Silverfin false 28/02/2023 01/03/2022 28/02/2023 D J Cronje 28/09/2016 29 November 2023 The principal activity of the Company during the financial year was design, manufacture and sale of metal products. 06121587 2023-02-28 06121587 bus:Director1 2023-02-28 06121587 2022-02-28 06121587 core:CurrentFinancialInstruments 2023-02-28 06121587 core:CurrentFinancialInstruments 2022-02-28 06121587 core:Non-currentFinancialInstruments 2023-02-28 06121587 core:Non-currentFinancialInstruments 2022-02-28 06121587 core:ShareCapital 2023-02-28 06121587 core:ShareCapital 2022-02-28 06121587 core:SharePremium 2023-02-28 06121587 core:SharePremium 2022-02-28 06121587 core:RetainedEarningsAccumulatedLosses 2023-02-28 06121587 core:RetainedEarningsAccumulatedLosses 2022-02-28 06121587 core:PatentsTrademarksLicencesConcessionsSimilar 2022-02-28 06121587 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2022-02-28 06121587 core:PatentsTrademarksLicencesConcessionsSimilar 2023-02-28 06121587 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-02-28 06121587 core:LandBuildings 2022-02-28 06121587 core:PlantMachinery 2022-02-28 06121587 core:Vehicles 2022-02-28 06121587 core:ComputerEquipment 2022-02-28 06121587 core:LandBuildings 2023-02-28 06121587 core:PlantMachinery 2023-02-28 06121587 core:Vehicles 2023-02-28 06121587 core:ComputerEquipment 2023-02-28 06121587 bus:OrdinaryShareClass1 2023-02-28 06121587 2022-03-01 2023-02-28 06121587 bus:FullAccounts 2022-03-01 2023-02-28 06121587 bus:SmallEntities 2022-03-01 2023-02-28 06121587 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 06121587 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 06121587 bus:Director1 2022-03-01 2023-02-28 06121587 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2022-03-01 2023-02-28 06121587 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2022-03-01 2023-02-28 06121587 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-01 2023-02-28 06121587 core:OtherResidualIntangibleAssets 2022-03-01 2023-02-28 06121587 core:LandBuildings 2022-03-01 2023-02-28 06121587 core:PlantMachinery 2022-03-01 2023-02-28 06121587 core:Vehicles 2022-03-01 2023-02-28 06121587 core:ComputerEquipment 2022-03-01 2023-02-28 06121587 2021-03-01 2022-02-28 06121587 core:LandBuildings 1 2022-03-01 2023-02-28 06121587 core:PlantMachinery 1 2022-03-01 2023-02-28 06121587 core:Vehicles 1 2022-03-01 2023-02-28 06121587 core:ComputerEquipment 1 2022-03-01 2023-02-28 06121587 1 2022-03-01 2023-02-28 06121587 core:Non-currentFinancialInstruments 2022-03-01 2023-02-28 06121587 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 06121587 bus:OrdinaryShareClass1 2021-03-01 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06121587 (England and Wales)

ANEVAY STOVES LIMITED

Unaudited Financial Statements
For the financial year ended 28 February 2023
Pages for filing with the registrar

ANEVAY STOVES LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2023

Contents

ANEVAY STOVES LIMITED

COMPANY INFORMATION

For the financial year ended 28 February 2023
ANEVAY STOVES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 28 February 2023
DIRECTOR D J Cronje
REGISTERED OFFICE Lowin House
Tregolls Road
Truro
TR1 2NA
United Kingdom
BUSINESS ADDRESS Unit 6
Cardrew Industrial Estate
Redruth
Cornwall
TR15 1SS
COMPANY NUMBER 06121587 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
ANEVAY STOVES LIMITED

BALANCE SHEET

As at 28 February 2023
ANEVAY STOVES LIMITED

BALANCE SHEET (continued)

As at 28 February 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 11,070 15,351
Tangible assets 4 84,368 48,620
95,438 63,971
Current assets
Stocks 5 262,839 355,643
Debtors 6 23,226 78,419
Cash at bank and in hand 6,966 2,531
293,031 436,593
Creditors: amounts falling due within one year 7 ( 387,000) ( 470,877)
Net current liabilities (93,969) (34,284)
Total assets less current liabilities 1,469 29,687
Creditors: amounts falling due after more than one year 8 ( 55,347) ( 3,802)
Net (liabilities)/assets ( 53,878) 25,885
Capital and reserves
Called-up share capital 9 200 200
Share premium account 49,970 49,970
Profit and loss account ( 104,048 ) ( 24,285 )
Total shareholder's (deficit)/funds ( 53,878) 25,885

For the financial year ending 28 February 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 financial statements of Anevay Stoves Limited (registered number: 06121587) were approved and authorised for issue by the Director on 29 November 2023. They were signed on its behalf by:

D J Cronje
Director
ANEVAY STOVES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
ANEVAY STOVES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Anevay Stoves Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom. The principal place of business is Unit 6, Cardrew Industrial Estate, Redruth, Cornwall, TR15 1SS.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £53,878. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 10 years straight line
Website costs 25 % reducing balance
Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 10 years which is their estimated useful economic life. Provision is made for any impairment.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings 25 % reducing balance
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 10 11

3. Intangible assets

Trademarks, patents
and licences
Website costs Total
£ £ £
Cost
At 01 March 2022 6,937 35,872 42,809
At 28 February 2023 6,937 35,872 42,809
Accumulated amortisation
At 01 March 2022 2,984 24,474 27,458
Charge for the financial year 694 3,587 4,281
At 28 February 2023 3,678 28,061 31,739
Net book value
At 28 February 2023 3,259 7,811 11,070
At 28 February 2022 3,953 11,398 15,351

4. Tangible assets

Land and buildings Plant and machinery Vehicles Computer equipment Total
£ £ £ £ £
Cost
At 01 March 2022 68,783 239,887 66,554 1,031 376,255
Additions 0 6,007 39,959 9,667 55,633
At 28 February 2023 68,783 245,894 106,513 10,698 431,888
Accumulated depreciation
At 01 March 2022 55,116 223,142 49,119 258 327,635
Charge for the financial year 3,417 4,580 10,186 1,702 19,885
0 0 0 0 0
At 28 February 2023 58,533 227,722 59,305 1,960 347,520
Net book value
At 28 February 2023 10,250 18,172 47,208 8,738 84,368
At 28 February 2022 13,667 16,745 17,435 773 48,620

5. Stocks

2023 2022
£ £
Stocks 262,839 355,643

6. Debtors

2023 2022
£ £
Trade debtors 19,310 71,156
Corporation tax 3,379 3,371
Other debtors 537 3,892
23,226 78,419

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 42,026 127,559
Trade creditors 58,268 79,883
Other taxation and social security 22,180 18,062
Obligations under finance leases and hire purchase contracts 19,101 25,454
Other creditors 245,425 219,919
387,000 470,877

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 22,500 0
Obligations under finance leases and hire purchase contracts 32,847 3,802
55,347 3,802

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
200 Ordinary Shares shares of £ 1.00 each 200 200