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Company No: 04681115 (England and Wales)

STEPNEY BROS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

STEPNEY BROS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

STEPNEY BROS LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
STEPNEY BROS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTOR Mark Stepney
SECRETARY Graham Stepney
REGISTERED OFFICE 55 Ditton Walk
Cambridge
CB5 8QD
United Kingdom
COMPANY NUMBER 04681115 (England and Wales)
CHARTERED ACCOUNTANTS Gascoynes
Gascoyne House
Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
Suffolk
IP28 6JY
STEPNEY BROS LIMITED

BALANCE SHEET

As at 31 March 2024
STEPNEY BROS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 43,177 56,000
43,177 56,000
Current assets
Stocks 1,500 1,500
Debtors 5 16,522 15,835
Cash at bank and in hand 13,265 19,839
31,287 37,174
Creditors: amounts falling due within one year 6 ( 63,302) ( 91,690)
Net current liabilities (32,015) (54,516)
Total assets less current liabilities 11,162 1,484
Net assets 11,162 1,484
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 11,062 1,384
Total shareholder's funds 11,162 1,484

For the financial 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.

Director's responsibilities:

The financial statements of Stepney Bros Limited (registered number: 04681115) were approved and authorised for issue by the Director on 29 November 2024. They were signed on its behalf by:

Mark Stepney
Director
STEPNEY BROS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
STEPNEY BROS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 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

Stepney Bros 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 55 Ditton Walk, Cambridge, CB5 8QD, 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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has 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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

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 Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is [number] years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 20 years straight line
Plant and machinery etc. 4 - 6 years straight line

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.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 3

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 21,732 21,732
At 31 March 2024 21,732 21,732
Accumulated amortisation
At 01 April 2023 21,732 21,732
At 31 March 2024 21,732 21,732
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2023 154,680 162,710 317,390
Additions 0 768 768
At 31 March 2024 154,680 163,478 318,158
Accumulated depreciation
At 01 April 2023 118,290 143,100 261,390
Charge for the financial year 7,339 6,252 13,591
At 31 March 2024 125,629 149,352 274,981
Net book value
At 31 March 2024 29,051 14,126 43,177
At 31 March 2023 36,390 19,610 56,000

5. Debtors

2024 2023
£ £
Trade debtors 15,096 13,793
Other debtors 1,426 2,042
16,522 15,835

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 10,264 12,240
Taxation and social security 13,011 8,359
Other creditors 40,027 71,091
63,302 91,690

7. Called-up share capital

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

8. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Directors loan account - J Stepney 23,391 46,303
Directors loan account - M Stepney 7,138 22,993