Registered number
06399481
P K Stubbs Limited
Filleted Accounts
29 February 2024
P K Stubbs Limited
Registered number: 06399481
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 32,000 40,000
Tangible assets 4 127,900 157,848
159,900 197,848
Current assets
Stocks 36,276 102,967
Debtors 5 94,941 111,106
Cash at bank and in hand 36,018 130,318
167,235 344,391
Creditors: amounts falling due within one year 6 (127,348) (126,752)
Net current assets 39,887 217,639
Total assets less current liabilities 199,787 415,487
Creditors: amounts falling due after more than one year 7 (65,248) (94,613)
Provisions for liabilities (31,975) (28,033)
Net assets 102,564 292,841
Capital and reserves
Called up share capital 100 100
Profit and loss account 102,464 292,741
Shareholders' funds 102,564 292,841
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P K Stubbs
Director
Approved by the board on 18 November 2024
P K Stubbs Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts 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 (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% per annum of net book value
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 10
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 160,000
At 29 February 2024 160,000
Amortisation
At 1 March 2023 120,000
Provided during the year 8,000
At 29 February 2024 128,000
Net book value
At 29 February 2024 32,000
At 28 February 2023 40,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery Total
£ £ £
Cost
At 1 March 2023 8,354 347,925 356,279
Disposals - (21,000) (21,000)
At 29 February 2024 8,354 326,925 335,279
Depreciation
At 1 March 2023 - 198,431 198,431
Charge for the year - 21,096 21,096
On disposals - (12,148) (12,148)
At 29 February 2024 - 207,379 207,379
Net book value
At 29 February 2024 8,354 119,546 127,900
At 28 February 2023 8,354 149,494 157,848
5 Debtors 2024 2023
£ £
Trade debtors 12,469 16,222
Prepayments and accrued income 9,720 1,624
Other debtors 72,752 93,260
94,941 111,106
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 20,614 19,437
Trade creditors 78,892 83,936
Accruals and deferred income 15,947 11,262
Taxation and social security costs 1,856 1,210
Directors loans 39 907
127,348 126,752
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 14,167 23,333
Obligations under finance lease and hire purchase contracts 51,081 71,280
65,248 94,613
8 Other information
P K Stubbs Limited is a private company limited by shares and incorporated in England. Its registered office is:
Rail Depot
Wistaston Road
Crewe
Cheshire
CW2 7RL
P K Stubbs Limited 06399481 false 2023-03-01 2024-02-29 2024-02-29 VT Final Accounts July 2024 P K Stubbs No description of principal activity 06399481 2022-03-01 2023-02-28 06399481 core:WithinOneYear 2023-02-28 06399481 core:AfterOneYear 2023-02-28 06399481 core:ShareCapital 2023-02-28 06399481 core:RetainedEarningsAccumulatedLosses 2023-02-28 06399481 2023-03-01 2024-02-29 06399481 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 06399481 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 06399481 bus:Director40 2023-03-01 2024-02-29 06399481 1 2023-03-01 2024-02-29 06399481 2 2023-03-01 2024-02-29 06399481 core:Goodwill 2023-03-01 2024-02-29 06399481 core:LandBuildings 2023-03-01 2024-02-29 06399481 core:PlantMachinery 2023-03-01 2024-02-29 06399481 countries:England 2023-03-01 2024-02-29 06399481 bus:FRS102 2023-03-01 2024-02-29 06399481 bus:FilletedAccounts 2023-03-01 2024-02-29 06399481 2024-02-29 06399481 core:WithinOneYear 2024-02-29 06399481 core:AfterOneYear 2024-02-29 06399481 core:ShareCapital 2024-02-29 06399481 core:RetainedEarningsAccumulatedLosses 2024-02-29 06399481 core:Goodwill 2024-02-29 06399481 core:LandBuildings 2024-02-29 06399481 core:PlantMachinery 2024-02-29 06399481 2023-02-28 06399481 core:Goodwill 2023-02-28 06399481 core:LandBuildings 2023-02-28 06399481 core:PlantMachinery 2023-02-28 iso4217:GBP xbrli:pure