Stone Farm Study Centre Limited 03753542 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is educational residential study centre Digita Accounts Production Advanced 6.30.9574.0 true true 03753542 2022-12-01 2023-11-30 03753542 2023-11-30 03753542 core:CurrentFinancialInstruments 2023-11-30 03753542 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 03753542 core:Non-currentFinancialInstruments 2023-11-30 03753542 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 03753542 core:FurnitureFittings 2023-11-30 03753542 core:MotorVehicles 2023-11-30 03753542 core:PlantMachinery 2023-11-30 03753542 1 2023-11-30 03753542 bus:SmallEntities 2022-12-01 2023-11-30 03753542 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 03753542 bus:FilletedAccounts 2022-12-01 2023-11-30 03753542 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 03753542 bus:RegisteredOffice 2022-12-01 2023-11-30 03753542 bus:Director1 2022-12-01 2023-11-30 03753542 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 03753542 core:FurnitureFittings 2022-12-01 2023-11-30 03753542 core:FurnitureFittingsToolsEquipment 2022-12-01 2023-11-30 03753542 core:MotorVehicles 2022-12-01 2023-11-30 03753542 core:PlantMachinery 2022-12-01 2023-11-30 03753542 countries:EnglandWales 2022-12-01 2023-11-30 03753542 1 2022-12-01 2023-11-30 03753542 2022-11-30 03753542 core:FurnitureFittings 2022-11-30 03753542 core:MotorVehicles 2022-11-30 03753542 core:PlantMachinery 2022-11-30 03753542 1 2022-11-30 03753542 2021-12-01 2022-11-30 03753542 2022-11-30 03753542 core:CurrentFinancialInstruments 2022-11-30 03753542 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 03753542 core:Non-currentFinancialInstruments 2022-11-30 03753542 core:Non-currentFinancialInstruments core:AfterOneYear 2022-11-30 03753542 core:FurnitureFittings 2022-11-30 03753542 core:MotorVehicles 2022-11-30 03753542 core:PlantMachinery 2022-11-30 iso4217:GBP xbrli:pure

Registration number: 03753542

Stone Farm Study Centre Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Stone Farm Study Centre Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Stone Farm Study Centre Limited

(Registration number: 03753542)
Statement of Financial Position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

13,421

4,779

Current assets

 

Stocks

5

3,431

976

Debtors

6

205,911

187,678

Cash at bank and in hand

 

50,465

56,359

 

259,807

245,013

Creditors: Amounts falling due within one year

7

(43,769)

(31,135)

Net current assets

 

216,038

213,878

Total assets less current liabilities

 

229,459

218,657

Creditors: Amounts falling due after more than one year

7

(49,983)

(49,983)

Net assets

 

179,476

168,674

Capital and reserves

 

Called up share capital

21

21

Capital redemption reserve

86

86

Profit and loss account

179,369

168,567

Shareholders' funds

 

179,476

168,674

For the financial 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.

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 Statement of Comprehensive Income.

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

 

Stone Farm Study Centre Limited

(Registration number: 03753542)
Statement of Financial Position as at 30 November 2023 (continued)


Mrs Ruth Ann Topham
Director

 

Stone Farm Study Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Stone Farm
Bridestowe
Okehampton
EX20 4NR

Principal activity

The principal activity of the company is educational residential study centre

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Stone Farm Study Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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 current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

 

Stone Farm Study Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position 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 and machinery

20% straight line

Fittings, fixtures and equipment

20% straight line

Motor vehicles

25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

 

Stone Farm Study Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

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 statement of comprehensive income 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.

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 9).

 

Stone Farm Study Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

14,166

44,643

27,312

86,121

Additions

1,687

3,498

9,789

14,974

Disposals

-

-

(27,312)

(27,312)

At 30 November 2023

15,853

48,141

9,789

73,783

Depreciation

At 1 December 2022

10,163

43,867

27,312

81,342

Charge for the year

2,134

1,751

2,447

6,332

Eliminated on disposal

-

-

(27,312)

(27,312)

At 30 November 2023

12,297

45,618

2,447

60,362

Carrying amount

At 30 November 2023

3,556

2,523

7,342

13,421

At 30 November 2022

4,003

776

-

4,779

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

3,431

976

6

Debtors

2023
£

2022
£

Trade debtors

12,818

2,300

Other debtors

190,839

183,123

Prepayments

2,254

2,255

205,911

187,678

 

Stone Farm Study Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

31,709

16,298

Accruals and deferred income

1,350

3,653

Other creditors

10,710

11,184

43,769

31,135

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

49,983

49,983

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

49,983

49,983

10

Related party transactions

Transactions with directors

2023

At 1 December 2022
£

Advances to director
£

At 30 November 2023
£

Director

-

10,339

10,339