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Registered number: 10585602
Stamford Stoves Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Brooks & Partners Accountants Ltd
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 10585602
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 162,849 182,622
162,849 182,622
CURRENT ASSETS
Stocks 5 172,359 124,686
Debtors 6 115,410 97,882
Cash at bank and in hand 76,272 76,484
364,041 299,052
Creditors: Amounts Falling Due Within One Year 7 (269,518 ) (255,012 )
NET CURRENT ASSETS (LIABILITIES) 94,523 44,040
TOTAL ASSETS LESS CURRENT LIABILITIES 257,372 226,662
Creditors: Amounts Falling Due After More Than One Year 8 (28,743 ) (44,990 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (22,859 ) (23,269 )
NET ASSETS 205,770 158,403
CAPITAL AND RESERVES
Called up share capital 11 200 200
Income Statement 205,570 158,203
SHAREHOLDERS' FUNDS 205,770 158,403
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
A Dean
Director
20 September 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Stamford Stoves Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10585602 . The registered office is Unit 1a, Station Road Business Park, Barnack, Stamford, Lincolnshire, PE9 3DW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has been invoiced for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% & 25% straight line
Motor Vehicles 20% straight line
Computer Equipment 25% straight line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due
allowance for obsolete and slow-moving stocks.
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Page 4
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2022: 5)
6 5
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 131,202 117,440 579 249,221
Additions - 24,655 - 24,655
As at 31 December 2023 131,202 142,095 579 273,876
Depreciation
As at 1 January 2023 48,511 18,004 84 66,599
Provided during the period 18,750 25,593 85 44,428
As at 31 December 2023 67,261 43,597 169 111,027
...CONTINUED
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Net Book Value
As at 31 December 2023 63,941 98,498 410 162,849
As at 1 January 2023 82,691 99,436 495 182,622
5. Stocks
2023 2022
£ £
Stock 172,359 124,686
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 108,122 88,850
Prepayments and accrued income 7,288 9,032
115,410 97,882
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 6,247 6,247
Trade creditors 63,356 38,925
Bank loans and overdrafts 10,000 10,000
Corporation tax 16,838 4,159
Other taxes and social security 4,602 3,904
VAT 20,442 9,014
Other creditors - 478
Accruals and deferred income 422 321
Directors' loan accounts 14,691 60,141
Amounts owed to other participating interests 132,920 121,823
269,518 255,012
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 14,576 20,823
Bank loans 14,167 24,167
28,743 44,990
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9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 6,247 6,247
Later than one year and not later than five years 14,576 20,823
20,823 27,070
20,823 27,070
10. Deferred Taxation
The provision for deferred tax is made up of accelerated capital allowances
2023 2022
£ £
Other timing differences 22,859 23,269
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 200 200
12. Related Party Transactions
At the year end the company owed £132,920 (2022: £121,823) to companies under common ownership and control.
These loans are unsecured, interest free and repayable on demand.
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