Registered number
SC188910
Mike Stoane Lighting Limited
Filleted Accounts
30 September 2023
Mike Stoane Lighting Limited
Registered number: SC188910
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 134,436 124,900
Current assets
Stocks 884,625 731,553
Debtors 4 396,809 356,020
Cash at bank and in hand 787,062 734,898
2,068,496 1,822,471
Creditors: amounts falling due within one year 5 (879,158) (1,010,415)
Net current assets 1,189,338 812,056
Net assets 1,323,774 936,956
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 1,313,774 926,956
Shareholders' funds 1,323,774 936,956
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Hollingsbee
Director
Approved by the board on 8 April 2024
Mike Stoane Lighting Limited
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% reducing balance
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 59 45
3 Tangible fixed assets
Fixtures & Fittings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2022 193,415 468,335 82,620 744,370
Additions 22,108 32,240 - 54,348
At 30 September 2023 215,523 500,575 82,620 798,718
Depreciation
At 1 October 2022 177,608 401,009 40,853 619,470
Charge for the year 9,479 24,891 10,442 44,812
At 30 September 2023 187,087 425,900 51,295 664,282
Net book value
At 30 September 2023 28,436 74,675 31,325 134,436
At 30 September 2022 15,807 67,326 41,767 124,900
4 Debtors 2023 2022
£ £
Trade debtors 384,828 346,018
Other debtors 11,981 10,002
396,809 356,020
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 187,631 147,476
Taxation and social security costs 212,038 128,097
Other creditors 479,489 734,842
879,158 1,010,415
6 Related party transactions
Mike Stoane Lighting Employee Ownership Trust
The Trust became a shareholder of 6,500 shares in Mike Stoane Lighting Ltd during the previous period. The Trust is an Employee Ownership Trust (EOT), as defined in the Finance Act 2014 and is a section 86 Trust. The transaction consists of an initial payment to Mike Stoane of £1,950,000 for 6,000 shares in the form of £1,275,000 cash and Property Transfer valued at £675,000 which has been fulfilled during accounting period ended 30th September 2015. A further deferred consideration of £450,000 is due to be paid in sums of £30,000 annually over the ensuing 15 years. 500 Shares were also purchased from Emily Alston on the basis of £200,000 payable in sums of £40,000 annually over the ensuing 5 years.
7 Other information
Mike Stoane Lighting Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
20 Dryden Road
Bilston Glen Industrial Estate
Loanhead
Midlothian
EH20 9LZ
Mike Stoane Lighting Limited SC188910 false 2022-10-01 2023-09-30 2023-09-30 VT Final Accounts October 2023 release 2 D Hollingsbee No description of principal activity SC188910 2021-10-01 2022-09-30 SC188910 core:WithinOneYear 2022-09-30 SC188910 core:ShareCapital 2022-09-30 SC188910 core:RetainedEarningsAccumulatedLosses 2022-09-30 SC188910 2022-10-01 2023-09-30 SC188910 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 SC188910 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 SC188910 bus:Director40 2022-10-01 2023-09-30 SC188910 1 2022-10-01 2023-09-30 SC188910 2 2022-10-01 2023-09-30 SC188910 core:LandBuildings 2022-10-01 2023-09-30 SC188910 core:PlantMachinery 2022-10-01 2023-09-30 SC188910 core:Vehicles 2022-10-01 2023-09-30 SC188910 countries:England 2022-10-01 2023-09-30 SC188910 bus:FRS102 2022-10-01 2023-09-30 SC188910 bus:FullAccounts 2022-10-01 2023-09-30 SC188910 2023-09-30 SC188910 core:WithinOneYear 2023-09-30 SC188910 core:ShareCapital 2023-09-30 SC188910 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC188910 core:LandBuildings 2023-09-30 SC188910 core:PlantMachinery 2023-09-30 SC188910 core:Vehicles 2023-09-30 SC188910 2022-09-30 SC188910 core:LandBuildings 2022-09-30 SC188910 core:PlantMachinery 2022-09-30 SC188910 core:Vehicles 2022-09-30 iso4217:GBP xbrli:pure