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Registered Number: 11855358
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 March 2024

for

HB STOVES LTD

 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 42,103    27,721 
42,103    27,721 
Current assets      
Stocks 4 7,700    7,000 
Debtors 5 22,771    22,252 
Cash at bank and in hand 38,755    29,237 
69,226    58,489 
Creditors: amount falling due within one year 6 (36,743)   (26,853)
Net current assets 32,483    31,636 
 
Total assets less current liabilities 74,586    59,357 
Creditors: amount falling due after more than one year 7 (30,000)   (40,000)
Provisions for liabilities 8 (10,525)   (5,278)
Net assets 34,061    14,079 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 33,961    13,979 
Shareholders' funds 34,061    14,079 
 


For the year ended 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 27 December 2024 and were signed on its behalf by:


-------------------------------
Harry Burton
Director
1
General Information
HB Stoves Ltd is a private company, limited by shares, registered in England and Wales, registration number 11855358, registration address The Forge, Wickmere, Norwich, NR11 7NA.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 33% Straight Line
Plant and Machinery 20% Straight Line
Motor Vehicles 20% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 4 (2023 : 4).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 April 2023 33,761    18,290      6,104    58,155 
Additions 3,400    25,295    1,614    163    30,472 
Disposals        
At 31 March 2024 37,161    43,585    1,614    6,267    88,627 
Depreciation
At 01 April 2023 17,290    10,574      2,570    30,434 
Charge for year 7,172    6,602    252    2,064    16,090 
On disposals        
At 31 March 2024 24,462    17,176    252    4,634    46,524 
Net book values
Closing balance as at 31 March 2024 12,699    26,409    1,362    1,633    42,103 
Opening balance as at 01 April 2023 16,471    7,716      3,534    27,721 


4.

Stocks

2024
£
  2023
£
Stocks 7,700    7,000 
7,700    7,000 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 1,493    1,445 
Other Debtors 21,278    20,807 
22,771    22,252 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 57   
Corporation Tax 6,217    7,513 
Directors' Current Accounts 26,297    13,739 
VAT 4,172    5,601 
36,743    26,853 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts (secured) 30,000    40,000 
30,000    40,000 

8.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 5,278    3,809 
Charged to Profit & Loss 5,247    1,469 
10,525    5,278 

2