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Company No: 12045268 (England and Wales)

STEVENS & BROWN LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

STEVENS & BROWN LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

STEVENS & BROWN LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
STEVENS & BROWN LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 7,826 9,781
7,826 9,781
Current assets
Stocks 6,568 5,468
Debtors 4 1,645 948
Cash at bank and in hand 54,361 43,161
62,574 49,577
Creditors: amounts falling due within one year 5 ( 24,063) ( 19,287)
Net current assets 38,511 30,290
Total assets less current liabilities 46,337 40,071
Provision for liabilities ( 1,487) ( 2,445)
Net assets 44,850 37,626
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 44,750 37,526
Total shareholders' funds 44,850 37,626

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Stevens & Brown Limited (registered number: 12045268) were approved and authorised for issue by the Board of Directors on 23 November 2024. They were signed on its behalf by:

Mrs K Brown
Director
STEVENS & BROWN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
STEVENS & BROWN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Stevens & Brown Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Saqqara, Restronguet Point, Feock, TR3 6RB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Plant and machinery 5 years straight line
Fixtures and fittings 20 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Tangible assets

Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 July 2023 553 23,925 512 24,990
At 30 June 2024 553 23,925 512 24,990
Accumulated depreciation
At 01 July 2023 246 14,659 304 15,209
Charge for the financial year 61 1,853 41 1,955
At 30 June 2024 307 16,512 345 17,164
Net book value
At 30 June 2024 246 7,413 167 7,826
At 30 June 2023 307 9,266 208 9,781

4. Debtors

2024 2023
£ £
Trade debtors 1,256 579
Amounts owed by directors 125 125
Prepayments 222 210
VAT recoverable 0 34
Other debtors 42 0
1,645 948

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,501 1,117
Amounts owed to directors 0 63
Accruals 1,342 1,413
Other taxation and social security 7,986 6,348
Other creditors 13,234 10,346
24,063 19,287

There are no amounts included above in respect of which any security has been given by the small entity.

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed by directors 125 125
Amounts owed to directors 0 63

Repayments of £63 were made during the year to directors.
At the year end, £nil (2023: £63) was owed to a Director by the Company.

At the year end, £125 (2023: £125) was owed to the Company by a Director. The balance is interest free and there is no set date for repayment.