Registered number
05013324
Stonepeg Limited
Filleted Accounts
31 January 2024
Stonepeg Limited
Registered number: 05013324
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 20,000 -
Tangible assets 4 5,423 7,231
25,423 7,231
Current assets
Stocks 285,000 255,000
Debtors 5 8,478 14,480
Cash at bank and in hand 96,280 128,681
389,758 398,161
Creditors: amounts falling due within one year 6 (160,901) (149,194)
Net current assets 228,857 248,967
Net assets 254,280 256,198
Capital and reserves
Called up share capital 2 2
Profit and loss account 254,278 256,196
Shareholders' funds 254,280 256,198
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr. G. Williamson
Director
Approved by the board on 22 September 2024
Stonepeg Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 20,000
Additions 25,000
At 31 January 2024 45,000
Amortisation
At 1 February 2023 20,000
Provided during the year 5,000
At 31 January 2024 25,000
Net book value
At 31 January 2024 20,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 24,994
At 31 January 2024 24,994
Depreciation
At 1 February 2023 17,763
Charge for the year 1,808
At 31 January 2024 19,571
Net book value
At 31 January 2024 5,423
At 31 January 2023 7,231
5 Debtors 2024 2023
£ £
Trade debtors 8,478 7,516
Other debtors - 6,964
8,478 14,480
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 108,202 119,372
Taxation and social security costs 47,490 27,436
Other creditors 5,209 2,386
160,901 149,194
7 Controlling party
Mr G Williamson and Mrs Y Williamson are the people with significant control.
8 Other information
Stonepeg Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Old Racing Stables,
Nine Yews Cranborne,
Wimborne,
Dorset,
BH21 5PW
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