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Registration number: SC431060

G & S Stevenson Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

G & S Stevenson Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

G & S Stevenson Ltd

Company Information

Directors

Mr John Ralph Stevenson

Mrs Elizabeth Stevenson

Registered office

Oregon
Maitland Place
Finstown
Orkney
KW17 2EQ

Accountants

Gray Associates
Ridgeways
Back Road
Stromness
Orkney
KW16 3DS

 

G & S Stevenson Ltd

(Registration number: SC431060)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

247,406

273,073

Other financial assets

75

75

 

247,481

273,148

Current assets

 

Stocks

5

187,361

190,553

Debtors

6

11,821

10,132

Cash at bank and in hand

 

55,026

89,675

 

254,208

290,360

Creditors: Amounts falling due within one year

7

(340,088)

(418,423)

Net current liabilities

 

(85,880)

(128,063)

Total assets less current liabilities

 

161,601

145,085

Creditors: Amounts falling due after more than one year

7

(25,342)

-

Provisions for liabilities

(37,939)

(51,884)

Net assets

 

98,320

93,201

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

98,318

93,199

Shareholders' funds

 

98,320

93,201

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 August 2024 and signed on its behalf by:
 

 

G & S Stevenson Ltd

(Registration number: SC431060)
Balance Sheet as at 31 March 2024

.........................................
Mr John Ralph Stevenson
Director

 

G & S Stevenson Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Oregon
Maitland Place
Finstown
Orkney
KW17 2EQ
Scotland

These financial statements were authorised for issue by the Board on 5 August 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 deferred 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.

 

G & S Stevenson Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Plant & machinery

Reducing balance - 20%

Fixtures, fittings and equipment

Reducing balance - 20%

Motor vehicles

Reducing balance - 25%

Tenants improvements

Stright line over lease term

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.

 

G & S Stevenson Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

G & S Stevenson Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

G & S Stevenson Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

142,648

2,512

7,100

296,465

448,725

Additions

5,632

-

-

-

5,632

At 31 March 2024

148,280

2,512

7,100

296,465

454,357

Depreciation

At 1 April 2023

4,805

1,462

3,106

166,279

175,652

Charge for the year

4,053

210

999

26,037

31,299

At 31 March 2024

8,858

1,672

4,105

192,316

206,951

Carrying amount

At 31 March 2024

139,422

840

2,995

104,149

247,406

At 31 March 2023

137,843

1,050

3,994

130,186

273,073

Included within the net book value of land and buildings above is £139,423 (2023 - £137,842) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Raw materials and consumables

11,876

22,813

Finished goods and goods for resale

175,485

-

Other inventories

-

167,740

187,361

190,553

6

Debtors

Current

2024
£

2023
£

Prepayments

3,846

2,557

Other debtors

7,975

7,575

 

11,821

10,132

 

G & S Stevenson Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

333,717

311,160

Trade creditors

 

2,322

26,162

Taxation and social security

 

350

383

Accruals and deferred income

 

3,699

3,339

Other creditors

 

-

77,379

 

340,088

418,423

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

25,342

-

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share of £1 each

2

2

2

2

         
 

G & S Stevenson Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

25,342

-

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

25,342

-

Other borrowings

308,375

311,160

333,717

311,160

10

Related party transactions

Transactions with directors

2024

Advances from directors
£

Repayments to director
£

At 31 March 2024
£

Mr John Ralph Stevenson

Mr John Ralph Stevenson

1,108

(2,500)

154,188

       
     

Mrs Elizabeth Stevenson

Mrs Elizabeth Stevenson

1,108

(2,500)

154,188

       
     

 

2023

Advances from directors
£

Repayments to director
£

At 31 March 2023
£

Mr John Ralph Stevenson

Mr John Ralph Stevenson

49,608

(750)

155,580

       
     

Mrs Elizabeth Stevenson

Mrs Elizabeth Stevenson

49,608

(750)

155,580

       
     

 

All loans from directors to the company are interest free and repayable on demand.