Company registration number 07639894 (England and Wales)
STABLE CLOSE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
STABLE CLOSE LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
STABLE CLOSE LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
150,000
150,000
Tangible assets
4
64,371
51,006
Current assets
Stocks
14,898
15,735
Debtors
5
62,785
52,181
Cash at bank and in hand
29,460
107,205
107,143
175,121
Creditors: amounts falling due within one year
6
(84,918)
(102,025)
Net current assets
22,225
73,096
Total assets less current liabilities
236,596
274,102
Provisions for liabilities
(16,093)
(12,348)
Net assets
220,503
261,754
Capital and reserves
Called up share capital
120
120
Profit and loss reserves
220,383
261,634
Total equity
220,503
261,754
STABLE CLOSE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
Dr. C Carrall-Wilcocks
Director
Company Registration No. 07639894
The notes on pages 4 to 7 form part of these financial statements
STABLE CLOSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information
Stable Close Limited is a private company limited by shares incorporated in England and Wales. The registered office is St. Cross Road, Winchester, United Kingdom, SO23 9PR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the profit and loss account represents amounts chargeable during the year, net of value added tax.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Fixtures, fittings & equipment
15% reducing balance
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
STABLE CLOSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 12 (2023 - 10).
STABLE CLOSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
380,652
Amortisation and impairment
At 1 February 2023 and 31 January 2024
230,652
Carrying amount
At 31 January 2024
150,000
At 31 January 2023
150,000
4
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 February 2023
109,148
Additions
22,693
At 31 January 2024
131,841
Depreciation and impairment
At 1 February 2023
58,142
Depreciation charged in the year
9,328
At 31 January 2024
67,470
Carrying amount
At 31 January 2024
64,371
At 31 January 2023
51,006
STABLE CLOSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
17,688
9,385
Other debtors
39,931
37,924
Prepayments and accrued income
5,166
4,872
62,785
52,181
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
32,205
22,257
Taxation and social security
48,216
76,320
Other creditors
1,147
823
Accruals and deferred income
3,350
2,625
84,918
102,025
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
19,257
29,303
8
Related party transactions
As at the start of the year the directors owed £37,924 to the company. During the year £188,795 was advanced to the directors. Repayments were received totalling £187,007. Interest was charged on the overdue balance totalling £219. As at the year end the directors owed £39,931 to the company.