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Stoneman and Bowker Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 September 2023

Registration number: 01104090

 

Stoneman and Bowker Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Stoneman and Bowker Limited

Balance Sheet

30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,433

2,798

Current assets

 

Stocks

5

198,067

208,643

Debtors

6

6,556

14,633

Cash at bank and in hand

 

47

2

 

204,670

223,278

Creditors: Amounts falling due within one year

7

(339,422)

(352,252)

Net current liabilities

 

(134,752)

(128,974)

Total assets less current liabilities

 

(132,319)

(126,176)

Creditors: Amounts falling due after more than one year

7

(24,153)

(31,648)

Net liabilities

 

(156,472)

(157,824)

Capital and reserves

 

Called up share capital

9

14,800

14,800

Other reserves

175,200

175,200

Profit and loss account

(346,472)

(347,824)

Shareholders' deficit

 

(156,472)

(157,824)

 

Stoneman and Bowker Limited

Balance Sheet

30 September 2023

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 1 September 2024
 

..........................................
Mr M J Stoneman
Director

Company Registration Number: 01104090

 

Stoneman and Bowker Limited

Notes to the Financial Statements

Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

The principal place of business is:
Liverton Business Park
Salterton Road
Exmouth
Devon
EX8 2NR

These financial statements were authorised for issue by the director on 1 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A and the Companies Act 2006. There has been no departure from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Going concern

The Director has concluded that, by virtue of his age, he wishes to step away from the business. Other family members are considering whether they would like to take the business on. In the meantime, the company is seeking to reduce its stockholding to realise funds eliminate the overdraft and facilitate a potential change in ownership. The timescales inherent in this process are uncertain but the Director is satisfied that this process will enable the company to continue to meet its liabilities as they fall due. Consequently, the accounts have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue on the provision of goods and services as it falls due.

 

Stoneman and Bowker Limited

Notes to the Financial Statements

Year Ended 30 September 2023

Tax

Tax is recognised in the profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Furniture, fittings and equipment

15% reducing balance

Leasehold improvements

10% straight line

Stocks

Stock is ordered upon the order from customers. Display stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Stoneman and Bowker Limited

Notes to the Financial Statements

Year Ended 30 September 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances;
• Bank loan and overdrafts.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Basic financial assets comprise short term trade and other debtors and cash and bank balances.
Basic financial liabilities comprise short term trade and other creditors.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 4).

 

Stoneman and Bowker Limited

Notes to the Financial Statements

Year Ended 30 September 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Leasehold improvements
£

Total
£

Cost or valuation

At 1 October 2022

14,765

2,856

17,621

At 30 September 2023

14,765

2,856

17,621

Depreciation

At 1 October 2022

14,250

573

14,823

Charge for the year

79

286

365

At 30 September 2023

14,329

859

15,188

Carrying amount

At 30 September 2023

436

1,997

2,433

At 30 September 2022

515

2,283

2,798

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

198,067

208,643

6

Debtors

2023
£

2022
£

Trade debtors

3,244

12,562

Prepayments

3,312

2,071

6,556

14,633

 

Stoneman and Bowker Limited

Notes to the Financial Statements

Year Ended 30 September 2023

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

55,109

51,065

Trade creditors

 

39,452

50,833

Taxation and social security

 

4,045

5,482

Other creditors

 

235,019

239,559

Accruals and deferred income

 

5,797

5,313

 

339,422

352,252

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

24,153

31,648

8

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

Bank borrowings

24,153

31,648

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,010

10,010

Bank overdrafts

45,099

41,055

55,109

51,065

Bank overdrafts

The bank overdraft is secured by way of a fixed and floating charge over the undertakings of the company. The carrying amount at year end is £45,099 (2022 - £41,055).

 

Stoneman and Bowker Limited

Notes to the Financial Statements

Year Ended 30 September 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

14,800

14,800

14,800

14,800

         

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £130,000 (2022 - £135,000). The financial commitments relate to property from which the company operates.