Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-302022-07-01falseThe principal activity of the company continued to be that of supplies to the autmotive body repair and refinish industry.2825truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01506945 2022-07-01 2023-06-30 01506945 2021-07-01 2022-06-30 01506945 2023-06-30 01506945 2022-06-30 01506945 c:Director1 2022-07-01 2023-06-30 01506945 d:Buildings d:ShortLeaseholdAssets 2022-07-01 2023-06-30 01506945 d:Buildings d:ShortLeaseholdAssets 2023-06-30 01506945 d:Buildings d:ShortLeaseholdAssets 2022-06-30 01506945 d:LandBuildings 2023-06-30 01506945 d:LandBuildings 2022-06-30 01506945 d:PlantMachinery 2022-07-01 2023-06-30 01506945 d:PlantMachinery 2023-06-30 01506945 d:PlantMachinery 2022-06-30 01506945 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 01506945 d:MotorVehicles 2022-07-01 2023-06-30 01506945 d:MotorVehicles 2023-06-30 01506945 d:MotorVehicles 2022-06-30 01506945 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 01506945 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 01506945 d:CurrentFinancialInstruments 2023-06-30 01506945 d:CurrentFinancialInstruments 2022-06-30 01506945 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 01506945 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 01506945 d:ShareCapital 2023-06-30 01506945 d:ShareCapital 2022-06-30 01506945 d:OtherMiscellaneousReserve 2023-06-30 01506945 d:OtherMiscellaneousReserve 2022-06-30 01506945 d:RetainedEarningsAccumulatedLosses 2023-06-30 01506945 d:RetainedEarningsAccumulatedLosses 2022-06-30 01506945 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 01506945 d:AcceleratedTaxDepreciationDeferredTax 2022-06-30 01506945 c:OrdinaryShareClass3 2022-07-01 2023-06-30 01506945 c:OrdinaryShareClass3 2023-06-30 01506945 c:OrdinaryShareClass4 2022-07-01 2023-06-30 01506945 c:OrdinaryShareClass4 2023-06-30 01506945 c:OrdinaryShareClass5 2022-07-01 2023-06-30 01506945 c:OrdinaryShareClass5 2023-06-30 01506945 c:FRS102 2022-07-01 2023-06-30 01506945 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 01506945 c:FullAccounts 2022-07-01 2023-06-30 01506945 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 01506945 d:WithinOneYear 2023-06-30 01506945 d:WithinOneYear 2022-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01506945










STANNERS EQUIPMENT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
STANNERS EQUIPMENT LIMITED
REGISTERED NUMBER: 01506945

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
540,441
428,172

  
540,441
428,172

Current assets
  

Stocks
 5 
1,301,766
1,089,238

Debtors: amounts falling due within one year
 6 
679,201
703,927

Cash at bank and in hand
 7 
1,213,316
1,171,104

  
3,194,283
2,964,269

Creditors: amounts falling due within one year
 8 
(699,657)
(602,871)

Net current assets
  
 
 
2,494,626
 
 
2,361,398

Total assets less current liabilities
  
3,035,067
2,789,570

Provisions for liabilities
  

Deferred tax
 9 
(97,784)
(107,043)

  
 
 
(97,784)
 
 
(107,043)

Net assets
  
2,937,283
2,682,527


Capital and reserves
  

Called up share capital 
 10 
1,500
1,500

Other reserves
  
175,500
175,500

Profit and loss account
  
2,760,283
2,505,527

  
2,937,283
2,682,527


Page 1

 
STANNERS EQUIPMENT LIMITED
REGISTERED NUMBER: 01506945
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 November 2023.




J D Stanners
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
STANNERS EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Stanners Equipment Limited is a private company, company number 01506945, limited by shares incorporated in England and Wales. The registered office and business address is Coopies Lane, Morpeth, Northumberland, NE61 6JN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The company has cash resources and no requirement for external funding. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
STANNERS EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, see below.

Depreciation is provided on the following basis:

Short-term leasehold property
-
2.33% straight line
Plant and equipment
-
10%, 20% and 33.3% straight line
Motor vehicles
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
STANNERS EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 5

 
STANNERS EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.13

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.14

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

Page 6

 
STANNERS EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 28 (2022 - 25).

Page 7

 
STANNERS EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Tangible fixed assets





Short-term leasehold property
Plant and equipment
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 July 2022
-
507,721
516,013
1,023,734


Additions
100,359
9,979
172,517
282,855


Disposals
-
(341)
(155,182)
(155,523)



At 30 June 2023

100,359
517,359
533,348
1,151,066



Depreciation


At 1 July 2022
-
423,681
171,881
595,562


Charge for the year on owned assets
1,361
32,206
95,549
129,116


Disposals
-
(341)
(113,712)
(114,053)



At 30 June 2023

1,361
455,546
153,718
610,625



Net book value



At 30 June 2023
98,998
61,813
379,630
540,441



At 30 June 2022
-
84,040
344,132
428,172




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Short leasehold
98,998
-

98,998
-


Page 8

 
STANNERS EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
1,301,766
1,089,238

1,301,766
1,089,238



6.


Debtors

2023
2022
£
£


Trade debtors
576,228
585,441

Amounts owed by group undertakings
6,214
-

Other debtors
550
1,424

Prepayments and accrued income
96,209
117,062

679,201
703,927



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,213,316
1,171,104

1,213,316
1,171,104



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
271,103
328,303

Corporation tax
102,206
21,964

Other taxation and social security
156,358
53,243

Other creditors
68,746
84,720

Accruals and deferred income
101,244
114,641

699,657
602,871


Page 9

 
STANNERS EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

9.


Deferred taxation




2023


£






At beginning of year
(107,043)


Charged to profit or loss
9,259



At end of year
(97,784)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(97,784)
(107,043)

(97,784)
(107,043)


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



615 A Ordinary shares of £1 each
615
615
600 B Ordinary shares of £1 each
600
600
285 C Ordinary shares of £1 each
285
285

1,500

1,500


Each type of share class is worth an equal amount with dividends paid to the shareholders based on the number of shares held.


11.


Other reserves

2023
2022
£
£
175,500 preference shares of £1 each (2022: 175,500 of £1 each)

175,500

175,500
 
175,500

175,500
 



Page 10

 
STANNERS EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £52,718 (2022: £24,342). Contributions of £4,469 were payable to the fund at the year end (2022: £4,288).


13.


Commitments under operating leases

At 30 June 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Total commitment
254,583
319,583

254,583
319,583


14.


Related party transactions

At the year end £nil (2022: £1,421) was owed to the Company by directors, which is included in other debtors. 
At the year end £64,275 (2022: £80,433) was owed by the Company to directors, which is included in other creditors. 
J D Stanners and J W M Stanners are also trustees of a pension fund which owns the property occupied by the company. Rent of £65,000 (2022: £65,000) was paid to the pension fund during the year. 

Page 11