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COMPANY REGISTRATION NUMBER: 05257835
Steven Wilson Limited
Filleted Unaudited Financial Statements
30 September 2023
Steven Wilson Limited
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
281,299
188,298
Current assets
Stocks
200,000
136,000
Debtors
6
42,767
9,159
Cash at bank and in hand
20,608
8,705
---------
---------
263,375
153,864
Creditors: amounts falling due within one year
7
253,523
139,402
---------
---------
Net current assets
9,852
14,462
---------
---------
Total assets less current liabilities
291,151
202,760
Creditors: amounts falling due after more than one year
8
39,029
44,202
Provisions
Taxation including deferred tax
41,638
23,968
---------
---------
Net assets
210,484
134,590
---------
---------
Capital and reserves
Called up share capital
10
2
Profit and loss account
210,474
134,588
---------
---------
Shareholders funds
210,484
134,590
---------
---------
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 statement of comprehensive income has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Steven Wilson Limited
Statement of Financial Position (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 23 September 2024 , and are signed on behalf of the board by:
Mr S W Wilson
Director
Company registration number: 05257835
Steven Wilson Limited
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 1 Telford House, Warwick Road, Carlisle, Cumbria, CA1 2BT.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
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, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2022: 10 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2022
62,150
222,338
19,346
42,513
346,347
Additions
71,714
45,936
48,751
166,401
Disposals
( 4,939)
( 4,939)
--------
---------
--------
--------
---------
At 30 September 2023
62,150
289,113
65,282
91,264
507,809
--------
---------
--------
--------
---------
Depreciation
At 1 October 2022
125,154
8,464
24,431
158,049
Charge for the year
42,137
14,204
16,708
73,049
Disposals
( 4,588)
( 4,588)
--------
---------
--------
--------
---------
At 30 September 2023
162,703
22,668
41,139
226,510
--------
---------
--------
--------
---------
Carrying amount
At 30 September 2023
62,150
126,410
42,614
50,125
281,299
--------
---------
--------
--------
---------
At 30 September 2022
62,150
97,184
10,882
18,082
188,298
--------
---------
--------
--------
---------
6. Debtors
2023
2022
£
£
Other debtors
42,767
9,159
--------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
148,067
37,275
Corporation tax
9,047
10,154
Social security and other taxes
7,513
5,024
Other creditors
78,896
76,949
---------
---------
253,523
139,402
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
7,497
32,849
Other creditors
31,532
11,353
--------
--------
39,029
44,202
--------
--------
9. Related party transactions
The company was under the control of Mr S W Wilson throughout the current and previous year. Mr Wilson is the sole director and majority shareholder and together with his wife holds all of the issued share capital. During the year the company traded from premises owned by Mr Wilson. No Rent (2022 - £Nil) was charged to the company. During the year dividends of £ 40,217 (2022 - £6,109) were paid to Mr Wilson. On the balance sheet date the company owed Mr Wilson £ 59,075 (2022 - £67,977) and this is included in Other creditors.