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Registration number: 14368430

Stuffusell Ltd

Annual Report and Unaudited Financial Statements

for the Period from 21 September 2022 to 30 September 2023

 

Stuffusell Ltd

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Stuffusell Ltd

Company Information

Director

D Brackin

Registered office

Cherry Tree Cottage
Hawkswood Grove
Fulmer
Slough
SL3 6JF

Accountants

Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Stuffusell Ltd

(Registration number: 14368430)
Statement of Financial Position as at 30 September 2023

Note

2023
£

Non-current assets

 

Intangible assets

4

54,716

Property, plant and equipment

5

11,250

 

65,966

Current assets

 

Inventories

6

130,640

Receivables

7

48,064

Cash at bank and in hand

 

44,616

 

223,320

Payables: Amounts falling due within one year

8

(312,748)

Net current liabilities

 

(89,428)

Net liabilities

 

(23,462)

Equity

 

Called up share capital

9

1

Retained earnings

(23,463)

Shareholders' deficit

 

(23,462)

 

Stuffusell Ltd

(Registration number: 14368430)
Statement of Financial Position as at 30 September 2023 (continued)

For the financial period 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 period 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income statement.

The financial statements of Stuffusell Ltd were approved and authorised for issue by the director on 16 September 2024
 

.........................................

D Brackin
Director

 

Stuffusell Ltd

Notes to the Unaudited Financial Statements
for the Period from 21 September 2022 to 30 September 2023

1

General information

Stuffusell Ltd (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1.

2

Accounting policies

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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Going concern

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis in preparing the annual financial statements.

Revenue recognition

Revenue 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. Revenue is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Stuffusell Ltd

Notes to the Unaudited Financial Statements
for the Period from 21 September 2022 to 30 September 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

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

Office equipment

25% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Receivables

Receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Stuffusell Ltd

Notes to the Unaudited Financial Statements
for the Period from 21 September 2022 to 30 September 2023 (continued)

2

Accounting policies (continued)

Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, inventories are assessed for impairment. If inventories 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.

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Stuffusell Ltd

Notes to the Unaudited Financial Statements
for the Period from 21 September 2022 to 30 September 2023 (continued)

2

Accounting policies (continued)

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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 13.

4

Intangible assets

Software development costs
 £

Cost

Additions

66,826

At 30 September 2023

66,826

Amortisation

Amortisation charge

12,110

At 30 September 2023

12,110

Carrying amount

At 30 September 2023

54,716

 

Stuffusell Ltd

Notes to the Unaudited Financial Statements
for the Period from 21 September 2022 to 30 September 2023 (continued)

5

Property, plant and equipment

Office equipment
 £

Cost

Additions

15,000

At 30 September 2023

15,000

Depreciation

Charge for the period

3,750

At 30 September 2023

3,750

Carrying amount

At 30 September 2023

11,250

6

Inventories

2023
£

Stocks

130,640

7

Receivables

2023
£

Trade receivables

13,019

Other receivables

14,363

Prepayments

18,558

Deferred tax asset

2,124

48,064

 

Stuffusell Ltd

Notes to the Unaudited Financial Statements
for the Period from 21 September 2022 to 30 September 2023 (continued)

8

Payables

Payables: amounts falling due within one year

2023
£

Due within one year

Trade payables

191,908

Social security and other taxes

37,760

Director's loan account

14,712

Other payables

5,613

Accruals

62,325

Income tax liability

430

312,748

9

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary share of £1

1

1

     

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.
 

10

Related party transactions

At 30 September 2023 D Brackin was owed £14,712 by the company. The loan is interest free and has no fixed repayment date or repayment schedule.