Registered number
04772948
Steven R Francis & Co Limited
Filleted Accounts
30 April 2024
Steven R Francis & Co Limited
Registered number: 04772948
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 23,448 7,093
Current assets
Debtors 5 293,557 271,618
Cash at bank and in hand 22,423 65,968
315,980 337,586
Creditors: amounts falling due within one year 6 (272,321) (235,805)
Net current assets 43,659 101,781
Total assets less current liabilities 67,107 108,874
Provisions for liabilities (5,862) (1,773)
Net assets 61,245 107,101
Capital and reserves
Called up share capital 100 100
Profit and loss account 61,145 107,001
Shareholders' funds 61,245 107,101
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.
Mr S R Francis
Director
Approved by the board on 22 May 2024
Steven R Francis & Co Limited
Notes to the Accounts
for the year ended 30 April 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:
Leasehold land and buildings over the lease term
Plant and machinery over 4 years
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.
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 16 16
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2023 29,500
At 30 April 2024 29,500
Amortisation
At 1 May 2023 29,500
At 30 April 2024 29,500
Net book value
At 30 April 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 21,548 93,506 - 115,054
Additions - 749 24,995 25,744
At 30 April 2024 21,548 94,255 24,995 140,798
Depreciation
At 1 May 2023 21,548 86,413 - 107,961
Charge for the year - 3,140 6,249 9,389
At 30 April 2024 21,548 89,553 6,249 117,350
Net book value
At 30 April 2024 - 4,702 18,746 23,448
At 30 April 2023 - 7,093 - 7,093
5 Debtors 2024 2023
£ £
Trade debtors 206,483 208,187
Due under contracts not yet invoiced 48,335 39,975
Other debtors 38,739 23,456
293,557 271,618
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 9,107 13,748
Directors' current account 25,409 20
Taxation and social security costs 207,315 175,239
Other creditors 30,490 46,798
272,321 235,805
7 Controlling party
In the opinion of the directors Mr S Francis is the company's controlling party by virtue of his shareholding in the company.
8 Other information
Steven R Francis & Co Limited is a private company limited by shares and incorporated in England. Its registered office is:
Bury Lodge
Bury Road
Stowmarket
Suffolk
IP14 1JA
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