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COMPANY REGISTRATION NUMBER: 00355454
Stedman Bros. (Events) Ltd
Filleted Unaudited Financial Statements
30 September 2023
Stedman Bros. (Events) Ltd
Financial Statements
Year ended 30 September 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Stedman Bros. (Events) Ltd
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
86,873
88,039
Investments
6
6,121
6,121
--------
--------
92,994
94,160
Current assets
Stocks
38,452
89,892
Debtors
7
43,704
188,029
Cash at bank and in hand
1,612,986
828,504
------------
------------
1,695,142
1,106,425
Creditors: amounts falling due within one year
8
971,489
598,451
------------
------------
Net current assets
723,653
507,974
---------
---------
Total assets less current liabilities
816,647
602,134
Creditors: amounts falling due after more than one year
9
2,307
53,076
---------
---------
Net assets
814,340
549,058
---------
---------
Stedman Bros. (Events) Ltd
Statement of Financial Position (continued)
30 September 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
750
750
Capital redemption reserve
750
750
Profit and loss account
812,840
547,558
---------
---------
Shareholders funds
814,340
549,058
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 1 May 2024 , and are signed on behalf of the board by:
Mr C B Stedman
Director
Company registration number: 00355454
Stedman Bros. (Events) Ltd
Notes to the Financial Statements
Year ended 30 September 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 25 Star Trading Estate, Ponthir Road, Caerleon, Newport, NP18 1PQ.
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 are prepared in sterling, which is the functional currency of the entity. The financial statements have been prepared on the historical cost basis.
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. 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 revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% p.a. reducing balance
Motor vehicles
-
25% p.a. reducing balance
Improvements to leasehold property
-
10% p.a. reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
To support businesses during the Covid-19 pandemic local and central Government have given businesses financial assistance through a variety of loans and grants. The total grants received in the year is shown as other operating income in the Statement of Comprehensive Income.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates a defined contribution pension scheme for Directors. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
In addition to the seven permanent employees the company also employs casual labour for events as and when required.
5. Tangible assets
Fixtures and fittings
Motor vehicles
Improvements to leasehold property
Total
£
£
£
£
Cost
At 1 October 2022
392,478
125,940
15,607
534,025
Additions
21,793
21,793
Disposals
( 43,551)
( 43,551)
---------
---------
--------
---------
At 30 September 2023
370,720
125,940
15,607
512,267
---------
---------
--------
---------
Depreciation
At 1 October 2022
359,051
86,907
29
445,987
Charge for the year
11,543
9,758
1,558
22,859
Disposals
( 43,452)
( 43,452)
---------
---------
--------
---------
At 30 September 2023
327,142
96,665
1,587
425,394
---------
---------
--------
---------
Carrying amount
At 30 September 2023
43,578
29,275
14,020
86,873
---------
---------
--------
---------
At 30 September 2022
33,427
39,033
15,578
88,038
---------
---------
--------
---------
6. Investments
Other investments other than loans
£
Cost
At 1 October 2022 and 30 September 2023
6,121
-------
Impairment
At 1 October 2022 and 30 September 2023
-------
Carrying amount
At 30 September 2023
6,121
-------
At 30 September 2022
6,121
-------
7. Debtors
2023
2022
£
£
Trade debtors
37,675
9,107
Other debtors
6,029
178,922
--------
---------
43,704
188,029
--------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
72,551
386,195
Corporation tax
137,770
23,823
Social security and other taxes
533,139
183,484
Pension
( 3,006)
Other creditors
228,029
7,955
---------
---------
971,489
598,451
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
50,000
Accruals and deferred income >1 year
2,307
3,076
-------
--------
2,307
53,076
-------
--------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr C B Stedman
5,000
( 150,000)
( 145,000)
Miss F L Stedman
( 75,000)
( 75,000)
-------
---------
---------
5,000
( 225,000)
( 220,000)
-------
---------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr C B Stedman
( 3,896)
8,896
5,000
Miss F L Stedman
-------
-------
-------
( 3,896)
8,896
5,000
-------
-------
-------
11. Related party transactions
The company was under the control of Mr C.B. Stedman for the year to 30th September 2023. As at 30th September 2023 the company owed Mr C B Stedman £145,000 (2022: Mr C B Stedman owed the company £5,000). As at 30th September 2023 the company owed Miss F L Stedman £75,000 (2022: Miss F L Stedman £nil).