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Registered number: 04749614
M D Stapleton Developments Limited
Financial Statements
For The Year Ended 30 September 2023
Andrew Herring & Co
Chartered Certified Accountants
40 Clarence Road
Chesterfield
S40 1LQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04749614
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 588,043 574,841
588,043 574,841
CURRENT ASSETS
Stocks 6 502,584 669,539
Debtors 7 339,882 251,656
Cash at bank and in hand 8,645 20,162
851,111 941,357
Creditors: Amounts Falling Due Within One Year 8 (484,717 ) (664,852 )
NET CURRENT ASSETS (LIABILITIES) 366,394 276,505
TOTAL ASSETS LESS CURRENT LIABILITIES 954,437 851,346
Creditors: Amounts Falling Due After More Than One Year 9 (236,959 ) (249,208 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (41,842 ) (22,864 )
NET ASSETS 675,636 579,274
CAPITAL AND RESERVES
Called up share capital 10 1 1
Fair value reserve 11 75,330 75,330
Profit and Loss Account 600,305 503,943
SHAREHOLDERS' FUNDS 675,636 579,274
Page 1
Page 2
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Malcolm Stapleton
Director
16/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
M D Stapleton Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04749614 . The registered office is 40 Clarence Road, Chesterfield, S40 1LQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold see Investment Property note below
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 33% straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 6)
5 6
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 October 2022 547,505 37,092 27,150 5,754 617,501
Additions - 26,124 - 1,000 27,124
As at 30 September 2023 547,505 63,216 27,150 6,754 644,625
Depreciation
As at 1 October 2022 - 27,555 11,337 3,768 42,660
Provided during the period - 8,915 3,953 1,054 13,922
As at 30 September 2023 - 36,470 15,290 4,822 56,582
Net Book Value
As at 30 September 2023 547,505 26,746 11,860 1,932 588,043
As at 1 October 2022 547,505 9,537 15,813 1,986 574,841
Cost or valuation as at 30 September 2023 represented by:
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
At cost 547,505 63,216 27,150 6,754 644,625
547,505 63,216 27,150 6,754 644,625
5. Investment Property
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2023 2022
£ £
Cost 454,505 454,505
The investment properties were valued on an open market basis on 30 September 2023 by M D Stapleton, director.
6. Stocks
2023 2022
£ £
Stock 502,584 669,539
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Page 5
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors - 18,538
Other debtors 339,882 233,118
339,882 251,656
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 30,372 18,292
Bank loans and overdrafts 11,639 11,833
Other creditors 366,801 557,848
Taxation and social security 75,905 76,879
484,717 664,852
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 236,959 249,208
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
11. Reserves
Fair Value Reserve
£
As at 1 October 2022 75,330
As at 30 September 2023 75,330
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