Company registration number 3700794 (England and Wales)
S.T. MACHINERY SALES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
S.T. MACHINERY SALES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
S.T. MACHINERY SALES LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,048
Tangible assets
5
11,685
17,483
11,685
18,531
Current assets
Stocks
6
55,104
42,009
Debtors
7
61,060
61,458
Cash at bank and in hand
133,011
155,217
249,175
258,684
Creditors: amounts falling due within one year
8
(126,475)
(69,337)
Net current assets
122,700
189,347
Net assets
134,385
207,878
Capital and reserves
Called up share capital
124
124
Capital redemption reserve
77
77
Profit and loss reserves
134,184
207,677
Total equity
134,385
207,878
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 17 November 2023 and are signed on its behalf by:
Mr C Beckhurst
Mr J Beckhurst
Director
Director
Company Registration No. 3700794
S.T. MACHINERY SALES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023
28 February 2023
- 2 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2
Accounting policies
Company information
S.T. Machinery Sales Limited is a private company limited by shares incorporated in England and Wales. The registered office is 93 Leyland Trading Estate, Irthlingborough Road, Wellingborough, Northamptonshire, United Kingdom, NN8 1RT.
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.
2.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
2.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents & licences
20% reducing balance
2.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
S.T. MACHINERY SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
2
Accounting policies
(Continued)
- 3 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance
Fixtures and fittings
25% straight line
Computers
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
2.6
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and at bank.
2.7
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2.9
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
S.T. MACHINERY SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
4
Intangible fixed assets
Other
£
Cost
At 1 March 2022
12,723
Disposals
(12,723)
At 28 February 2023
Amortisation and impairment
At 1 March 2022
11,675
Amortisation charged for the year
1,048
Disposals
(12,723)
At 28 February 2023
Carrying amount
At 28 February 2023
At 28 February 2022
1,048
S.T. MACHINERY SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022
173,643
Additions
1,286
Disposals
(95,135)
At 28 February 2023
79,794
Depreciation and impairment
At 1 March 2022
156,160
Depreciation charged in the year
7,084
Eliminated in respect of disposals
(95,135)
At 28 February 2023
68,109
Carrying amount
At 28 February 2023
11,685
At 28 February 2022
17,483
6
Stocks
2023
2022
£
£
Stocks
55,104
42,009
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
54,948
54,611
Other debtors
6,112
6,847
61,060
61,458
S.T. MACHINERY SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
71,707
21,010
Corporation tax
3,235
14,385
Other taxation and social security
9,902
9,125
Other creditors
41,631
24,817
126,475
69,337