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Registration number: 05785715

Stones Accountancy Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 April 2023

 

Stones Accountancy Limited

Contents

Company Information

1

Director's Report

2

Abridged Balance Sheet

3 to 11

Statement of Changes in Equity

5

Notes to the Unaudited Abridged Financial Statements

6

 

Stones Accountancy Limited

Company Information

Director

Mr Peter O'Donnell

Company secretary

Mrs Niki McNae

Registered office

5 North Court
Armstrong Road
Maidstone
Kent
ME15 6JZ

Accountants

Stones Accountancy Limited
Chartered Accountants
5 North Court
Armstrong Road
Maidstone
Kent
ME15 6JZ

 

Stones Accountancy Limited

Director's Report for the Year Ended 30 April 2023

The director presents his report and the abridged financial statements for the year ended 30 April 2023.

Director of the company

The director who held office during the year was as follows:

Mr Peter O'Donnell

Principal activity

The principal activity of the company is Chartered Accountants

Small companies provision statement

This report has 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.

Approved and authorised by the director on 27 November 2023
 

.........................................
Mr Peter O'Donnell
Director

 

Stones Accountancy Limited

(Registration number: 05785715)
Abridged Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

202,280

206,185

Tangible assets

6

6,179

4,977

 

208,459

211,162

Current assets

 

Stocks

7

31,886

12,930

Debtors

8

79,573

92,516

Cash at bank and in hand

 

9,068

1,361

 

120,527

106,807

Creditors: Amounts falling due within one year

(129,788)

(126,921)

Net current liabilities

 

(9,261)

(20,114)

Total assets less current liabilities

 

199,198

191,048

Creditors: Amounts falling due after more than one year

(83,361)

(93,267)

Net assets

 

115,837

97,781

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

115,617

115,617

Retained earnings

120

(17,936)

Shareholders' funds

 

115,837

97,781

For the financial year ending 30 April 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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 27 November 2023
 

 

Stones Accountancy Limited

(Registration number: 05785715)
Abridged Balance Sheet as at 30 April 2023

.........................................
Mr Peter O'Donnell
Director

 

Stones Accountancy Limited

Statement of Changes in Equity for the Year Ended 30 April 2023

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 May 2022

100

115,617

(17,936)

97,781

Profit for the year

-

-

19,051

19,051

Dividends

-

-

(995)

(995)

At 30 April 2023

100

115,617

120

115,837

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 May 2021

100

-

(46,586)

(46,486)

Profit for the year

-

-

40,275

40,275

Other comprehensive income

-

115,617

-

115,617

Total comprehensive income

-

115,617

40,275

155,892

Dividends

-

-

(11,625)

(11,625)

At 30 April 2022

100

115,617

(17,936)

97,781

 

Stones Accountancy Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

1

General information

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

The address of its registered office is:
5 North Court
Armstrong Road
Maidstone
Kent
ME15 6JZ
United Kingdom

The principal place of business is:
5 North Court
Armstrong Road
Maidstone
Kent
ME15 6JZ
United Kingdom

These financial statements were authorised for issue by the director on 27 November 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 abridged 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 abridged 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.

 

Stones Accountancy Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

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.

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

Fixtures and fittings

15% on Written Down Value

Office equipment

Three year straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Purchased goodwill

Five years straight line

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.

 

Stones Accountancy Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

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.

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.

 

Stones Accountancy Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

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.

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 7 (2022 - 7).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,956

2,112

Amortisation expense

3,905

11,612

5

Intangible assets

Total
£

Cost or valuation

At 1 May 2022

325,698

At 30 April 2023

325,698

Amortisation

At 1 May 2022

119,513

Amortisation charge

3,905

At 30 April 2023

123,418

Carrying amount

At 30 April 2023

202,280

At 30 April 2022

206,185

Intangible assets carried at revalued amounts

 

Stones Accountancy Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

The fair value of the company's Goodwill was revalued on 30 April 2022. An independent valuer was not involved.
The adjusted value reflects the underlying gross recurring fees of the practice.
Had this class of asset been measured on a historical cost basis, their carrying amount would have been £210,081 (2022 - £210,081).

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2022

13,629

13,629

Additions

3,158

3,158

At 30 April 2023

16,787

16,787

Depreciation

At 1 May 2022

8,652

8,652

Charge for the year

1,956

1,956

At 30 April 2023

10,608

10,608

Carrying amount

At 30 April 2023

6,179

6,179

At 30 April 2022

4,977

4,977

7

Stocks

2023
£

2022
£

Work in progress

31,886

12,930

8

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

Stones Accountancy Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

115,617

115,617

11

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £9.95 (2022 - £116.25) per ordinary share

 

995

 

11,625

         

12

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

19,750

17,616