Registered number: 06441242
Steve Adams Cleaning Consumables Limited
Financial Statements
31 December 2022
Steve Adams Cleaning Consumables Limited
Registered number: 06441242
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 3 3
Tangible assets 4 10,588 11,787
10,591 11,790
Current assets
Stocks 18,750 18,684
Debtors 5 32,166 29,704
Cash at bank and in hand 25,786 24,589
76,702 72,977
Creditors: amounts falling due within one year 6 (26,333) (22,631)
Net current assets 50,369 50,346
Total assets less current liabilities 60,960 62,136
Provisions for liabilities (2,012) (2,240)
Net assets 58,948 59,896
Capital and reserves
Called up share capital 2 2
Profit and loss account 58,946 59,894
Shareholders' funds 58,948 59,896
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.
S G Adams
Director
Approved by the board on 7 September 2023
Steve Adams Cleaning Consumables Limited
Notes to the Accounts
for the year ended 31 December 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:
Motor vehicles 25% Reducing balance
Fixtures, fittings, tools and equipment 15% Reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2022 84,998
At 31 December 2022 84,998
Amortisation
At 1 January 2022 84,995
At 31 December 2022 84,995
Net book value
At 31 December 2022 3
At 31 December 2021 3
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2022 21,395 43,748 65,143
Additions 1,484 - 1,484
At 31 December 2022 22,879 43,748 66,627
Depreciation
At 1 January 2022 16,483 36,873 53,356
Charge for the year 963 1,720 2,683
At 31 December 2022 17,446 38,593 56,039
Net book value
At 31 December 2022 5,433 5,155 10,588
At 31 December 2021 4,912 6,875 11,787
5 Debtors 2022 2021
£ £
Trade debtors 30,610 28,318
Other debtors 1,556 1,386
32,166 29,704
6 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 8,630 8,868
Taxation and social security costs 11,453 10,946
Other creditors 6,250 2,817
26,333 22,631
7 Related party transactions
Included within other creditors due within one year is a loan from S G & S A Adams, the directors. The amount due at 31 December 2022 was £3,222 (2021: £2,257).
8 Other information
Steve Adams Cleaning Consumables Limited is a private company limited by shares and incorporated in England. Its registered office is:
Tawny Barn
Pontysgawrhyd
Meifod
Powys
SY22 6XT
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