Company registration number 04369444 (England and Wales)
M J STALLARD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
M J STALLARD LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
M J STALLARD LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
632,675
615,124
Current assets
Stocks
3,000
6,900
Debtors
4
96,153
44,619
Cash at bank and in hand
64,403
97,483
163,556
149,002
Creditors: amounts falling due within one year
5
(570,412)
(479,927)
Net current liabilities
(406,856)
(330,925)
Total assets less current liabilities
225,819
284,199
Creditors: amounts falling due after more than one year
6
(15,121)
Provisions for liabilities
(119,431)
(116,047)
Net assets
106,388
153,031
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
106,288
152,931
Total equity
106,388
153,031
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
M J STALLARD LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 August 2024 and are signed on its behalf by:
Mr M J Stallard
Director
Company registration number 04369444 (England and Wales)
M J STALLARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
M J Stallard Limited is a private company limited by shares incorporated in England and Wales. The registered office is Priory Rise, Modbury, Ivybridge, England, PL21 0TB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for agricultural goods and contracting services net of VAT and trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Property improvements
10% on straight line basis
Plant and equipment
15% on written down value and 5% on straight line basis
Tractors
15% on written down value
Computers
25% on written down value
Motor vehicles
25% on written down value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
M J STALLARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.6
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss in the period to which they relate.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
13,263
1,151,710
1,164,973
Additions
153,830
153,830
Disposals
(105,343)
(105,343)
At 31 March 2024
13,263
1,200,197
1,213,460
Depreciation and impairment
At 1 April 2023
11,846
538,003
549,849
Depreciation charged in the year
218
92,078
92,296
Eliminated in respect of disposals
(61,360)
(61,360)
At 31 March 2024
12,064
568,721
580,785
Carrying amount
At 31 March 2024
1,199
631,476
632,675
At 31 March 2023
1,417
613,707
615,124
M J STALLARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
93,074
36,245
Other debtors
3,079
8,374
96,153
44,619
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
13,262
7,326
Taxation and social security
19,824
18,618
Other creditors
537,326
453,983
570,412
479,927
Included in other creditors are net obligations under hire purchase contracts of £15,125 (2023 £21,878) which are secured on the assets concerned.
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
15,121
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary A shares of £1 each
50
50
50
50
ordinary B shares of £1 each
30
30
30
30
ordinary C shares of £1 each
20
20
20
20
100
100
100
100