Registered number
SC153747
Paul Stevenson Funeral Directors Limited
Filleted Accounts
30 November 2023
Paul Stevenson Funeral Directors Limited
Registered number: SC153747
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 354,454 380,863
Current assets
Stocks 44,913 34,001
Debtors 4 62,888 55,735
Cash at bank and in hand 305,436 265,136
413,237 354,872
Creditors: amounts falling due within one year 5 (75,833) (103,459)
Net current assets 337,404 251,413
Total assets less current liabilities 691,858 632,276
Creditors: amounts falling due after more than one year 6 - (2,178)
Provisions for liabilities (1,813) (6,865)
Net assets 690,045 623,233
Capital and reserves
Called up share capital 2 2
Profit and loss account 690,043 623,231
Shareholders' funds 690,045 623,233
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.
P Stevenson
Director
Approved by the board on 19 August 2024
Paul Stevenson Funeral Directors Limited
Notes to the Accounts
for the year ended 30 November 2023
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 memorials and from the rendering of funeral services. Turnover from the sale of memorials is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of funeral services is recognised by reference to the date of the service.
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 over its expected useful life, as follows:
Freehold buildings Not depreciated
Plant and machinery 15% reducing balance
Motor vevicles 25% reducing balance
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 10
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 236,519 90,327 341,480 668,326
Additions - - 10,970 10,970
Disposals - - (22,950) (22,950)
At 30 November 2023 236,519 90,327 329,500 656,346
Depreciation
At 1 December 2022 - 68,457 219,006 287,463
Charge for the year - 3,281 33,115 36,396
On disposals - - (21,967) (21,967)
At 30 November 2023 - 71,738 230,154 301,892
Net book value
At 30 November 2023 236,519 18,589 99,346 354,454
At 30 November 2022 236,519 21,870 122,474 380,863
4 Debtors 2023 2022
£ £
Trade debtors 53,505 46,859
Other debtors 9,383 8,876
62,888 55,735
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 8,783 13,175
Trade creditors 28,432 31,490
Taxation and social security costs 36,504 42,596
Other creditors 2,114 16,198
75,833 103,459
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 2,178
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 8,783 15,353
Bank loans are secured over the property to which they relate.
8 Related party transactions
During the year dividends of £26,000 (2022 : £68,290) were paid to the Directors.
9 Controlling party
The company is controlled by the Directors.
10 Other information
Paul Stevenson Funeral Directors Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
29 Chapelwell Street
Saltcoats
North Ayrshire
KA21 5EB
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