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Company Registration No. 07523300 (England and Wales)
Somerville Stone Ltd Unaudited accounts for the year ended 28 February 2023
Somerville Stone Ltd Unaudited accounts Contents
Page
Company information
3
Accountants' report
4
Statement of financial position
5
Notes to the accounts
6
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Somerville Stone Ltd Company Information for the year ended 28 February 2023
Directors
Darren Somerville Derek Somerville
Company Number
07523300 (England and Wales)
Registered Office
Darren Somerville 31 New Road East Portsmouth Hampshire PO2 7RR
Accountants
TaxSense Accountants Ltd 203 West Street Fareham Hants PO16 0EN
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Somerville Stone Ltd Accountants' report
Accountants' report to the board of directors of Somerville Stone Ltd on the preparation of the unaudited statutory accounts for the year ended 28 February 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Somerville Stone Ltd for the year ended 28 February 2023 as set out on pages 5 - 8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Somerville Stone Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Somerville Stone Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Somerville Stone Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Somerville Stone Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Somerville Stone Ltd. You consider that Somerville Stone Ltd 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 Somerville Stone Ltd. 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.
TaxSense Accountants Ltd 203 West Street Fareham Hants PO16 0EN 24 August 2023
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Somerville Stone Ltd Statement of financial position as at 28 February 2023
2023
2022
Notes
£
£
Fixed assets
Tangible assets
5
3,230
3,014
Current assets
Inventories
6,900
6,900
Debtors
6
38,826
1,007
Cash at bank and in hand
-
3,000
45,726
10,907
Creditors: amounts falling due within one year
7
(86,934)
(45,164)
Net current liabilities
(41,208)
(34,257)
Total assets less current liabilities
(37,978)
(31,243)
Creditors: amounts falling due after more than one year
8
(25,767)
(29,535)
Net liabilities
(63,745)
(60,778)
Capital and reserves
Called up share capital
9
2
2
Profit and loss account
(63,747)
(60,780)
Shareholders' funds
(63,745)
(60,778)
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 August 2023 and were signed on its behalf by
Darren Somerville Director Company Registration No. 07523300
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Somerville Stone Ltd Notes to the Accounts for the year ended 28 February 2023
1
Statutory information
Somerville Stone Ltd is a private company, limited by shares, registered in England and Wales, registration number 07523300. The registered office is Darren Somerville, 31 New Road East, Portsmouth, Hampshire, PO2 7RR.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25 % reducing balance
Computer equipment
25 % reducing balance
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. Goodwill - 20% straight line
4
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2022
20,000
At 28 February 2023
20,000
Amortisation
At 1 March 2022
20,000
At 28 February 2023
20,000
Net book value
At 28 February 2023
-
- 6 -
Somerville Stone Ltd Notes to the Accounts for the year ended 28 February 2023
5
Tangible fixed assets
Motor vehicles
Computer equipment
Total
£
£
£
Cost or valuation
At cost
At cost
At 1 March 2022
8,495
9,381
17,876
Additions
-
1,082
1,082
At 28 February 2023
8,495
10,463
18,958
Depreciation
At 1 March 2022
6,312
8,550
14,862
Charge for the year
546
320
866
At 28 February 2023
6,858
8,870
15,728
Net book value
At 28 February 2023
1,637
1,593
3,230
At 28 February 2022
2,183
831
3,014
6
Debtors
2023
2022
£
£
Amounts falling due within one year
VAT
-
1,007
Other debtors
38,826
-
38,826
1,007
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
79,325
15,910
VAT
16
-
Taxes and social security
73
678
Other creditors
7,520
8,179
Loans from directors
-
20,397
86,934
45,164
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
25,767
29,535
9
Share capital
2023
2022
£
£
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
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Somerville Stone Ltd Notes to the Accounts for the year ended 28 February 2023
10
Loans to directors
Brought Forward
Advance/ credit
Repaid
Carried Forward
£
£
£
£
Darren Somerville
Director current Account
(8,826)
(53,159)
(63,698)
1,713
Derek Somerville
Director current Account
(11,571)
(24,359)
(34,425)
(1,505)
(20,397)
(77,518)
(98,123)
208
11
Average number of employees
During the year the average number of employees was 5 (2022: 5).
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