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COMPANY REGISTRATION NUMBER: 04623631
Stubbins and Hope Limited
Filleted Unaudited Abridged Financial Statements
31 March 2024
Stubbins and Hope Limited
Abridged Financial Statements
Year Ended 31 March 2024
Contents
Pages
Abridged statement of financial position
1 to 2
Notes to the abridged financial statements
3 to 6
Stubbins and Hope Limited
Abridged Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed Assets
Intangible assets
5
120,000
120,000
Tangible assets
6
229,443
258,285
---------
---------
349,443
378,285
Current Assets
Stocks
8,500
8,500
Debtors
66,734
80,038
Cash at bank and in hand
409,009
317,250
---------
---------
484,243
405,788
Creditors: amounts falling due within one year
167,724
138,417
---------
---------
Net Current Assets
316,519
267,371
---------
---------
Total Assets Less Current Liabilities
665,962
645,656
Provisions
Taxation including deferred tax
40,768
46,433
---------
---------
Net Assets
625,194
599,223
---------
---------
Stubbins and Hope Limited
Abridged Statement of Financial Position (continued)
31 March 2024
2024
2023
Note
£
£
£
Capital and Reserves
Called up share capital
7
3
3
Profit and loss account
625,191
599,220
---------
---------
Shareholders Funds
625,194
599,223
---------
---------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 24 October 2024 , and are signed on behalf of the board by:
Mr S R Hope
Director
Company registration number: 04623631
Stubbins and Hope Limited
Notes to the Abridged Financial Statements
Year Ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 93-97 Saltergate, Chesterfield, Derbyshire, S40 1LA. The company's place of business is 55 High Street, Bolsover, Chesterfield, Derbyshire, S44 6HF.
2. Statement of compliance
These abridged 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. The financial statements are prepared in sterling, which is the functional currency of the entity. All of the members have consented to the preparation of abridged accounts in accordance with Section 444(2A) of the Companies Act 2006.
Revenue recognition
The turnover in the profit and loss account represents amounts earned during the year.
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Goodwill
The FRS102 and Companies Act 2006 require goodwill to be amortised. However the directors feel that this does not show a true and fair view of the value of the company's assets due to the nature of the business, the stability of the industry and the typical lifespan of the products to which the goodwill is attached. The directors therefore have opted for a departure. This is a departure from the FRS102 and the Companies Act 2006 as the directors feel that it will not show a true and fair view of the state of the affairs of the company.
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
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:
Freehold property
-
2% straight line
Fixtures, fittings & equipment
-
20% reducing balance
Motor vehicles
-
15% reducing balance
Government grants
Gorvernment and local authority grants are recognised at the fair value of the asset received or receivable. Grants are not 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.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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.
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2023: 12 ).
5. Intangible assets
£
Cost
At 1 April 2023 and 31 March 2024
120,000
---------
Amortisation
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
120,000
---------
At 31 March 2023
120,000
---------
6. Tangible assets
£
Cost
At 1 April 2023
604,140
Additions
2,647
Disposals
( 2,255)
---------
At 31 March 2024
604,532
---------
Depreciation
At 1 April 2023
345,856
Charge for the year
31,168
Disposals
( 1,935)
---------
At 31 March 2024
375,089
---------
Carrying amount
At 31 March 2024
229,443
---------
At 31 March 2023
258,284
---------
7. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
3
3
3
3
----
----
----
----
8. Directors' advances, credits and guarantees
There are no director's advances, credits or guarantees requiring disclosure.