Registered number
NI602265
R.J. Sterritt Ltd
Filleted Accounts
for the year ended
31 March 2024
R.J. Sterritt Ltd
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 32,215 25,924
Current assets
Stocks 443,650 502,125
Debtors 4 294,642 260,603
Cash at bank and in hand 16,369 15,964
754,661 778,692
Creditors: amounts falling due within one year 5 (441,664) (533,480)
Net current assets 312,997 245,212
Total assets less current liabilities 345,212 271,136
Creditors: amounts falling due after more than one year 6 (14,829) (21,975)
Provisions for liabilities 7 (8,054) (6,480)
Net assets 322,329 242,681
Capital and reserves
Called up share capital 100 100
Profit and loss account 322,229 242,581
Shareholders' funds 322,329 242,681
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.
Joanne McKinney
Director
Approved by the board on 15 August 2024
R.J. Sterritt Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The financial statements 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:
Plant and machinery 25% Straight line
Motor vehicles 25% Straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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 (i.e. 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 6 6
3 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 April 2023 5,895 66,580 72,475
Additions - 27,995 27,995
Disposals - (18,750) (18,750)
At 31 March 2024 5,895 75,825 81,720
Depreciation
At 1 April 2023 4,709 41,842 46,551
Charge for the year 593 14,081 14,674
On disposals - (11,720) (11,720)
At 31 March 2024 5,302 44,203 49,505
Net book value
At 31 March 2024 593 31,622 32,215
At 31 March 2023 1,186 24,738 25,924
4 Debtors 2024 2023
£ £
Trade debtors 291,232 257,954
Other debtors 3,410 2,649
294,642 260,603
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 8,531 37,311
Obligations under finance lease and hire purchase contracts - 4,179
Trade creditors 341,766 365,440
Corporation tax 22,635 18,767
Other taxes and social security costs 7,132 2,461
Other creditors 61,600 105,322
441,664 533,480
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 14,829 21,975
7 Provisions for liabilities 2024 2023
Deferred taxation: £ £
Accelerated capital allowances 8,054 6,480
2024 2023
£ £
At 1 April 6,480 7,280
Deferred tax charge in profit and loss account 1,574 (800)
At 31 March 2024 8,054 6,480
8 Events after the reporting date
There were no events since the balance sheet date which would necessitate a change in the above figures.
9 Capital commitments
The company did not have any capital commitments at 31 March 2024 not already provided for in the financial statements.
10 Contingent liabilities
There were no contingent liabilities at the year end.
11 Transactions with directors
The company owed £28,269 to the directors as at 31 March 2024. (2023: £73,045). This amount has been included within "other creditors" in note 5.
12 Controlling party
The controlling parties have been identified as the directors and shareholders, Joanne McKinney and Michael Sterritt.
13 Other Information
R.J. Sterritt Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
12 Ashtree Hill
Newry
Co. Down
BT35 6TR
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