J. W. Stead & Son Limited 01253903 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is that of machine manufacturers and suppliers to the textile industry. Digita Accounts Production Advanced 6.30.9574.0 true 01253903 2023-05-01 2024-04-30 01253903 2024-04-30 01253903 core:CapitalRedemptionReserve 2024-04-30 01253903 core:RetainedEarningsAccumulatedLosses 2024-04-30 01253903 core:ShareCapital 2024-04-30 01253903 core:CurrentFinancialInstruments 2024-04-30 01253903 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 01253903 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 01253903 core:FurnitureFittingsToolsEquipment 2024-04-30 01253903 core:LandBuildings 2024-04-30 01253903 core:MotorVehicles 2024-04-30 01253903 core:OtherPropertyPlantEquipment 2024-04-30 01253903 bus:SmallEntities 2023-05-01 2024-04-30 01253903 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 01253903 bus:FilletedAccounts 2023-05-01 2024-04-30 01253903 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 01253903 bus:RegisteredOffice 2023-05-01 2024-04-30 01253903 bus:Director3 2023-05-01 2024-04-30 01253903 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 01253903 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 01253903 core:LandBuildings 2023-05-01 2024-04-30 01253903 core:LeaseholdImprovements 2023-05-01 2024-04-30 01253903 core:MotorVehicles 2023-05-01 2024-04-30 01253903 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 01253903 core:PlantMachinery 2023-05-01 2024-04-30 01253903 countries:England 2023-05-01 2024-04-30 01253903 2023-04-30 01253903 core:FurnitureFittingsToolsEquipment 2023-04-30 01253903 core:LandBuildings 2023-04-30 01253903 core:MotorVehicles 2023-04-30 01253903 core:OtherPropertyPlantEquipment 2023-04-30 01253903 2022-05-01 2023-04-30 01253903 2023-04-30 01253903 core:CapitalRedemptionReserve 2023-04-30 01253903 core:RetainedEarningsAccumulatedLosses 2023-04-30 01253903 core:ShareCapital 2023-04-30 01253903 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 01253903 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 01253903 core:FurnitureFittingsToolsEquipment 2023-04-30 01253903 core:LandBuildings 2023-04-30 01253903 core:MotorVehicles 2023-04-30 01253903 core:OtherPropertyPlantEquipment 2023-04-30 iso4217:GBP xbrli:pure

Registration number: 01253903

J. W. Stead & Son Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

J. W. Stead & Son Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

J. W. Stead & Son Limited

Balance Sheet

as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

154,828

82,958

Current assets

 

Stocks

525,147

493,168

Debtors

5

191,137

192,329

Cash at bank and in hand

 

90,949

75,278

 

807,233

760,775

Creditors: Amounts falling due within one year

6

(218,888)

(156,455)

Net current assets

 

588,345

604,320

Total assets less current liabilities

 

743,173

687,278

Creditors: Amounts falling due after more than one year

6

(12,231)

(22,435)

Provisions for liabilities

(32,507)

(16,091)

Net assets

 

698,435

648,752

Capital and reserves

 

Allotted, called up and fully paid share capital

83

83

Capital redemption reserve

17

17

Profit and loss account

698,335

648,652

Shareholders' funds

 

698,435

648,752

Registration number: 01253903

 

J. W. Stead & Son Limited

Balance Sheet

as at 30 April 2024 (continued)

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 17 January 2025 and signed on its behalf by:
 

.........................................
Mr S J Stead
Director

 

J. W. Stead & Son Limited

Notes to the Unaudited Financial Statements

for the Year Ended 30 April 2024

1

General information

The company is a private company limited by shares incorporated in England within the United Kingdom.

The company's registration number is 01253903.

The address of its registered office is:
John Stead Works
Thackley Old Road
Shipley
West Yorkshire
BD18 1QB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer.

 

J. W. Stead & Son Limited

Notes to the Unaudited Financial Statements

for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Exchange differences are included in the profit and loss account.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

J. W. Stead & Son Limited

Notes to the Unaudited Financial Statements

for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to leasehold property

10% per annum on a straight line basis

Plant and machinery

20% per annum on a reducing balance basis

Fixtures, fittings and equipment

20% per annum on a reducing balance basis

Motor vehicles

25% per annum on a reducing balance basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Leases

Rentals in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Defined contribution pension obligation

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions are charged to the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 7 (2023 - 7).

 

J. W. Stead & Son Limited

Notes to the Unaudited Financial Statements

for the Year Ended 30 April 2024 (continued)

4

Tangible assets

Improvements to leasehold property
£

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost

At 1 May 2023

62,653

14,035

30,040

131,866

238,594

Additions

10,562

1,599

45,235

53,486

110,882

Disposals

-

-

(30,040)

-

(30,040)

At 30 April 2024

73,215

15,634

45,235

185,352

319,436

Depreciation

At 1 May 2023

48,912

9,945

18,687

78,092

155,636

Charge for the year

6,505

976

5,654

14,524

27,659

Eliminated on disposal

-

-

(18,687)

-

(18,687)

At 30 April 2024

55,417

10,921

5,654

92,616

164,608

Net book value

At 30 April 2024

17,798

4,713

39,581

92,736

154,828

At 30 April 2023

13,741

4,090

11,353

53,774

82,958

5

Debtors

Current

2024
£

2023
£

Trade debtors

174,925

178,319

Prepayments and accrued income

16,212

14,010

 

191,137

192,329

 

J. W. Stead & Son Limited

Notes to the Unaudited Financial Statements

for the Year Ended 30 April 2024 (continued)

6

Creditors

2024
£

2023
£

Due within one year

 

Trade creditors

 

88,629

69,056

Bank borrowings

10,204

9,952

Taxation and social security

 

19,679

14,529

Corporation tax liability

 

70,245

51,986

Accruals and deferred income

 

26,631

10,932

Director's loan account

 

3,500

-

 

218,888

156,455

Due after one year

 

Bank borrowings

12,231

22,435

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £80,608 (2023 - £76,500). These financial commitments relate to non-cancellable operating leases and are payable over the remaining life of those leases.