Registered number
12489303
STEPHENSONS IT SUPPORT SOLUTIONS LTD
Filleted Accounts
29 February 2024
STEPHENSONS IT SUPPORT SOLUTIONS LTD
Registered number: 12489303
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 6,973 9,756
Current assets
Stocks 4,610 4,041
Debtors 4 8,016 3,787
Cash at bank and in hand 10,760 10,994
23,386 18,822
Creditors: amounts falling due within one year 5 (15,417) (12,736)
Net current assets 7,969 6,086
Total assets less current liabilities 14,942 15,842
Creditors: amounts falling due after more than one year 6 (7,777) (12,667)
Net assets 7,165 3,175
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 6,165 2,175
Shareholder's funds 7,165 3,175
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
M Stephenson
Director
Approved by the board on 21 August 2024
STEPHENSONS IT SUPPORT SOLUTIONS LTD
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts 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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 4,303 11,900 16,203
Additions 572 - 572
At 29 February 2024 4,875 11,900 16,775
Depreciation
At 1 March 2023 1,687 4,760 6,447
Charge for the year 975 2,380 3,355
At 29 February 2024 2,662 7,140 9,802
Net book value
At 29 February 2024 2,213 4,760 6,973
At 28 February 2023 2,616 7,140 9,756
4 Debtors 2024 2023
£ £
Trade debtors 8,016 3,787
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 4,800 4,000
Trade creditors 3,126 3,728
Taxation and social security costs 3,466 1,464
Other creditors 4,025 3,544
15,417 12,736
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 7,777 12,667
7 Controlling party
The company is controlled by Mr M Stephenson.
8 Other information
STEPHENSONS IT SUPPORT SOLUTIONS LTD is a private company limited by shares and incorporated in England. Its registered office is:
15 Springwood Road
Hoyland
Barnsley
South Yorkshire
S74 0AZ
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