Company registration number 01699226 (England and Wales)
STOCKS & SONS SKIP HIRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
STOCKS & SONS SKIP HIRE LIMITED
COMPANY INFORMATION
Directors
Mr D A Stocks
Mr A M Stocks
Company number
01699226
STOCKS & SONS SKIP HIRE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
STOCKS & SONS SKIP HIRE LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
255,754
343,961
Current assets
Stocks
55,000
40,000
Debtors
4
224,364
235,139
Cash at bank and in hand
6,453
260
285,817
275,399
Creditors: amounts falling due within one year
5
(302,957)
(293,339)
Net current liabilities
(17,140)
(17,940)
Total assets less current liabilities
238,614
326,021
Creditors: amounts falling due after more than one year
6
(85,744)
(162,335)
Provisions for liabilities
(45,276)
(35,529)
Net assets
107,594
128,157
Capital and reserves
Called up share capital
4
4
Profit and loss reserves
107,590
128,153
Total equity
107,594
128,157
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 31 July 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.
STOCKS & SONS SKIP HIRE LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 November 2023 and are signed on its behalf by:
Mr D A Stocks
Mr A M Stocks
Director
Director
Company Registration No. 01699226
STOCKS & SONS SKIP HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information
Stocks & Sons Skip Hire Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Gothers Hill, St Dennis, St Austell, Cornwall, PL26 8DQ.
1.1
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.
1.2
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
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.
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:
Freehold buildings
2% per annum on the straight line method
Plant and equipment
25% per annum on the reducing balance method
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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are stated at the lower of cost, using the first in first out method, and estimated selling price less costs to complete and sell after making due allowance for obsolete and slow moving stock.
1.6
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
STOCKS & SONS SKIP HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
12
12
STOCKS & SONS SKIP HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
3
Tangible fixed assets
Freehold buildings
Plant and equipment
Total
£
£
£
Cost
At 1 August 2022
6,963
1,062,680
1,069,643
Additions
10,182
10,182
Disposals
(115,830)
(115,830)
At 31 July 2023
6,963
957,032
963,995
Depreciation and impairment
At 1 August 2022
725,682
725,682
Depreciation charged in the year
82,928
82,928
Eliminated in respect of disposals
(100,369)
(100,369)
At 31 July 2023
708,241
708,241
Carrying amount
At 31 July 2023
6,963
248,791
255,754
At 31 July 2022
6,963
336,998
343,961
Plant and equipment with a carrying value of £170,665 (2022: £250,897) are held under hire purchase contracts.
Total assets have been pledged to secure borrowings of the company. See note 5.
4
Debtors: amounts falling due within one year
2023
2022
£
£
Trade debtors
193,089
210,076
Other debtors
31,275
25,063
224,364
235,139
STOCKS & SONS SKIP HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank overdraft (secured)
92,463
65,414
Trade creditors
77,755
82,998
Taxation and social security
29,098
37,573
Other creditors
103,641
107,354
302,957
293,339
The bank overdraft is secured by fixed and floating charges over the whole assets of the company.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
85,744
162,335
Hire purchase agreements are secured against the assets to which they relate. The outstanding amount at 31 July 2023 was £161,976 (2022: £254,816). See note 3.