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COMPANY REGISTRATION NUMBER: 09735384
Stoneymoon Limited
Filleted Unaudited Financial Statements
31 October 2023
Stoneymoon Limited
Financial Statements
Year ended 31 October 2023
Contents
Pages
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 7
Stoneymoon Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Stoneymoon Limited
Year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Stoneymoon Limited for the year ended 31 October 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Stoneymoon Limited in accordance with the terms of our engagement letter dated 12 May 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Stoneymoon Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Stoneymoon Limited and its director for our work or for this report.
It is your duty to ensure that Stoneymoon Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Stoneymoon Limited. You consider that Stoneymoon Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Stoneymoon Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
2 October 2024
Stoneymoon Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
689,630
696,148
Current assets
Stocks
10,000
10,000
Debtors
7
36,804
45,112
Cash at bank and in hand
12,994
65,267
--------
---------
59,798
120,379
Creditors: amounts falling due within one year
8
51,881
46,243
--------
---------
Net current assets
7,917
74,136
---------
---------
Total assets less current liabilities
697,547
770,284
Creditors: amounts falling due after more than one year
9
345,987
355,664
Provisions
65,727
63,056
---------
---------
Net assets
285,833
351,564
---------
---------
Stoneymoon Limited
Statement of Financial Position (continued)
31 October 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
100
100
Revaluation reserve
269,690
275,584
Profit and loss account
16,043
75,880
---------
---------
Shareholders funds
285,833
351,564
---------
---------
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 31 October 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 .
These financial statements were approved by the board of directors and authorised for issue on 27 September 2024 , and are signed on behalf of the board by:
Mr J Duroe
Director
Company registration number: 09735384
Stoneymoon Limited
Notes to the Financial Statements
Year ended 31 October 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 High Street, Stoney Middleton, Hope Valley, Derbyshire, S32 4TL.
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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Depreciation
No charge has been made for depreciation of the freehold property as the useful life of the buildings, allied to the high standard of maintenance and repair and the revaluation as detailed at note 6 below, are such as to render such a charge immaterial.
Plant and equipment
-
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 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Government grants
Income received from Government grants is in respect of the Small Business Grant Fund.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2022: 18 ).
6. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2022
650,000
42,320
42,225
40,930
775,475
Additions
3,929
4,650
8,579
---------
--------
--------
--------
---------
At 31 October 2023
650,000
46,249
46,875
40,930
784,054
---------
--------
--------
--------
---------
Depreciation
At 1 November 2022
33,143
36,804
9,380
79,327
Charge for the year
2,843
2,022
10,232
15,097
---------
--------
--------
--------
---------
At 31 October 2023
35,986
38,826
19,612
94,424
---------
--------
--------
--------
---------
Carrying amount
At 31 October 2023
650,000
10,263
8,049
21,318
689,630
---------
--------
--------
--------
---------
At 31 October 2022
650,000
9,177
5,421
31,550
696,148
---------
--------
--------
--------
---------
Tangible assets held at valuation
The director has reviewed the carrying value of the company property at the year end date and remains of the view that the figure of £650,000 is a realistic, if prudent, assessment of the open market value at that date, making due allowance for the current climate.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 October 2023
21,318
--------
At 31 October 2022
31,550
--------
7. Debtors
2023
2022
£
£
Other debtors
36,804
45,112
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
7,399
11,913
Trade creditors
12,471
13,641
Social security and other taxes
23,364
12,136
Other creditors
8,647
8,553
--------
--------
51,881
46,243
--------
--------
A total of £2,558 (2022: £6,424) shown above within bank loans is secured by the company and its' assets and a further £5,853 (2022: £5,853), within "other creditors" above is secured on specific assets in the ownership of the company.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
329,486
333,310
Other creditors
16,501
22,354
---------
---------
345,987
355,664
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £282,621 (2022: £270,120) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The above "other creditors" are secured on specific assets of the company. Of the total bank loans as above, repayable after more than one year, £297,753 (2022: 296,669) are secured on the assets of the company. A further £16,501 is included within "other creditors" are secured on specific assets of the company under hire purchase agreement.