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Registered number: 06633238
Stancrest Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06633238
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 49,166 56,562
Tangible Assets 5 17,453 18,655
66,619 75,217
CURRENT ASSETS
Stocks 6 71,730 94,300
Debtors 7 192,412 172,983
Cash at bank and in hand 1,172 2,502
265,314 269,785
Creditors: Amounts Falling Due Within One Year 8 (232,925 ) (221,206 )
NET CURRENT ASSETS (LIABILITIES) 32,389 48,579
TOTAL ASSETS LESS CURRENT LIABILITIES 99,008 123,796
Creditors: Amounts Falling Due After More Than One Year 9 (96,778 ) (115,644 )
NET ASSETS 2,230 8,152
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 2,130 8,052
SHAREHOLDERS' FUNDS 2,230 8,152
Page 1
Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Jalpeshkumar Patel
Director
27/05/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Stancrest Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06633238 . The registered office is 120 Cavendish Place, Eastbourne, East Sussex, BN21 3TZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold -
Motor Vehicles 20% reducing balance
Fixtures & Fittings 20% reducing balance
Computer Equipment 33.33% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 73,957
As at 31 December 2023 73,957
Amortisation
As at 1 January 2023 17,395
Provided during the period 7,396
As at 31 December 2023 24,791
Net Book Value
As at 31 December 2023 49,166
As at 1 January 2023 56,562
5. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 12,796 1,700 102,148 333 116,977
As at 31 December 2023 12,796 1,700 102,148 333 116,977
Depreciation
As at 1 January 2023 - 1,597 96,614 111 98,322
Provided during the period - 21 1,107 74 1,202
As at 31 December 2023 - 1,618 97,721 185 99,524
Net Book Value
As at 31 December 2023 12,796 82 4,427 148 17,453
As at 1 January 2023 12,796 103 5,534 222 18,655
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Page 5
6. Stocks
2023 2022
£ £
Finished goods 71,730 94,300
7. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 625 -
Other debtors 191,556 168,563
VAT - 4,420
Other taxes and social security 231 -
192,412 172,983
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 16,987 21,618
Bank loans and overdrafts 14,068 13,405
Corporation tax 4,375 11,441
Other taxes and social security - 315
VAT 1,367 -
Other creditors 1,131 535
Funding Circle Loan 48,725 74,862
Accruals and deferred income 424 704
Directors' loan accounts 145,848 98,326
232,925 221,206
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 96,778 115,644
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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