Stuart McBain Ltd
Registered number: 05068799
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 2,361 -
Tangible assets 4 7,711 12,991
10,072 12,991
Current assets
Debtors 5 248,843 244,418
Cash at bank and in hand 3,647 12,620
252,490 257,038
Creditors: amounts falling due within one year 6 (168,917) (179,454)
Net current assets 83,573 77,584
Total assets less current liabilities 93,645 90,575
Creditors: amounts falling due after more than one year 7 (37,500) (57,393)
Net assets 56,145 33,182
Capital and reserves
Called up share capital 1 1
Profit and loss account 56,144 33,181
Shareholders' funds 56,145 33,182
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.
Stuart McBain
Director
Approved by the board on 31 July 2024
Stuart McBain Ltd
Notes to the Accounts
for the year ended 31 March 2024
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 8
3 Intangible fixed assets £
Goodwill:
Cost
Additions 2,500
At 31 March 2024 2,500
Amortisation
Provided during the year 139
At 31 March 2024 139
Net book value
At 31 March 2024 2,361
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 26,136
At 31 March 2024 26,136
Depreciation
At 1 April 2023 13,145
Charge for the year 5,280
At 31 March 2024 18,425
Net book value
At 31 March 2024 7,711
At 31 March 2023 12,991
5 Debtors 2024 2023
£ £
Trade debtors 215,112 182,618
Loan to svara media ltd 4,000 4,000
Accruals 11,574 4,483
Work in Progress 1,000 1,000
Century Building Safety Deposit 2,750 2,750
Staff loans - 2,600
Other debtors 14,407 46,967
248,843 244,418
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 132,793 140,364
Corporation tax 5,428 24,255
Other taxes and social security costs 24,289 11,377
Other creditors 6,407 3,458
168,917 179,454
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 37,500 57,393
8 Other information
Stuart McBain Ltd is a private company limited by shares and incorporated in England. Its registered office is:
14 Century Building
Tower Street
Liverpool
L3 4BJ
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