Registered number
SC241554
Stephen Craig Limited
Unaudited Filleted Accounts
31 March 2024
Stephen Craig Limited
Registered number: SC241554
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Investments 4 107,007 191,293
Current assets
Debtors 5 28,286 27,539
Cash at bank and in hand 618,983 506,148
647,269 533,687
Creditors: amounts falling due within one year 6 (51,439) (28,368)
Net current assets 595,830 505,319
Total assets less current liabilities 702,837 696,612
Provisions for liabilities (4,181) -
Net assets 698,656 696,612
Capital and reserves
Called up share capital 2 2
Profit and loss account 698,654 696,610
Shareholder's funds 698,656 696,612
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.
Mr S Craig
Director
Approved by the board on 28 August 2024
Stephen Craig Limited
Notes to the Accounts
for the year ended 31 March 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 rendering of services. 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:
Plant and machinery over 3 years
Investments
Investments are recognised initially at fair value which is normally the transaction price
excluding transaction costs. Subsequently, they are measured at fair value through profit or loss
if the shares are publicly traded or their fair value can otherwise be measured reliably.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 2,248
At 31 March 2024 2,248
Depreciation
At 1 April 2023 2,248
At 31 March 2024 2,248
Net book value
At 31 March 2024 -
4 Investments
Other
investments
£
Cost
At 1 April 2023 191,293
Additions 10,276
Disposals (94,562)
At 31 March 2024 107,007
5 Debtors 2024 2023
£ £
Trade debtors 27,545 26,791
Other debtors 741 748
28,286 27,539
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 28,426 11,697
Other creditors 23,013 16,671
51,439 28,368
7 Other information
Stephen Craig Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
The Orchard
23a Doune Road
Dunblane
FK15 9AR
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