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Registration number: NI622354

Stix and Stones (NI) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Stix and Stones (NI) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Stix and Stones (NI) Ltd

Company Information

Director

Mr John Trainor

Registered office

41 Ballykeel Road
Rathfriland
NEWRY
BT34 5AZ

Accountants

McKeague Morgan & Company
27 College Gardens
Belfast
BT9 6BS

 

Stix and Stones (NI) Ltd

(Registration number: NI622354)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

154,320

79,502

Current assets

 

Stocks

5

63,085

37,000

Debtors

6

28,026

8,252

Cash at bank and in hand

 

135,313

319,613

 

226,424

364,865

Creditors: Amounts falling due within one year

7

(362,552)

(396,401)

Net current liabilities

 

(136,128)

(31,536)

Total assets less current liabilities

 

18,192

47,966

Creditors: Amounts falling due after more than one year

7

(12,746)

(32,260)

Net assets

 

5,446

15,706

Capital and reserves

 

Called up share capital

300

300

Profit and loss account

5,146

15,406

Total equity

 

5,446

15,706

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Stix and Stones (NI) Ltd

(Registration number: NI622354)
Balance Sheet as at 30 April 2023

Approved and authorised by the director on 8 February 2024
 

.........................................

Mr John Trainor
Director

 

Stix and Stones (NI) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
41 Ballykeel Road
Rathfriland
NEWRY
BT34 5AZ

These financial statements were authorised for issue by the director on 8 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Stix and Stones (NI) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Stix and Stones (NI) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 34 (2022 - 30).

 

Stix and Stones (NI) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

336,076

-

336,076

Additions

89,348

24,050

113,398

At 30 April 2023

425,424

24,050

449,474

Depreciation

At 1 May 2022

256,574

-

256,574

Charge for the year

33,770

4,810

38,580

At 30 April 2023

290,344

4,810

295,154

Carrying amount

At 30 April 2023

135,080

19,240

154,320

At 30 April 2022

79,502

-

79,502

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

63,085

37,000

6

Debtors

2023
£

2022
£

Trade debtors

19,774

-

Other debtors

8,252

8,252

28,026

8,252

 

Stix and Stones (NI) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

18,627

8,870

Trade creditors

 

110,973

94,915

Corporation tax liability

 

104,033

125,636

Taxation and social security

 

87,406

109,250

Accruals and deferred income

 

41,513

57,730

 

362,552

396,401

Due after one year

 

Loans and borrowings

9

12,746

32,260

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

300

300

300

300

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

18,627

8,870

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

12,746

32,260