Sable Drawing Services Limited - Filleted accounts

Sable Drawing Services Limited - Filleted accounts


Registered number
07047126
Sable Drawing Services Limited
Filleted Accounts
31 October 2022
Sable Drawing Services Limited
Registered number: 07047126
Balance Sheet
as at 31 October 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 4 514 686
Current assets
Debtors 5 21,301 17,651
Cash at bank and in hand 39,920 69,981
61,221 87,632
Creditors: amounts falling due within one year 6 (15,718) (21,604)
Net current assets 45,503 66,028
Net assets 46,017 66,714
Capital and reserves
Called up share capital 2 2
Profit and loss account 46,015 66,712
Shareholders' funds 46,017 66,714
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Bramley & S J Clements
Directors
Approved by the board on 15 February 2023
Sable Drawing Services Limited
Notes to the Accounts
for the year ended 31 October 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery etc 25% Reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 2 2
including directors
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2021 16,960
At 31 October 2022 16,960
Amortisation
At 1 November 2021 16,960
At 31 October 2022 16,960
Net book value
At 31 October 2022 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 4 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2021 4,830
At 31 October 2022 4,830
Depreciation
At 1 November 2021 4,144
Charge for the year 172
At 31 October 2022 4,316
Net book value
At 31 October 2022 514
At 31 October 2021 686
5 Debtors 2022 2021
£ £
Trade debtors 13,524 10,368
Other debtors 7,777 7,283
21,301 17,651
6 Creditors: amounts falling due within one year 2022 2021
£ £
Taxation and social security costs 14,765 20,664
Other creditors 953 940
15,718 21,604
7 Other information
Sable Drawing Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
SHMS House
20 Little Park farm Road
Fareham
Hampshire
PO15 5TD
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