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Registration number: 10057220

Stephen Perry Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Stephen Perry Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Stephen Perry Limited

(Registration number: 10057220)
Balance Sheet as at 31 March 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

5

 

2,087

 

1,183

Current assets

   

 

Debtors

6

102,511

 

73,632

 

Cash at bank and in hand

 

18,710

 

6,467

 

 

121,221

 

80,099

 

Creditors: Amounts falling due within one year

7

(84,683)

 

(56,065)

 

Net current assets

   

36,538

 

24,034

Total assets less current liabilities

   

38,625

 

25,217

Provisions for liabilities

 

(506)

 

(213)

Net assets

   

38,119

 

25,004

Capital and reserves

   

 

Called up share capital

8

90

 

90

 

Profit and loss account

38,029

 

24,914

 

Total equity

   

38,119

 

25,004

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 27 June 2023
 

.........................................
S J Perry
Director

 

Stephen Perry 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 and Wales.

The address of its registered office is:
c/o Watson Buckle Limited
York House
Cottingley Business Park
Bradford
West Yorkshire
BD16 1PE

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 were prepared in accordance with Financial Reporting Standard 102 including the disclosure and presentation requirements of Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The company's functional and presentation currency is pound sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably and (d) it is probable that future economic benefits will flow to the entity.

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 corporation 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.

 

Stephen Perry 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

Plant and machinery

20% straight line

Office equipment

20% straight line

Stocks

Work in progress includes direct materials and labour costs incurred on behalf of clients that have not yet been billed.

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.

 

Stephen Perry Limited

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

Financial instruments


Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 4 (2022 - 4).

4

Government grants

During the year the company has received grant income of £Nil (2022 - £14,127) in respect of the Coronavirus Job Retention Scheme.

 

Stephen Perry Limited

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

5

Tangible assets

Plant and machinery
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 April 2022

4,623

12,123

16,746

Additions

-

2,415

2,415

Disposals

(3,732)

(9,441)

(13,173)

At 31 March 2023

891

5,097

5,988

Depreciation

At 1 April 2022

4,623

10,940

15,563

Charge for the year

-

1,511

1,511

Eliminated on disposal

(3,732)

(9,441)

(13,173)

At 31 March 2023

891

3,010

3,901

Carrying amount

At 31 March 2023

-

2,087

2,087

At 31 March 2022

-

1,183

1,183

6

Debtors

Current

2023
£

2022
£

Trade debtors

99,329

73,416

Prepayments

493

201

Other debtors

2,689

15

 

102,511

73,632

7

Creditors

2023
 £

2022
 £

Due within one year

Loans and borrowings

23,393

1,904

Trade creditors

21,512

30,796

Other creditors

697

-

Social security and other taxes

16,699

12,135

Corporation tax liability

19,539

8,211

Accruals and deferred income

2,843

3,019

84,683

56,065

 

Stephen Perry Limited

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

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

75

75

75

75

Ordinary B shares of £1 each

5

5

5

5

Ordinary C shares of £1 each

5

5

5

5

Ordinary D shares of £1 each

5

5

5

5

 

90

90

90

90

9

Related party transactions

Expenditure with and payables to related parties

2023

Key management
£

Amounts payable to related party

23,393

2022

Key management
£

Amounts payable to related party

1,904