REGISTERED NUMBER: |
Stanley Livingstone Limited |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
REGISTERED NUMBER: |
Stanley Livingstone Limited |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
Stanley Livingstone Limited (Registered number: NI617778) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company information | 1 |
Statement of financial position | 2 | to | 3 |
Notes to the financial statements | 4 | to | 7 |
Stanley Livingstone Limited |
Company Information |
for the Year Ended 31 March 2024 |
Director: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
Armagh Business Centre |
2 Loughgall Road |
Armagh |
BT61 7NH |
Stanley Livingstone Limited (Registered number: NI617778) |
Statement of Financial Position |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 4 |
Property, plant and equipment | 5 |
Current assets |
Inventories |
Receivables | 6 |
Cash at bank |
Payables |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Payables |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | 9 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Retained earnings |
Shareholders' funds |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Stanley Livingstone Limited (Registered number: NI617778) |
Statement of Financial Position - continued |
31 March 2024 |
In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Stanley Livingstone Limited (Registered number: NI617778) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | Statutory information |
Stanley Livingstone Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Revenue |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business. Goodwill is amortised over the period in which the benefits are expected to arise, taking account of the evolving nature of the goodwill of the business. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Inventories |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Stanley Livingstone Limited (Registered number: NI617778) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | Accounting policies - continued |
Critical accounting judgements and key sources of estimation uncertainty |
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: |
Useful economic lives of tangible assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The carrying amount of the assets is disclosed at Property, plant and equipment note and the useful economic lives for each class of asset is noted above. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 April 2023 |
and 31 March 2024 |
Amortisation |
At 1 April 2023 |
and 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
Stanley Livingstone Limited (Registered number: NI617778) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | Property, plant and equipment |
Fixtures |
Freehold | Long | Plant and | and |
property | leasehold | machinery | fittings | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
Depreciation |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
6. | Receivables: amounts falling |
due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
VAT | 5,531 | 3,458 |
Corporation tax |
7. | Payables: amounts falling due |
within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade payables |
Taxation and social security |
Other payables |
Included within other payables is an amount of £44,174 (2023: £61,258) owing to the director, Mr S Livingstone. |
8. | Payables: amounts falling due |
after more than one year |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts |
Stanley Livingstone Limited (Registered number: NI617778) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 100,290 | 104,510 |
Deferred tax |
£ |
Balance at 1 April 2023 |
Provided during year | ( |
) |
Balance at 31 March 2024 |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary shares | 1 | 1 | 1 |
11. | Director's advances, credits and guarantees |
The following loans to the company from a director subsisted during the years ended 31 March 2024 and 31 March 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |