Registered number
09148059
I R Stevens Ltd
Unaudited Filleted Accounts
31 July 2023
I R Stevens Ltd
Registered number: 09148059
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 1,000 2,000
Tangible assets 4 798,572 402,176
799,572 404,176
Current assets
Debtors 5 220,535 94,526
Cash at bank and in hand 306,735 31,443
527,270 125,969
Creditors: amounts falling due within one year 6 (272,158) (132,469)
Net current assets/(liabilities) 255,112 (6,500)
Total assets less current liabilities 1,054,684 397,676
Creditors: amounts falling due after more than one year 7 (288,392) (181,734)
Net assets 766,292 215,942
Capital and reserves
Called up share capital 100 100
Profit and loss account 766,192 215,842
Shareholders' funds 766,292 215,942
The director is 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 director acknowledges his 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.
I R Stevens
Director
Approved by the board on 4 April 2024
I R Stevens Ltd
Notes to the Accounts
for the year ended 31 July 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery 15% and 33% reducing balance basis
Motor vehicles 25% reducing balance basis
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.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2022 10,000
At 31 July 2023 10,000
Amortisation
At 1 August 2022 8,000
Provided during the year 1,000
At 31 July 2023 9,000
Net book value
At 31 July 2023 1,000
At 31 July 2022 2,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2022 514,602 46,200 560,802
Additions 594,331 125,490 719,821
Disposals (190,500) (46,200) (236,700)
At 31 July 2023 918,433 125,490 1,043,923
Depreciation
At 1 August 2022 127,044 31,582 158,626
Charge for the year 124,306 31,373 155,679
On disposals (37,372) (31,582) (68,954)
At 31 July 2023 213,978 31,373 245,351
Net book value
At 31 July 2023 704,455 94,117 798,572
At 31 July 2022 387,558 14,618 402,176
5 Debtors 2023 2022
£ £
Trade debtors 146,036 47,751
Other debtors 74,499 46,775
220,535 94,526
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 8,550 8,743
Obligations under finance lease and hire purchase contracts 145,243 97,080
Taxation and social security costs 102,286 10,641
Other creditors 16,079 16,005
272,158 132,469
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 16,897 25,217
Obligations under finance lease and hire purchase contracts 271,495 156,517
288,392 181,734
8 Related party transactions
At the balance sheet date Mr I R Stevens (director) was owed £146 (2022: £375) by the company.
9 Controlling party
The company is under the control of Mr I R Stevens (director) who, together with family interests, owns 100% of the issued share capital.
10 Other information
I R Stevens Ltd is a private company limited by shares and incorporated in England. Its registered office is:
38 Middlehill Road
Colehill
Wimborne
Dorset
BH21 2SE
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