8 31/03/2023 2023-03-31 false false false false false false false false false false true false false true false false false false true true false No description of principal activities is disclosed 2022-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 7083992 2022-04-01 2023-03-31 7083992 2023-03-31 7083992 2022-03-31 7083992 2021-04-01 2022-03-31 7083992 2022-03-31 7083992 2021-03-31 7083992 core:IntangibleAssetsOtherThanGoodwill 2022-04-01 2023-03-31 7083992 core:PlantMachinery 2022-04-01 2023-03-31 7083992 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 7083992 core:MotorVehicles 2022-04-01 2023-03-31 7083992 core:OnerousContractsExcludingVacantProperties 2022-04-01 2023-03-31 7083992 bus:RegisteredOffice 2022-04-01 2023-03-31 7083992 bus:LeadAgentIfApplicable 2022-04-01 2023-03-31 7083992 bus:Director1 2022-04-01 2023-03-31 7083992 bus:Director2 2022-04-01 2023-03-31 7083992 core:NetGoodwill 2023-03-31 7083992 core:PlantMachinery 2022-03-31 7083992 core:FurnitureFittingsToolsEquipment 2022-03-31 7083992 core:PlantMachinery 2023-03-31 7083992 core:FurnitureFittingsToolsEquipment 2023-03-31 7083992 core:WithinOneYear 2023-03-31 7083992 core:WithinOneYear 2022-03-31 7083992 core:ShareCapital 2023-03-31 7083992 core:ShareCapital 2022-03-31 7083992 core:RetainedEarningsAccumulatedLosses 2023-03-31 7083992 core:RetainedEarningsAccumulatedLosses 2022-03-31 7083992 core:NetGoodwill 2022-03-31 7083992 core:PlantMachinery 2022-03-31 7083992 core:FurnitureFittingsToolsEquipment 2022-03-31 7083992 bus:Director1 2022-03-31 7083992 bus:Director1 2023-03-31 7083992 bus:Director2 2022-03-31 7083992 bus:Director2 2023-03-31 7083992 bus:Director1 2021-03-31 7083992 bus:Director1 2022-03-31 7083992 bus:Director2 2021-03-31 7083992 bus:Director2 2022-03-31 7083992 bus:Director1 2021-04-01 2022-03-31 7083992 bus:Director2 2021-04-01 2022-03-31 7083992 bus:SmallEntities 2022-04-01 2023-03-31 7083992 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 7083992 bus:FullAccounts 2022-04-01 2023-03-31 7083992 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 7083992 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 7083992 core:ComputerEquipment 2022-04-01 2023-03-31 7083992 core:ComputerEquipment 2022-03-31 7083992 core:ComputerEquipment 2023-03-31 7083992 14 2022-04-01 2023-03-31
Company registration number: 7083992
Stereo Interiors Limited
Unaudited filleted financial statements
31 March 2023
Stereo Interiors Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Notes to the financial statements
Stereo Interiors Limited
Directors and other information
Directors Mr MA Bennett
Mrs JS Angrave
Company number 7083992
Registered office 5 Bells Yew Green Business Centre
Bells Yew Green
East Sussex
TN3 9BJ
Business address 5 Bells Yew Green Business Centre
Bells Yew Green
East Sussex
TN3 9BJ
Accountant Mitchells
The Old Stables
Foxhole Lane
Wadhurst
East Sussex
TN5 6NB
Stereo Interiors Limited
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Stereo Interiors Limited
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Stereo Interiors Limited for the year ended 31 March 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Stereo Interiors Limited, as a body, in accordance with the terms of my engagement letter dated 1 December 2009. My work has been undertaken solely to prepare for your approval the financial statements of Stereo Interiors Limited and state those matters that we have agreed to state to the board of directors of Stereo Interiors Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Stereo Interiors Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Stereo Interiors Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Stereo Interiors Limited. You consider that Stereo Interiors Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Stereo Interiors Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Mitchells
Chartered Accountants
The Old Stables
Foxhole Lane
Wadhurst
East Sussex
TN5 6NB
17 November 2023
Stereo Interiors Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 2,560 1,451
_______ _______
2,560 1,451
Current assets
Stocks 120,644 113,348
Debtors 7 33,951 15,162
Cash at bank and in hand 675,715 628,933
_______ _______
830,310 757,443
Creditors: amounts falling due
within one year 8 ( 209,916) ( 203,996)
_______ _______
Net current assets 620,394 553,447
_______ _______
Total assets less current liabilities 622,954 554,898
_______ _______
Net assets 622,954 554,898
_______ _______
Capital and reserves
Called up share capital 300 300
Profit and loss account 622,654 554,598
_______ _______
Shareholders funds 622,954 554,898
_______ _______
For the 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.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 November 2023 , and are signed on behalf of the board by:
Mr MA Bennett
Director
Company registration number: 7083992
Stereo Interiors Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Bells Yew Green Business Centre, Bells Yew Green, East Sussex, TN3 9BJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Combined other intangible assets - 100 % straight line
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 8 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2022 and 31 March 2023 100,000 100,000
_______ _______
Amortisation
At 1 April 2022 and 31 March 2023 100,000 100,000
_______ _______
Carrying amount
At 31 March 2023 - -
_______ _______
At 31 March 2022 - -
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Computer equipment Total
£ £ £ £
Cost
At 1 April 2022 18,396 829 6,009 25,234
Additions - - 1,684 1,684
_______ _______ _______ _______
At 31 March 2023 18,396 829 7,693 26,918
_______ _______ _______ _______
Depreciation
At 1 April 2022 17,815 804 5,164 23,783
Charge for the year 146 7 422 575
_______ _______ _______ _______
At 31 March 2023 17,961 811 5,586 24,358
_______ _______ _______ _______
Carrying amount
At 31 March 2023 435 18 2,107 2,560
_______ _______ _______ _______
At 31 March 2022 581 25 845 1,451
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 30,836 12,047
Other debtors 3,115 3,115
_______ _______
33,951 15,162
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 99,092 116,790
Corporation tax 77,511 64,978
Social security and other taxes 29,682 17,701
Other creditors 3,631 4,527
_______ _______
209,916 203,996
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr MA Bennett ( 733) ( 14) ( 747)
Mrs JS Angrave ( 733) ( 14) ( 747)
_______ _______ _______
( 1,466) ( 28) ( 1,494)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr MA Bennett ( 581) ( 152) ( 733)
Mrs JS Angrave ( 581) ( 152) ( 733)
_______ _______ _______
( 1,162) ( 304) ( 1,466)
_______ _______ _______
10. Controlling party
The company is under the control of the directors by way of their 67% (2022-67%) shareholding.