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COMPANY REGISTRATION NUMBER: 00627741
James Stone & Son Limited
Filleted Unaudited Financial Statements
31 December 2023
James Stone & Son Limited
Financial Statements
Year ended 31 December 2023
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 6
James Stone & Son Limited
Balance Sheet
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
5,254
6,014
Current assets
Stocks
14,085
19,237
Debtors
6
215,812
167,846
Investments
7
77,582
76,048
Cash at bank and in hand
6,230
5,263
---------
---------
313,709
268,394
Creditors: amounts falling due within one year
8
114,649
104,839
---------
---------
Net current assets
199,060
163,555
---------
---------
Total assets less current liabilities
204,314
169,569
---------
---------
Net assets
204,314
169,569
---------
---------
Capital and reserves
Called up share capital
2,500
2,500
Profit and loss account
201,814
167,069
---------
---------
Shareholders funds
204,314
169,569
---------
---------
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 profit and loss has not been delivered.
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.
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 .
James Stone & Son Limited
Balance Sheet (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
Mr Robert M Elliot
Director
Company registration number: 00627741
James Stone & Son Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is private company limited by shares, registered in England and Wales. The address of the registered office is Stubbs Street, Newcastle, Staffordshire, ST5 1AQ. The company registration number is 00627741 .
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. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.
Revenue recognition
Turnover comprises the value of sales (exclusive of VAT and trade discounts) of goods provided in the normal course of business. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. 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 material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Property Improvements
-
2% straight line
Fixtures & Fittings
-
15% 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
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, and other costs incurred in bringing the stock to its present location and condition. Estimated selling price is the estimated proceeds from the sale of stock items, less all future costs to completion, costs to be incurred in marketing, selling and distributing.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
Defined contribution plans
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Tangible assets
Property Improvements
Fixtures & Fittings
Motor Vehicles
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
4,273
20,861
14,165
39,299
-------
--------
--------
--------
Depreciation
At 1 January 2023
1,615
19,215
12,455
33,285
Charge for the year
85
247
428
760
-------
--------
--------
--------
At 31 December 2023
1,700
19,462
12,883
34,045
-------
--------
--------
--------
Carrying amount
At 31 December 2023
2,573
1,399
1,282
5,254
-------
--------
--------
--------
At 31 December 2022
2,658
1,646
1,710
6,014
-------
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
207,981
150,646
Other debtors
7,831
17,200
---------
---------
215,812
167,846
---------
---------
7. Investments
2023
2022
£
£
Investment bonds
77,582
76,048
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
95,223
85,459
Other creditors
19,426
19,380
---------
---------
114,649
104,839
---------
---------
9. Related party transactions
No rent has been charged to the company for the use of the property which is owned personally by the director.