Company registration number 07112664 (England and Wales)
STEPHENSON EXECUTIVE SEARCH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
STEPHENSON EXECUTIVE SEARCH LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
STEPHENSON EXECUTIVE SEARCH LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
23,740
39,330
Current assets
Debtors
5
197,128
246,601
Cash at bank and in hand
188,282
320,283
385,410
566,884
Creditors: amounts falling due within one year
6
(214,001)
(268,301)
Net current assets
171,409
298,583
Total assets less current liabilities
195,149
337,913
Creditors: amounts falling due after more than one year
7
(57,679)
(89,291)
Provisions for liabilities
929
(986)
Net assets
138,399
247,636
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
138,299
247,536
Total equity
138,399
247,636
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
STEPHENSON EXECUTIVE SEARCH LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
Mr W O Stephenson
Director
Company registration number 07112664 (England and Wales)
STEPHENSON EXECUTIVE SEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Stephenson Executive Search Limited is a private company limited by shares incorporated in England and Wales. The registered office is 25 Green Street, London, W1K 7AX. The company number is 07112664.
1.1
Accounting convention
These financial statements 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” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the period of the lease
Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
Computer equipment
33% straight line
Motor vehicles
Over the period of the finance lease
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.5
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include short term debtors and cash and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including short term creditors, are recognised at transaction price.
STEPHENSON EXECUTIVE SEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred taxation.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases are charged to profit and loss on a straight line basis over the term.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
9
8
STEPHENSON EXECUTIVE SEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Leasehold improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
14,358
44,638
58,996
Additions
1,025
1,191
2,216
At 31 December 2023
15,383
45,829
61,212
Depreciation and impairment
At 1 January 2023
1,409
18,257
19,666
Depreciation charged in the year
7,607
10,199
17,806
At 31 December 2023
9,016
28,456
37,472
Carrying amount
At 31 December 2023
6,367
17,373
23,740
At 31 December 2022
12,949
26,381
39,330
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts:
2023
2022
£
£
Motor vehicles
13,760
19,876
13,760
19,876
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
83,781
197,450
Other debtors
2,700
2,700
Prepayments and accrued income
110,647
46,451
197,128
246,601
STEPHENSON EXECUTIVE SEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
28,306
25,921
Obligations under finance leases
3,305
3,305
Trade creditors
1,698
384
Corporation tax
89,283
75,254
Other taxation and social security
16,305
75,859
Other creditors
8,157
3,340
Accruals
66,947
84,238
214,001
268,301
Bank loans are unsecured, while obligations under finance leases are secured against the assets to which they relate.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
44,710
73,017
Obligations under finance leases
12,969
16,274
57,679
89,291
Bank loans are unsecured, while obligations under finance leases are secured against the assets to which they relate.
STEPHENSON EXECUTIVE SEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
117,270
273,630
9
Directors' transactions
At 31 December 2023 Mr W O Stephenson owed the company £132 (31 December 2022: £1,344). The balance carries no interest, and is fully repaid within nine months.
At 31 December 2023 Mr T C Stephenson owed the company £nil (31 December 2022: £808).