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COMPANY REGISTRATION NUMBER: 03836802
David Stock & Co Limited
Filleted Unaudited Financial Statements
31 October 2023
David Stock & Co Limited
Financial Statements
Year ended 31 October 2023
Contents
Page
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
David Stock & Co Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of David Stock & Co Limited
Year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of David Stock & Co Limited for the year ended 31 October 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of David Stock & Co Limited. Our work has been undertaken solely to prepare for your approval the financial statements of David Stock & Co Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than David Stock & Co Limited and its director for our work or for this report.
It is your duty to ensure that David Stock & Co 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 loss of David Stock & Co Limited. You consider that David Stock & Co Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of David Stock & Co Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
WALTER HUNTER & CO LIMITED Chartered accountants
24 Bridge Street Newport South Wales NP20 4SF
11 March 2024
David Stock & Co Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
361,600
313,900
Current assets
Debtors
6
14,112
20,000
Cash at bank and in hand
84
5,643
--------
--------
14,196
25,643
Creditors: amounts falling due within one year
7
48,560
29,401
--------
--------
Net current liabilities
34,364
3,758
---------
---------
Total assets less current liabilities
327,236
310,142
Creditors: amounts falling due after more than one year
8
239,642
258,720
Provisions
Taxation including deferred tax
37,304
18,355
Other provisions
1,000
1,000
--------
--------
38,304
19,355
---------
---------
Net assets
49,290
32,067
---------
---------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
111,574
77,766
Profit and loss account
( 62,384)
( 45,799)
---------
--------
Shareholders funds
49,290
32,067
---------
--------
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 comprehensive income has not been delivered.
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
David Stock & Co Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 11 March 2024 , and are signed on behalf of the board by:
Mr D Stock
Director
Company registration number: 03836802
David Stock & Co Limited
Notes to the Financial Statements
Year ended 31 October 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 24 Bridge Street, Newport, NP20 4SF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Director is confident that the company remains a going concern and will continue to trade for at least 12 months from the date that these financial statements have been signed.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. On transition to FRS102 section 35.10d was applied in relation to the properties. The previous revaluations of the properties, as at 31 October 2015, have been used as the 'deemed cost' on transition. Deferred tax is recognised on the increase in value due to using 'deemed cost' and has been calculated at the rate expected to apply when the properties are sold. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 6 ).
5. Tangible assets
Freehold Property
Equipment
Total
£
£
£
Cost or valuation
At 1 November 2022
365,000
31,094
396,094
Revaluations
55,000
55,000
---------
--------
---------
At 31 October 2023
420,000
31,094
451,094
---------
--------
---------
Depreciation
At 1 November 2022
51,100
31,094
82,194
Charge for the year
7,300
7,300
---------
--------
---------
At 31 October 2023
58,400
31,094
89,494
---------
--------
---------
Carrying amount
At 31 October 2023
361,600
361,600
---------
--------
---------
At 31 October 2022
313,900
313,900
---------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
11,199
Other debtors
2,913
20,000
--------
--------
14,112
20,000
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
47,687
17,648
Social security and other taxes
654
1,554
Other creditors
219
10,199
--------
--------
48,560
29,401
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
229,642
248,720
Other creditors
10,000
10,000
---------
---------
239,642
258,720
---------
---------
9. Director's advances, credits and guarantees
The company was under the control of Mr David Stock throughout the current and previous year. Mr Stock is the managing director and, who, with his spouse owns 100% of the company's share capital. At the year end the director owed £1,202 to the company (2022: owed £9,534 to the company).
10. Related party transactions
No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102.