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Registration number: 06258906

Stephens and Giles Carpenters Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Stephens and Giles Carpenters Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Stephens and Giles Carpenters Limited

Company Information

Director

Mr S Stephens

Company secretary

Mr S Stephens

Registered office

88 Downend Road
Downend
Bristol
BS16 5EE

Accountants

Newsham Hanson Accountants Limited
Accountant & Business Advisors
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

 

Stephens and Giles Carpenters Limited

(Registration number: 06258906)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

577,723

31,214

Investment property

5

190,000

190,000

 

767,723

221,214

Current assets

 

Stocks

6

136,000

191,000

Debtors

7

222,478

233,567

Cash at bank and in hand

 

345,743

544,644

 

704,221

969,211

Creditors: Amounts falling due within one year

8

(158,197)

(185,976)

Net current assets

 

546,024

783,235

Total assets less current liabilities

 

1,313,747

1,004,449

Creditors: Amounts falling due after more than one year

8

(341,311)

(45,194)

Net assets

 

972,436

959,255

Capital and reserves

 

Called up share capital

9

10

10

Retained earnings

972,426

959,245

Shareholders' funds

 

972,436

959,255

For the financial year ending 31 March 2023 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 his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 October 2023
 

 

Stephens and Giles Carpenters Limited

(Registration number: 06258906)
Balance Sheet as at 31 March 2023

.........................................
Mr S Stephens
Company secretary and director

 

Stephens and Giles Carpenters Limited

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

1

General information

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

The address of its registered office is:
88 Downend Road
Downend
Bristol
BS16 5EE

These financial statements were authorised for issue by the director on 25 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.

Tax

The tax expense for the period comprises current 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.

 

Stephens and Giles Carpenters Limited

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

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

Motor Vehicles

25% straight line basis

Office Equipment

25% straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Stephens and Giles Carpenters Limited

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

 

Stephens and Giles Carpenters Limited

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

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 the director) during the year, was 19 (2022 - 16).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

-

16,687

95,920

112,607

Additions

549,978

2,480

13,245

565,703

At 31 March 2023

549,978

19,167

109,165

678,310

Depreciation

At 1 April 2022

-

11,990

69,403

81,393

Charge for the year

-

2,578

16,616

19,194

At 31 March 2023

-

14,568

86,019

100,587

Carrying amount

At 31 March 2023

549,978

4,599

23,146

577,723

At 31 March 2022

-

4,697

26,517

31,214

Included within the net book value of tangible fixed assets is £nil (2021: £8,550) in respect of assets under under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £8,550 (2021: £8,550).

Included within the net book value of land and buildings above is £549,978 (2022 - £Nil) in respect of freehold land and buildings.
 

5

Investment properties

2023
£

At 1 April

190,000

At 31 March

190,000

 

Stephens and Giles Carpenters Limited

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate
determined annually by the director. The director uses observable market prices, adjusted if necessary for any
difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit
or loss.

There has been no valuation of investment property by an independent valuer.

6

Stocks

2023
£

2022
£

Work in progress

136,000

191,000

 

Stephens and Giles Carpenters Limited

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

7

debtors

Current

2023
£

2022
£

Trade debtors

192,558

212,088

Prepayments

9,386

3,137

Other debtors

20,534

18,342

 

222,478

233,567

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

2,969

2,969

trade creditors

 

91,958

100,881

Taxation and social security

 

28,506

33,475

Other creditors

 

34,764

48,651

 

158,197

185,976

Due after one year

 

Loans and borrowings

10

341,311

45,194

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

341,311

45,194

 

Stephens and Giles Carpenters Limited

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

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

10

10

10

10

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

333,642

34,557

Hire purchase contracts

7,669

10,637

341,311

45,194

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

2,969

2,969