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Registration number: NI038933

J Stockdale & Son Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

J Stockdale & Son Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 15

 

J Stockdale & Son Limited

Company Information

Directors

Mrs Betty Stockdale

Mr Raymond Stockdale

Mrs Kathy Jayne Stockdale

Mr James Stockdale

Company secretary

Mrs Betty Stockdale

Registered office

74 Drumgrannon Road
Moy
Co Tyrone
BT71 7DY

Accountants

Thomas Oliver & Associates Ltd
Certified Public Accountants
1 Moygashel Mills Park
Dungannon
Co Tyrone
BT71 7DH

 

J Stockdale & Son Limited

Directors' Report for the Year Ended 31 August 2023

The directors present their report and the financial statements for the year ended 31 August 2023.

Directors of the company

The directors who held office during the year were as follows:

Mrs Betty Stockdale - Company secretary and director

Mr Raymond Stockdale

Mrs Kathy Jayne Stockdale

Mr James Stockdale

Principal activity

The principal activity of the company is road haulage

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 11 October 2023 and signed on its behalf by:
 

.........................................
Mr Raymond Stockdale
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
J Stockdale & Son Limited
for the Year Ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of J Stockdale & Son Limited for the year ended 31 August 2023 as set out on pages 4 to 15 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 J Stockdale & Son 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 J Stockdale & Son Limited and state those matters that we have agreed to state to the Board of Directors of J Stockdale & Son Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J Stockdale & Son Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that J Stockdale & Son 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 J Stockdale & Son Limited. You consider that J Stockdale & Son 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 J Stockdale & Son 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.

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

Thomas Oliver & Associates Ltd
Certified Public Accountants
1 Moygashel Mills Park
Dungannon
Co Tyrone
BT71 7DH

11 October 2023

 

J Stockdale & Son Limited

Profit and Loss Account for the Year Ended 31 August 2023

Note

2023
£

2022
£

Turnover

 

1,386,367

1,273,746

Cost of sales

 

(1,168,957)

(1,063,833)

Gross profit

 

217,410

209,913

Administrative expenses

 

17,779

(16,386)

Other operating income

 

925

1,169

Operating profit

 

236,114

194,696

Other interest receivable and similar income

 

5,403

123

Interest payable and similar expenses

 

(1)

(517)

   

5,402

(394)

Profit before tax

241,516

194,302

Tax on profit

 

(50,080)

(30,134)

Profit for the financial year

 

191,436

164,168

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

J Stockdale & Son Limited

Statement of Comprehensive Income for the Year Ended 31 August 2023

2023
£

2022
£

Profit for the year

191,436

164,168

Total comprehensive income for the year

191,436

164,168

 

J Stockdale & Son Limited

(Registration number: NI038933)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

431,236

345,158

Current assets

 

Stocks

5

20,465

29,436

Debtors

6

291,139

261,883

Cash at bank and in hand

 

577,531

601,335

 

889,135

892,654

Creditors: Amounts falling due within one year

7

(287,546)

(322,684)

Net current assets

 

601,589

569,970

Total assets less current liabilities

 

1,032,825

915,128

Provisions for liabilities

(81,608)

(60,897)

Net assets

 

951,217

854,231

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

950,217

853,231

Shareholders' funds

 

951,217

854,231

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 October 2023 and signed on its behalf by:
 

 

J Stockdale & Son Limited

(Registration number: NI038933)
Balance Sheet as at 31 August 2023

.........................................
Mr Raymond Stockdale
Director

 

J Stockdale & Son Limited

Statement of Changes in Equity for the Year Ended 31 August 2023

Share capital
£

Retained earnings
£

Total
£

At 1 September 2022

1,000

853,231

854,231

Profit for the year

-

191,436

191,436

Dividends

-

(94,450)

(94,450)

At 31 August 2023

1,000

950,217

951,217

Share capital
£

Retained earnings
£

Total
£

At 1 September 2021

1,000

774,063

775,063

Profit for the year

-

164,168

164,168

Dividends

-

(85,000)

(85,000)

At 31 August 2022

1,000

853,231

854,231

 

J Stockdale & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

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

The address of its registered office is:
74 Drumgrannon Road
Moy
Co Tyrone
BT71 7DY

These financial statements were authorised for issue by the Board on 11 October 2023.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

J Stockdale & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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 & Machinery

25% Reducing Balance

Fixtures & Fittings

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.

 

J Stockdale & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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.

 

J Stockdale & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 9).

 

J Stockdale & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2022

40,473

61,121

1,654,223

1,755,817

Additions

-

-

217,000

217,000

Disposals

-

-

(163,546)

(163,546)

At 31 August 2023

40,473

61,121

1,707,677

1,809,271

Depreciation

At 1 September 2022

27,591

36,049

1,347,019

1,410,659

Charge for the year

1,188

6,268

77,260

84,716

Eliminated on disposal

-

-

(117,340)

(117,340)

At 31 August 2023

28,779

42,317

1,306,939

1,378,035

Carrying amount

At 31 August 2023

11,694

18,804

400,738

431,236

At 31 August 2022

12,882

25,072

307,204

345,158

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

20,465

29,436

6

Debtors

Current

2023
£

2022
£

Trade debtors

262,376

231,757

Prepayments

15,524

14,645

Other debtors

13,239

15,481

 

291,139

261,883

7

Creditors

Creditors: amounts falling due within one year

 

J Stockdale & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

-

93,425

Trade creditors

 

91,868

55,282

Taxation and social security

 

77,241

63,476

Accruals and deferred income

 

10,410

8,810

Other creditors

 

108,027

101,691

 

287,546

322,684

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Share of £1 each

1,000

1,000

1,000

1,000

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

-

93,425

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £94.45 (2022 - £85.00) per each Ordinary Share

 

94,450

 

85,000

         

11

Related party transactions

 

J Stockdale & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

17,096

16,625

Contributions paid to money purchase schemes

24,000

110,000

41,096

126,625