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Registered number: 09851063
Stedfast Services Limited
Financial Statements
For The Year Ended 30 November 2023
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 09851063
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,000 1,500
1,000 1,500
CURRENT ASSETS
Debtors 16,739 10,522
Cash at bank and in hand 100 4,168
16,839 14,690
Creditors: Amounts Falling Due Within One Year 5 (13,571 ) (8,828 )
NET CURRENT ASSETS (LIABILITIES) 3,268 5,862
TOTAL ASSETS LESS CURRENT LIABILITIES 4,268 7,362
Creditors: Amounts Falling Due After More Than One Year (4,167 ) (6,667 )
NET ASSETS 101 695
CAPITAL AND RESERVES
Called up share capital 6 100 100
Profit and Loss Account 1 595
SHAREHOLDERS' FUNDS 101 695
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Grant Burns
Director
8 December 2023
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Stedfast Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09851063 . The registered office is 39 High Street, Orpington, Kent, BR6 0JE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
2.2. Turnover
Turnover represents amounts receivable for goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% per annum on reducing balance
Computer Equipment 20% straight line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 2)
1 2
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4. Tangible Assets
Computer Equipment
£
Cost
As at 1 December 2022 2,500
As at 30 November 2023 2,500
Depreciation
As at 1 December 2022 1,000
Provided during the period 500
As at 30 November 2023 1,500
Net Book Value
As at 30 November 2023 1,000
As at 1 December 2022 1,500
5. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts 2,857 2,500
Corporation tax 8,297 4,302
Other taxes and social security - 83
Other creditors - Pension payments 443 443
Accruals and deferred income 1,974 1,500
13,571 8,828
6. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
7. Ultimate Controlling Party
The company's ultimate controlling party is Grant Burns by virtue of his ownership of 100% of the issued share capital in the company.
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