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COMPANY REGISTRATION NUMBER: 14715391
Staines and Son Orrery Makers Limited
Unaudited financial statements
31 March 2024
Staines and Son Orrery Makers Limited
Statement of financial position
31 March 2024
31 Mar 24
Note
£
£
Fixed assets
Intangible assets
5
6,667
Tangible assets
6
2,250
------
8,917
Current assets
Stocks
30,000
Debtors
7
9,379
Cash at bank and in hand
1,630
-------
41,009
Creditors: Amounts falling due within one year
8
( 13,451)
-------
Net current assets
27,558
-------
Total assets less current liabilities
36,475
Provisions
Taxation including deferred tax
( 436)
-------
Net assets
36,039
-------
Capital and reserves
Called up share capital
100
Profit and loss account
35,939
-------
Shareholders funds
36,039
-------
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 income statement has not been delivered.
For the period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Staines and Son Orrery Makers Limited
Statement of financial position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 5 September 2024 , and are signed on behalf of the board by:
Mr T Staines
Director
Company registration number: 14715391
Staines and Son Orrery Makers Limited
Notes to the financial statements
Period from 8 March 2023 to 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Gables, Old Market Street, Thetford, Norfolk, IP24 2EN. The trading address is Bramwoods House, The Street, North Pickenham, Swaffham, Norfolk, PE37 8JR
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
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
-
33% 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.
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
-
20% reducing balance
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 employees during the period was 1 .
5. Intangible assets
Goodwill
£
Cost
Additions
10,000
-------
At 31 March 2024
10,000
-------
Amortisation
Charge for the period
3,333
-------
At 31 March 2024
3,333
-------
Carrying amount
At 31 March 2024
6,667
-------
6. Tangible assets
Plant and machinery
£
Cost
At 8 March 2023
Additions
2,500
------
At 31 March 2024
2,500
------
Depreciation
At 8 March 2023
Charge for the period
250
------
At 31 March 2024
250
------
Carrying amount
At 31 March 2024
2,250
------
7. Debtors
31 Mar 24
£
Other debtors
9,379
------
8. Creditors: Amounts falling due within one year
31 Mar 24
£
Trade creditors
270
Social security and other taxes
9,021
Other creditors
4,160
-------
13,451
-------
9. Director's advances, credits and guarantees
Included within debtors is an amount owed to the company by the director of £9,190. No interest has been charged.