Stablecroft Conference Products Limited SC374259 false 2021-04-01 2022-03-31 2022-03-31 The principal activity of the company is wholesale and retail of conference products. Digita Accounts Production Advanced 6.30.9574.0 true SC374259 2021-04-01 2022-03-31 SC374259 2022-03-31 SC374259 bus:OrdinaryShareClass1 2022-03-31 SC374259 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC374259 core:ShareCapital 2022-03-31 SC374259 core:CurrentFinancialInstruments 2022-03-31 SC374259 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 SC374259 core:Non-currentFinancialInstruments 2022-03-31 SC374259 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 SC374259 core:OtherPropertyPlantEquipment 2022-03-31 SC374259 bus:SmallEntities 2021-04-01 2022-03-31 SC374259 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 SC374259 bus:FullAccounts 2021-04-01 2022-03-31 SC374259 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 SC374259 bus:RegisteredOffice 2021-04-01 2022-03-31 SC374259 bus:CompanySecretary1 2021-04-01 2022-03-31 SC374259 bus:Director1 2021-04-01 2022-03-31 SC374259 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 SC374259 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 SC374259 bus:Agent1 2021-04-01 2022-03-31 SC374259 core:OtherPropertyPlantEquipment 2021-04-01 2022-03-31 SC374259 core:PlantMachinery 2021-04-01 2022-03-31 SC374259 countries:Scotland 2021-04-01 2022-03-31 SC374259 2021-03-31 SC374259 core:OtherPropertyPlantEquipment 2021-03-31 SC374259 2020-04-01 2021-03-31 SC374259 2021-03-31 SC374259 bus:OrdinaryShareClass1 2021-03-31 SC374259 core:RetainedEarningsAccumulatedLosses 2021-03-31 SC374259 core:ShareCapital 2021-03-31 SC374259 core:CurrentFinancialInstruments 2021-03-31 SC374259 core:CurrentFinancialInstruments core:WithinOneYear 2021-03-31 SC374259 core:Non-currentFinancialInstruments 2021-03-31 SC374259 core:Non-currentFinancialInstruments core:AfterOneYear 2021-03-31 SC374259 core:OtherPropertyPlantEquipment 2021-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC374259

Stablecroft Conference Products Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Stablecroft Conference Products Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Stablecroft Conference Products Limited

Company Information

Director

L H Whyte

Company secretary

L H Whyte

Registered office

Kinninghall Farm House
Cavers
Hawick
TD9 8LH

Accountants

Deans
Chartered Accountants
27 North Bridge Street
Hawick
TD9 9BD

 

DEANS

Chartered Accountants

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Stablecroft Conference Products Limited for the Year Ended 31 March 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Stablecroft Conference Products Limited for the year ended 31 March 2022 as set out on pages 3 to 7 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 of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of Stablecroft Conference Products Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Stablecroft Conference Products Limited and state those matters that we have agreed to state to the Board of Directors of Stablecroft Conference Products Limited, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Stablecroft Conference Products Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Stablecroft Conference Products Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Stablecroft Conference Products Limited. You consider that Stablecroft Conference Products 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 accounts of Stablecroft Conference Products 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 accounts.

......................................

Deans
Chartered Accountants
27 North Bridge Street
Hawick
TD9 9BD

2 August 2022

 

Stablecroft Conference Products Limited

(Registration number: SC374259)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

1,027

748

Current assets

 

Stocks

5

189

710

Debtors

6

3,562

7,834

Cash at bank and in hand

 

20,201

254

 

23,952

8,798

Creditors: Amounts falling due within one year

7

(10,085)

(13,784)

Net current assets/(liabilities)

 

13,867

(4,986)

Total assets less current liabilities

 

14,894

(4,238)

Creditors: Amounts falling due after more than one year

7

(13,181)

(3,500)

Net assets/(liabilities)

 

1,713

(7,738)

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

1,712

(7,739)

Shareholders' funds/(deficit)

 

1,713

(7,738)

For the financial year ending 31 March 2022 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 accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 2 August 2022
 

.........................................
L H Whyte
Director

 

Stablecroft Conference Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Kinninghall Farm House
Cavers
Hawick
TD9 8LH

These financial statements were authorised for issue by the director on 2 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company is not directly impacted by Brexit.

The company has suffered financially from the pandemic. Where appropriate, government support in the forms of grants and loans were used to mitigate the impact of lockdowns etc. The directors will continue to assess the impact of the pandemic and make decisions accordingly.

The financial statements are presented in Sterling (£) and rounded to the nearest £0.

Judgements

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included:

Useful economic lives of tangible assets – the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the assets.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

 

Stablecroft Conference Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Stablecroft Conference Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of it’s liabilities.
 Recognition and measurement
Where shares are issued, any component that creates, a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expenses in the profit and loss account.
 Impairment
At the end of each reporting period financial instruments measured at fair value are assessed for objective evidence of impairment. The impairment loss is recognised in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2021 - 2).

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2021

14,959

14,959

Additions

489

489

At 31 March 2022

15,448

15,448

Depreciation

At 1 April 2021

14,211

14,211

Charge for the year

210

210

At 31 March 2022

14,421

14,421

Carrying amount

At 31 March 2022

1,027

1,027

At 31 March 2021

748

748

5

Stocks

2022
£

2021
£

Other inventories

189

710

6

Debtors

Current

2022
£

2021
£

Trade debtors

1,662

-

Other debtors

1,900

7,834

 

3,562

7,834

 

Stablecroft Conference Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

4,044

6,000

Trade creditors

 

4,588

6,758

Taxation and social security

 

573

133

Accruals and deferred income

 

880

880

Other creditors

 

-

13

 

10,085

13,784

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

13,181

3,500

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

9

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

13,181

3,500

2022
£

2021
£

Current loans and borrowings

Bank borrowings

4,044

6,000