debtors	34,770	167,995
Other debtors	160,613	103,496
	-----------	-----------
	195,383	271,491
	-----------	-----------

7. CREDITORS: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	26,013	1,519
Corporation tax	33,775	23,735
Social security and other taxes	10,959	955
Other creditors	56,004	70,338
	-----------	----------
	126,751	96,547
	-----------	----------

8. CREDITORS: amounts falling due after more than one year

	2023	2022
	£	£
Other creditors	58,440	–
	----------	-----

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the director did not enter into any advances, credits or guarantees with the company.