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Company Registration No. NI056584 (Northern Ireland)
Stepping Stone Timber Products Limited Companies House accounts for the year ended 31 December 2023
Stepping Stone Timber Products Limited Companies House accounts Contents
Page
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Stepping Stone Timber Products Limited Company Information for the year ended 31 December 2023
Directors
Mr Richard T Armstrong Mr Sinclair J Armstrong Mr Sinclair M Armstrong Mrs Sylvia M Armstrong
Secretary
Mrs Sylvia M Armstrong
Company Number
NI056584 (Northern Ireland)
Registered Office
Leam House Tempo Enniskillen Co Fermanagh BT94 4DA N Ireland
Accountants
Allan Montgomery & Co 100 Main Street Fivemiletown Co Tyrone BT75 0PW
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Stepping Stone Timber Products Limited Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
614,986 
560,032 
Current assets
Inventories
200,000 
380,000 
Debtors
691,801 
886,181 
Cash at bank and in hand
696,442 
343,004 
1,588,243 
1,609,185 
Creditors: amounts falling due within one year
(982,611)
(1,161,497)
Net current assets
605,632 
447,688 
Total assets less current liabilities
1,220,618 
1,007,720 
Provisions for liabilities
Deferred tax
(98,900)
(88,092)
Net assets
1,121,718 
919,628 
Capital and reserves
Called up share capital
3,000 
3,000 
Profit and loss account
1,118,718 
916,628 
Shareholders' funds
1,121,718 
919,628 
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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by
Mr Richard T Armstrong Director Company Registration No. NI056584
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Stepping Stone Timber Products Limited Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Stepping Stone Timber Products Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI056584. The registered office is Leam House, Tempo, Enniskillen, Co Fermanagh, BT94 4DA, N Ireland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover and income recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% reducing balance
Plant & machinery
15% reducing balance
Motor vehicles
20% reducing balance
Fixtures & fittings
15% reducing balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Stepping Stone Timber Products Limited Notes to the Accounts for the year ended 31 December 2023
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 January 2023
106,217 
717,152 
823,369 
Additions
- 
148,740 
148,740 
At 31 December 2023
106,217 
865,892 
972,109 
Depreciation
At 1 January 2023
9,831 
253,506 
263,337 
Charge for the year
1,928 
91,858 
93,786 
At 31 December 2023
11,759 
345,364 
357,123 
Net book value
At 31 December 2023
94,458 
520,528 
614,986 
At 31 December 2022
96,386 
463,646 
560,032 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
- 
2,973 
Trade debtors
690,051 
881,883 
Accrued income and prepayments
1,750 
1,325 
691,801 
886,181 
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Stepping Stone Timber Products Limited Notes to the Accounts for the year ended 31 December 2023
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
230,931 
289,129 
VAT
59,411 
- 
Obligations under finance leases and hire purchase contracts
36,753 
65,411 
Trade creditors
441,308 
555,282 
Taxes and social security
82,697 
53,134 
Loans from directors
126,846 
195,041 
Accruals
4,665 
3,500 
982,611 
1,161,497 
7
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
3,000 Ordinary shares of £1 each
3,000 
3,000 
8
Transactions with related parties
During the year the company incurred rent of £18,000 to Armstrong Farm for use of premises. The proprietors of Armstrong Farm are also directors of Stepping Stone Timber Products Limited.
9
Average number of employees
During the year the average number of employees was 16 (2022: 15).
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