Company Registration No. SC242349 (Scotland)
STEVEN JOINERS LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
STEVEN JOINERS LTD.
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
STEVEN JOINERS LTD.
BALANCE SHEET
AS AT 31 MARCH 2018
31 March 2018
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
79,464
85,652
Investment properties
4
216,714
216,714
296,178
302,366
Current assets
Stocks
3,000
3,000
Debtors
5
72,161
124,585
Investments
6
13,848
9,091
Cash at bank and in hand
66,088
28,327
155,097
165,003
Creditors: amounts falling due within one year
7
(76,311)
(90,453)
Net current assets
78,786
74,550
Total assets less current liabilities
374,964
376,916
Provisions for liabilities
Deferred tax liability
8,799
9,140
(8,799)
(9,140)
Net assets
366,165
367,776
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
366,164
367,775
Total equity
366,165
367,776
- 1 -
STEVEN JOINERS LTD.
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2018
31 March 2018

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

 

 

 

The financial statements were approved and signed by the director and authorised for issue on 8 November 2018
William Steven
Director
Company Registration No. SC242349
- 2 -
STEVEN JOINERS LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
Company information

Steven Joiners Ltd. (SC242349) is a private company limited by shares incorporated in Scotland. The registered office is 49 Rose Street, THURSO, Caithness, KW14 7HW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings freehold
2% straight line
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
33% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash at bank and in hand.

- 3 -
STEVEN JOINERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price and are subsequently carried at amortised cost using the effective interest method. Financial liabilities classified as payable within one year are not amortised.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

- 4 -
STEVEN JOINERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was - 4 (2017 - 4).

3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2017
76,000
69,523
145,523
Additions
-
2,259
2,259
At 31 March 2018
76,000
71,782
147,782
Depreciation and impairment
At 1 April 2017
15,200
44,671
59,871
Depreciation charged in the year
1,520
6,927
8,447
At 31 March 2018
16,720
51,598
68,318
Carrying amount
At 31 March 2018
59,280
20,184
79,464
At 31 March 2017
60,800
24,852
85,652
4
Investment property
2018
£
Fair value
At 1 April 2017 and 31 March 2018
216,714

The company's investment property was valued at £216,714 by the director on 31 March 2018.

The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

- 5 -
STEVEN JOINERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
20,242
40,143
Other debtors
51,919
84,442
72,161
124,585
6
Current asset investments
2018
2017
£
£
Other investments
13,848
9,091
7
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
-
9,147
Trade creditors
33,926
30,541
Corporation tax
2,091
2,991
Other taxation and social security
3,298
12,793
Other creditors
30,186
30,396
Accruals and deferred income
6,810
4,585
76,311
90,453

The bank loan was secured by way of a fixed charge.

8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary Share of £1 each
1
1
1
1
- 6 -
STEVEN JOINERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
9
Related party transactions

The following amounts were outstanding at the reporting end date:

2018
2017
Amounts owed to related parties
£
£
Key management personnel
30,186
30,396

The loan is unsecured, interest free and has no fixed terms of repayment.

- 7 -
2018-03-312017-04-01falseCCH SoftwareCCH Accounts Production 2018.220No description of principal activity13 November 2018William StevenCaroline Steven2018-11-08SC2423492017-04-012018-03-31SC2423492018-03-31SC2423492017-03-31SC242349core:LandBuildings2018-03-31SC242349core:OtherPropertyPlantEquipment2018-03-31SC242349core:LandBuildings2017-03-31SC242349core:OtherPropertyPlantEquipment2017-03-31SC242349core:CurrentFinancialInstruments2018-03-31SC242349core:CurrentFinancialInstruments2017-03-31SC242349core:WithinOneYear2018-03-31SC242349core:WithinOneYear2017-03-31SC242349core:ShareCapital2018-03-31SC242349core:ShareCapital2017-03-31SC242349core:RetainedEarningsAccumulatedLosses2018-03-31SC242349core:RetainedEarningsAccumulatedLosses2017-03-31SC242349core:ShareCapitalOrdinaryShares2018-03-31SC242349core:ShareCapitalOrdinaryShares2017-03-31SC242349bus:Director12017-04-012018-03-31SC242349core:LandBuildingscore:OwnedOrFreeholdAssets2017-04-012018-03-31SC242349core:PlantMachinery2017-04-012018-03-31SC242349core:FurnitureFittings2017-04-012018-03-31SC242349core:MotorVehicles2017-04-012018-03-31SC242349core:LandBuildings2017-03-31SC242349core:OtherPropertyPlantEquipment2017-03-31SC2423492017-03-31SC242349core:OtherPropertyPlantEquipment2017-04-012018-03-31SC242349core:LandBuildings2017-04-012018-03-31SC242349bus:OrdinaryShareClass12017-04-012018-03-31SC242349bus:OrdinaryShareClass12018-03-31SC242349bus:PrivateLimitedCompanyLtd2017-04-012018-03-31SC242349bus:FRS1022017-04-012018-03-31SC242349bus:AuditExemptWithAccountantsReport2017-04-012018-03-31SC242349bus:SmallCompaniesRegimeForAccounts2017-04-012018-03-31SC242349bus:CompanySecretary12017-04-012018-03-31SC242349bus:FullAccounts2017-04-012018-03-31xbrli:purexbrli:sharesiso4217:GBP