Company registration number 04421340 (England and Wales)
STOCKDALE MARTIN LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
STOCKDALE MARTIN LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
STOCKDALE MARTIN LTD
BALANCE SHEET
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
5
32,679
2,250
Current assets
Debtors falling due after more than one year
199,493
210,085
Debtors falling due within one year
759,986
568,465
Cash at bank and in hand
468,114
537,323
1,427,593
1,315,873
Creditors: amounts falling due within one year
(629,490)
(587,759)
Net current assets
798,103
728,114
Total assets less current liabilities
830,782
730,364
Creditors: amounts falling due after more than one year
(324,274)
(350,436)
Provisions for liabilities
(8,170)
(428)
Net assets
498,338
379,500
STOCKDALE MARTIN LTD
BALANCE SHEET (CONTINUED)
2023
2022
as restated
Notes
£
£
£
£
- 2 -
Capital and reserves
Called up share capital
204
204
Profit and loss reserves
498,134
379,296
Total equity
498,338
379,500
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
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 year 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 year 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.
The financial statements were approved by the board of directors and authorised for issue on 6 March 2024 and are signed on its behalf by:
E J Martin
Ms T A Stockdale
Director
Director
Company Registration No. 04421340
STOCKDALE MARTIN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
Stockdale Martin Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 728 Capability Green, Luton, Bedfordshire, LU1 3LU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date of 30 June 202true3, the company had made a profit for the period and had net assets of £498,134.
The directors forecast a profit for the year ended 30 June 2024.
As a result, and taking into account current trading levels, the directors believe that the company will be able to continue in business and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
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. Revenue in respect of goods is recognised when the goods are invoiced.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion. The nature of the contracts for services entered into by the company means that the stage of completion is calculated by recognising revenue on a straight-line basis over the term of the contract.
1.4
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 has been amortised on a systematic basis over its expected life.
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.
STOCKDALE MARTIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
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 machinery
Fixtures, fittings & equipment
25% straight line
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
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities in the accounts. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities recognised on this basis in the balance sheet include trade and other debtors, cash and bank balances, trade, taxation and other creditors together with a bank loan.
All basic financial instruments are initially measured at transaction price and then carried at that amount less any provision for impairment, where relevant.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
STOCKDALE MARTIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In preparing these accounts the directors have given consideration to the effect on assets and liabilities at the balance sheet date. In respect of office equipment and debtors impairment was considered and adjustments made as necessary.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
20
18
STOCKDALE MARTIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
4
Intangible fixed assets
Total
£
Cost
At 1 July 2022 and 30 June 2023
30,000
Amortisation and impairment
At 1 July 2022 and 30 June 2023
30,000
Carrying amount
At 30 June 2023
At 30 June 2022
5
Tangible fixed assets
Total
£
Cost
At 1 July 2022
112,266
Additions
37,465
At 30 June 2023
149,731
Depreciation and impairment
At 1 July 2022
110,016
Depreciation charged in the year
7,036
At 30 June 2023
117,052
Carrying amount
At 30 June 2023
32,679
At 30 June 2022
2,250
6
Loans and overdrafts
2023
2022
£
£
Bank loans
29,990
40,004
Bank overdrafts
4,133
2,400
34,123
42,404
Payable within one year
14,139
12,415
Payable after one year
19,984
29,989
The bank overdraft facility is secured by a fixed and floating charge over the company's assets.
STOCKDALE MARTIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
7
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:
2023
2022
£
£
150,872
2,588
STOCKDALE MARTIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
8
Prior period adjustment
Changes to the balance sheet
At 30 June 2022
As previously reported
Adjustment
As restated
£
£
£
Creditors due within one year
Other creditors
(448,369)
(44,062)
(492,431)
Capital and reserves
Profit and loss
423,358
(44,062)
379,296
Changes to the profit and loss account
Period ended 30 June 2022
As previously reported
Adjustment
As restated
£
£
£
Exceptional items
-
(44,062)
(44,062)
Profit for the financial period
110,393
(44,062)
66,331