Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Sara Stirling 01/06/2012 W N C Stirling 01/06/2012 William Nelson Charles Stirling 09 August 2024 The principal activity of the Company during the financial year was was yacht building and boat repair. 08092040 2023-12-31 08092040 bus:Director1 2023-12-31 08092040 bus:Director2 2023-12-31 08092040 2022-12-31 08092040 core:CurrentFinancialInstruments 2023-12-31 08092040 core:CurrentFinancialInstruments 2022-12-31 08092040 core:ShareCapital 2023-12-31 08092040 core:ShareCapital 2022-12-31 08092040 core:RetainedEarningsAccumulatedLosses 2023-12-31 08092040 core:RetainedEarningsAccumulatedLosses 2022-12-31 08092040 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2022-12-31 08092040 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-12-31 08092040 core:Vehicles 2022-12-31 08092040 core:FurnitureFittings 2022-12-31 08092040 core:Vehicles 2023-12-31 08092040 core:FurnitureFittings 2023-12-31 08092040 2021-12-31 08092040 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 08092040 core:AcceleratedTaxDepreciationDeferredTax 2022-12-31 08092040 core:OtherDeferredTax 2023-12-31 08092040 core:OtherDeferredTax 2022-12-31 08092040 bus:OrdinaryShareClass1 2023-12-31 08092040 2023-01-01 2023-12-31 08092040 bus:FilletedAccounts 2023-01-01 2023-12-31 08092040 bus:SmallEntities 2023-01-01 2023-12-31 08092040 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08092040 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08092040 bus:Director1 2023-01-01 2023-12-31 08092040 bus:Director2 2023-01-01 2023-12-31 08092040 bus:Director3 2023-01-01 2023-12-31 08092040 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2023-01-01 2023-12-31 08092040 core:Vehicles 2023-01-01 2023-12-31 08092040 core:FurnitureFittings 2023-01-01 2023-12-31 08092040 2022-01-01 2022-12-31 08092040 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31 08092040 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 08092040 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08092040 (England and Wales)

STIRLING AND SON LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

STIRLING AND SON LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

STIRLING AND SON LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
STIRLING AND SON LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 1,776 0
Tangible assets 4 33,138 20,995
34,914 20,995
Current assets
Stocks 87,950 87,950
Debtors 5 145,076 183,759
Cash at bank and in hand 1,297 2,854
234,323 274,563
Creditors: amounts falling due within one year 6 ( 45,813) ( 148,857)
Net current assets 188,510 125,706
Total assets less current liabilities 223,424 146,701
Provision for liabilities 7 ( 5,393) ( 1,766)
Net assets 218,031 144,935
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account 218,029 144,933
Total shareholder's funds 218,031 144,935

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Stirling and Son Limited (registered number: 08092040) were approved and authorised for issue by the Board of Directors on 09 August 2024. They were signed on its behalf by:

Sara Stirling
Director
STIRLING AND SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
STIRLING AND SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Stirling and Son Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Crapstone Barton, Buckland Monachorum, Yelverton, PL20 7LG, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised.
Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Grants that do not not impose specified future performance-related conditions on the recipient are recognised in income when the grant proceeds are received or receivable.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 11 11

3. Intangible assets

Website costs Total
£ £
Cost
At 01 January 2023 0 0
Additions 1,880 1,880
At 31 December 2023 1,880 1,880
Accumulated amortisation
At 01 January 2023 0 0
Charge for the financial year 104 104
At 31 December 2023 104 104
Net book value
At 31 December 2023 1,776 1,776
At 31 December 2022 0 0

4. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 January 2023 4,300 87,741 92,041
Additions 17,000 2,149 19,149
Disposals 0 ( 874) ( 874)
At 31 December 2023 21,300 89,016 110,316
Accumulated depreciation
At 01 January 2023 2,533 68,513 71,046
Charge for the financial year 1,859 4,992 6,851
Disposals 0 ( 719) ( 719)
At 31 December 2023 4,392 72,786 77,178
Net book value
At 31 December 2023 16,908 16,230 33,138
At 31 December 2022 1,767 19,228 20,995

5. Debtors

2023 2022
£ £
Trade debtors 0 159,201
Amounts owed by Group undertakings 55,184 23,784
Prepayments and accrued income 89,892 774
145,076 183,759

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 5,178 19,387
Amounts owed to Group undertakings 0 17,732
Accruals 9,338 4,750
Taxation and social security 27,381 105,184
Other creditors 3,916 1,804
45,813 148,857

7. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 1,766) ( 2,920)
Credited to the Statement of Income and Retained Earnings 0 1,154
Charged to the Statement of Comprehensive Income ( 3,627) 0
At the end of financial year ( 5,393) ( 1,766)

The deferred taxation balance is made up as follows:

2023 2022
£ £
Accelerated capital allowances ( 5,670) ( 1,897)
Other timing differences 277 131
( 5,393) ( 1,766)

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
20 Ordinary shares of £ 0.10 each 2 2

9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 2,380 1,304

10. Related party transactions

The company has taken advantage of disclosure exemption in FRS102 1A section 33.1A and not disclosed transactions with 100% owned group companies.