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COMPANY REGISTRATION NUMBER: 13778633
Stonecold Services Limited
Filleted Unaudited Financial Statements
31 December 2023
Stonecold Services Limited
Financial Statements
Year Ended 31st December 2023
Contents
Page
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements
1
Statement of Financial Position
2
Notes to the Financial Statements
4
Stonecold Services Limited
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Stonecold Services Limited
Year Ended 31st December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Stonecold Services Limited for the year ended 31st December 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of Stonecold Services Limited, as a body, in accordance with the terms of our engagement letter dated 2nd December 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Stonecold Services Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Stonecold Services Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Stonecold Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Stonecold Services Limited. You consider that Stonecold Services Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Stonecold Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MJ GREEN ACCOUNTANCY SERVICES LTD Chartered Certified Accountants
Unit 10 Silver End Business Park Brettell Lane Brierley Hill West Midlands DY5 3LG
27 August 2024
Stonecold Services Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed Assets
Intangible assets
5
6,600
8,800
Tangible assets
6
2,223
2,964
-------
--------
8,823
11,764
Current Assets
Stocks
2,000
1,500
Debtors
7
323
Cash at bank and in hand
578
1,101
-------
-------
2,578
2,924
Creditors: amounts falling due within one year
8
17,926
25,325
--------
--------
Net Current Liabilities
15,348
22,401
--------
--------
Total Assets Less Current Liabilities
( 6,525)
( 10,637)
-------
--------
Net Liabilities
( 6,525)
( 10,637)
-------
--------
Capital and Reserves
Called up share capital
100
100
Profit and loss account
( 6,625)
( 10,737)
-------
--------
Shareholders Deficit
( 6,525)
( 10,637)
-------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31st December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Stonecold Services Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 27 August 2024 , and are signed on behalf of the board by:
E Stone
R Stone
Director
Director
Company registration number: 13778633
Stonecold Services Limited
Notes to the Financial Statements
Year Ended 31st December 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 10 Silver End Business Park, Brettell Lane, Brierley Hill, West Midlands, DY5 3LG.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At 31st December 2023 there was a deficiency of assets of £6,525 (2022 - £10,637). The company is dependant on the continued financial support of the directors and shareholders, which will continue for the next twelve months. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. These financial statements do not include any adjustments which would arise if the accounts had not been prepared on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Intangible Assets
Goodwill
£
Cost
At 1st January 2023 and 31st December 2023
11,000
--------
Amortisation
At 1st January 2023
2,200
Charge for the year
2,200
--------
At 31st December 2023
4,400
--------
Carrying amount
At 31st December 2023
6,600
--------
At 31st December 2022
8,800
--------
6. Tangible Assets
Plant and machinery
£
Cost
At 1st January 2023 and 31st December 2023
3,952
-------
Depreciation
At 1st January 2023
988
Charge for the year
741
-------
At 31st December 2023
1,729
-------
Carrying amount
At 31st December 2023
2,223
-------
At 31st December 2022
2,964
-------
7. Debtors
2023
2022
£
£
Trade debtors
323
----
----
8. Creditors: amounts falling due within one year
2023
2022
£
£
Social security and other taxes
672
1,096
Other creditors
17,254
24,229
--------
--------
17,926
25,325
--------
--------
9. Deferred Tax
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
422
----
----
10. Directors' Advances, Credits and Guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
E Stone
( 11,181)
( 14,963)
18,847
( 7,297)
R Stone
( 11,181)
( 14,963)
18,848
( 7,296)
--------
--------
--------
--------
( 22,362)
( 29,926)
37,695
( 14,593)
--------
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
E Stone
( 22,643)
11,462
( 11,181)
R Stone
( 22,643)
11,462
( 11,181)
----
--------
--------
--------
( 45,286)
22,924
( 22,362)
----
--------
--------
--------
The credits to the directors were made on an interest free basis and are repayable on demand.