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COMPANY REGISTRATION NUMBER: 04617264
Stoneset Management Limited
Filleted Unaudited Financial Statements
31 March 2024
Stoneset Management Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Stoneset Management Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
35,661
51,594
Current assets
Stocks
16,500
35,600
Debtors
6
131,817
71,382
Cash at bank and in hand
55,650
41,350
---------
---------
203,967
148,332
Creditors: amounts falling due within one year
7
155,357
95,976
---------
---------
Net current assets
48,610
52,356
--------
---------
Total assets less current liabilities
84,271
103,950
Creditors: amounts falling due after more than one year
8
13,112
73,301
Provisions
Taxation including deferred tax
( 6,198)
( 8,563)
--------
---------
Net assets
77,357
39,212
--------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
77,257
39,112
--------
--------
Shareholders funds
77,357
39,212
--------
--------
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 income and retained earnings has not been delivered.
For the year ending 31 March 2024 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 .
Stoneset Management Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 4 September 2024 , and are signed on behalf of the board by:
Mr J C Mills
Director
Company registration number: 04617264
Stoneset Management Limited
Notes to the Financial Statements
Year ended 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 Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
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
The accounts have been prepared on the going concern basis based on the continuing support from the directors. The directors have confirmed it is their intention to continue to support the business so that it is able to meet its debts as they fall due for a period of at least 12 months from the date of approval of these Financial Statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Income tax
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.
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.
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:
Leasehold property improvements
-
5% straight line
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
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.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 32 (2023: 42 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
23,498
87,296
10,300
121,094
Additions
5,619
5,619
--------
--------
--------
---------
At 31 March 2024
23,498
92,915
10,300
126,713
--------
--------
--------
---------
Depreciation
At 1 April 2023
117
59,581
9,802
69,500
Charge for the year
1,176
20,251
125
21,552
--------
--------
--------
---------
At 31 March 2024
1,293
79,832
9,927
91,052
--------
--------
--------
---------
Carrying amount
At 31 March 2024
22,205
13,083
373
35,661
--------
--------
--------
---------
At 31 March 2023
23,381
27,715
498
51,594
--------
--------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
6,323
1,519
Other debtors
125,494
69,863
---------
--------
131,817
71,382
---------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,188
9,929
Trade creditors
8,255
8,297
Corporation tax
10,306
1,080
Social security and other taxes
31,034
25,304
Other creditors
95,574
51,366
---------
--------
155,357
95,976
---------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,112
23,301
Other creditors
50,000
--------
--------
13,112
73,301
--------
--------
9. Related party transactions
At the year end the company owed the directors £79,752 (2023: £88,024), of which £Nil (2023: £50,000) is not due for greater than one year from the balance sheet date. Interest is charged at 7.5% per annum. At the year end the company was owed £7,616 (2023: £Nil) from a company associated by common control.