Year Ended
Registration number:
Stoneman and Bowker Limited
Balance Sheet
30 September 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Other reserves |
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Profit and loss account |
( |
( |
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Shareholders' deficit |
( |
( |
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:
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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
.......................................... |
Company Registration Number: 01104090
Stoneman and Bowker Limited
Notes to the Financial Statements
Year Ended 30 September 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Liverton Business Park
Salterton Road
Exmouth
Devon
EX8 2NR
These financial statements were authorised for issue by the
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
• 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
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Stoneman and Bowker Limited
Notes to the Financial Statements
Year Ended 30 September 2023
Tangible assets |
Furniture, fittings and equipment |
Leasehold improvements |
Total |
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Cost or valuation |
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At 1 October 2022 |
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At 30 September 2023 |
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Depreciation |
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At 1 October 2022 |
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Charge for the year |
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At 30 September 2023 |
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Carrying amount |
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At 30 September 2023 |
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At 30 September 2022 |
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Stocks |
2023 |
2022 |
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Finished goods and goods for resale |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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Stoneman and Bowker Limited
Notes to the Financial Statements
Year Ended 30 September 2023
Creditors |
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2023 |
2022 |
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Loans and borrowings due after one year |
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Bank borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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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
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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14,800 |
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14,800 |
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 £