Company registration number 14156525 (England and Wales)
TAVISTOCK STOVE & FIREPLACE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
TAVISTOCK STOVE & FIREPLACE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
TAVISTOCK STOVE & FIREPLACE LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 1 -
Notes
£
£
Fixed assets
Intangible assets
3
72,563
Tangible assets
4
20,890
93,453
Current assets
Stocks
123,656
Debtors
5
44,989
Cash at bank and in hand
161,066
329,711
Creditors: amounts falling due within one year
6
(321,023)
Net current assets
8,688
Total assets less current liabilities
102,141
Creditors: amounts falling due after more than one year
7
(5,447)
Provisions for liabilities
(5,223)
Net assets
91,471
Capital and reserves
Called up share capital
100
Profit and loss reserves
91,371
Total equity
91,471
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 Period ended 30 June 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 Period 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.
TAVISTOCK STOVE & FIREPLACE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 March 2024 and are signed on its behalf by:
Mrs C M Horn
Mr J Horn
Director
Director
Company Registration No. 14156525
TAVISTOCK STOVE & FIREPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
Tavistock Stove & Fireplace Limited is a private company limited by shares incorporated in England and Wales. The registered office is Parkfield, Markstone, Lifton, Devon, PL16 0HD. The principal place of business is 4 Vigo Bridge Road, Tavistock, Cornwall, PL19 0EY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 1A (small) “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 represents sales of goods less VAT and trade discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Website
20% straightline
1.5
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:
Plant and equipment
20% on reducing balance
Computers
20% on reducing balance
TAVISTOCK STOVE & FIREPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.6
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
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 current liabilities.
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.
TAVISTOCK STOVE & FIREPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
Number
Total
1
3
Intangible fixed assets
Goodwill
Website
Total
£
£
£
Cost
At 7 June 2022
Additions
77,300
525
77,825
At 30 June 2023
77,300
525
77,825
Amortisation and impairment
At 7 June 2022
Amortisation charged for the Period
5,153
109
5,262
At 30 June 2023
5,153
109
5,262
Carrying amount
At 30 June 2023
72,147
416
72,563
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 7 June 2022
Additions
26,348
At 30 June 2023
26,348
Depreciation and impairment
At 7 June 2022
Depreciation charged in the Period
5,458
At 30 June 2023
5,458
Carrying amount
At 30 June 2023
20,890
TAVISTOCK STOVE & FIREPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 6 -
5
Debtors
Amounts falling due within one year:
£
Trade debtors
40,033
Other debtors
4,956
44,989
6
Creditors: amounts falling due within one year
£
Trade creditors
99,447
Taxation and social security
27,606
Other creditors
193,970
321,023
Included within other creditors is £151,728 due to the Directors of the company. This loan is interest free and repayable on demand.
7
Creditors: amounts falling due after more than one year
£
Other creditors
5,447
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
£
2,820
9
Related party transactions
Transactions with related parties
Within Cost of sales are materials purchased of £8,533 from Markstone Granite a Partnership run by the Directors of the Company. These are at a discounted rate. The year end balance included in creditors is £5,332.