1 January 2023 v2024.42.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP060005692023-01-012023-12-31060005692023-12-31060005692022-12-3106000569core:WithinOneYear2023-12-3106000569core:WithinOneYear2022-12-3106000569core:ShareCapital2023-12-3106000569core:ShareCapital2022-12-3106000569core:RetainedEarningsAccumulatedLosses2023-12-3106000569core:RetainedEarningsAccumulatedLosses2022-12-3106000569bus:Director12023-01-012023-12-3106000569bus:RegisteredOffice2023-01-012023-12-3106000569core:NetGoodwill2023-01-012023-12-3106000569core:LandBuildings2023-01-012023-12-3106000569core:PlantMachinery2023-01-012023-12-3106000569core:FurnitureFittingsToolsEquipment2023-01-012023-12-3106000569core:MotorVehicles2023-01-012023-12-31060005692022-01-012022-12-3106000569core:NetGoodwill2023-12-3106000569core:LandBuildings2023-12-3106000569core:PlantMachinery2023-12-3106000569core:PlantMachinery2023-01-01060005692023-01-0106000569core:LandBuildings2022-12-3106000569core:PlantMachinery2022-12-310600056912023-01-012023-12-3106000569countries:EnglandWales2023-01-012023-12-3106000569bus:AuditExemptWithAccountantsReport2023-01-012023-12-3106000569bus:PrivateLimitedCompanyLtd2023-01-012023-12-3106000569bus:SmallEntities2023-01-012023-12-3106000569bus:FullAccounts2023-01-012023-12-31
Company registration number:
06000569
Steve Wood Plastering Contractors Limited
Unaudited Filleted Financial Statements for the year ended
31 December 2023
Steve Wood Plastering Contractors Limited
Statement of Financial Position
31 December 2023
20232022
Note££
Fixed assets    
Tangible assets 6
18,593
 
23,058
 
Current assets    
Debtors 7
34,946
 
21,460
 
Cash at bank and in hand
508,291
 
596,962
 
543,237
 
618,422
 
Creditors: amounts falling due within one year 8
(59,915
)
(95,802
)
Net current assets
483,322
 
522,620
 
Total assets less current liabilities 501,915   545,678  
Provisions for liabilities
(2,741
)
(4,386
)
Net assets
499,174
 
541,292
 
Capital and reserves    
Called up share capital
1
 
1
 
Profit and loss account
499,173
 
541,291
 
Shareholders funds
499,174
 
541,292
 
For the year ending
31 December 2023
, 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 year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
13 September 2024
, and are signed on behalf of the board by:
D Wood
Director
Company registration number:
06000569
Steve Wood Plastering Contractors Limited
Notes to the Financial Statements
Year ended
31 December 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
14 Farlesthorpe Road
,
Alford
,
Lincolnshire
,
LN13 9PS
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

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.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
Not depreciated
Plant and machinery
15% reducing balance
Fixtures, fittings and equipment
33% straight line
Motor vehicles
25% reducing balance

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Defined contribution pension plan

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.

4 Average number of employees

The average number of persons employed by the company during the year was
3
(2022:
3.00
).

5 Intangible assets

Goodwill
£
Cost  
At
1 January 2023
and
31 December 2023
30,000
 
Amortisation  
At
1 January 2023
and
31 December 2023
30,000
 
Carrying amount  
At
31 December 2023
-  
At 31 December 2022 -  

6 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 January 2023
and
31 December 2023
4,167
 
64,824
 
68,991
 
Depreciation      
At
1 January 2023
-  
45,933
 
45,933
 
Charge -  
4,465
 
4,465
 
At
31 December 2023
-  
50,398
 
50,398
 
Carrying amount      
At
31 December 2023
4,167
 
14,426
 
18,593
 
At 31 December 2022
4,167
 
18,891
 
23,058
 

7 Debtors

20232022
££
Trade debtors
32,189
 
18,429
 
Other debtors
2,757
 
3,031
 
34,946
 
21,460
 

8 Creditors: amounts falling due within one year

20232022
££
Trade creditors
7,060
 
3,873
 
Taxation and social security
10,201
 
22,454
 
Other creditors
42,654
 
69,475
 
59,915
 
95,802