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REGISTERED NUMBER: 01710040 (England and Wales)


















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

STENNETTS LTD

STENNETTS LTD (REGISTERED NUMBER: 01710040)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


STENNETTS LTD

COMPANY INFORMATION
for the Year Ended 31 March 2023







DIRECTORS: S J Stennett
Mrs K M Ealham





SECRETARY: Mrs J M Stennett





REGISTERED OFFICE: Farnfield Yard
Gaston Gate
Guildford Road
Cranleigh
Surrey
GU6 8QZ





REGISTERED NUMBER: 01710040 (England and Wales)





ACCOUNTANTS: CLS Accountants Limited
Chartered Certified Accountants
2 Rythe Close
Esher
Surrey
KT10 9DD

STENNETTS LTD (REGISTERED NUMBER: 01710040)

STATEMENT OF FINANCIAL POSITION
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,893,796 5,540,291

CURRENT ASSETS
Stocks 41,786 39,994
Debtors 5 477,409 434,237
Cash at bank and in hand 24,495 3,986
543,690 478,217
CREDITORS
Amounts falling due within one year 6 1,949,813 1,972,816
NET CURRENT LIABILITIES (1,406,123 ) (1,494,599 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,487,673

4,045,692

CREDITORS
Amounts falling due after more than one
year

7

(2,047,220

)

(2,668,134

)

PROVISIONS FOR LIABILITIES (645,503 ) (599,190 )
NET ASSETS 794,950 778,368

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Retained earnings 694,950 678,368
SHAREHOLDERS' FUNDS 794,950 778,368

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

STENNETTS LTD (REGISTERED NUMBER: 01710040)

STATEMENT OF FINANCIAL POSITION - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 November 2023 and were signed on its behalf by:




S J Stennett - Director



Mrs K M Ealham - Director


STENNETTS LTD (REGISTERED NUMBER: 01710040)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Stennetts Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.


Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - not provided
Plant and machinery etc - 33% on cost, 15% on reducing balance and at variable rates on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

STENNETTS LTD (REGISTERED NUMBER: 01710040)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 11 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 591,440 9,290,655 9,882,095
Additions - 882,697 882,697
Disposals - (1,468,982 ) (1,468,982 )
At 31 March 2023 591,440 8,704,370 9,295,810
DEPRECIATION
At 1 April 2022 - 4,341,804 4,341,804
Charge for year - 996,874 996,874
Eliminated on disposal - (936,664 ) (936,664 )
At 31 March 2023 - 4,402,014 4,402,014
NET BOOK VALUE
At 31 March 2023 591,440 4,302,356 4,893,796
At 31 March 2022 591,440 4,948,851 5,540,291

Included in net book values of motor vehicles and plant & machinery are assets held under hire purchase contracts and finance leases totalling £971,020 and £2,826,212 (2022 - £1,005,622 and £3,645,167) respectively.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 426,919 386,837
Other debtors 50,490 47,400
477,409 434,237

STENNETTS LTD (REGISTERED NUMBER: 01710040)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 375,129 377,548
Hire purchase contracts 1,108,624 1,297,309
Trade creditors 242,425 208,523
Taxation and social security 111,685 23,563
Other creditors 111,950 65,873
1,949,813 1,972,816

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 181,361 243,694
Hire purchase contracts 1,865,859 2,424,440
2,047,220 2,668,134

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 10,043 17,603

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank overdrafts 312,532 313,996
Bank loans 243,958 307,246
Hire purchase contracts 2,974,483 3,721,749
3,530,973 4,342,991

The bank facility is secured by a fixed and floating charge over the assets of the company.

The hire purchase liabilities are secured on the assets concerned.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in the Directors' current account was a loan of £25,000 which was repayable to Mr S J Stennett. This loan was repayable on demand. An interest rate of 6% was charged on this loan.
The amount due to Mr S J Stennett at 31 March 2023 was £26,633 (2022 - £3,569).