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Stoneman Stainless Limited

Unaudited Financial Statements

for the Year Ended 28 February 2024






Stoneman Stainless Limited (Registered number: 05218778)






Contents of the Financial Statements
for the Year Ended 28 February 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Stoneman Stainless Limited (Registered number: 05218778)

Balance Sheet
28 February 2024

28.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 - -
Tangible assets 4 564,195 663,915
564,195 663,915

CURRENT ASSETS
Stocks 40,000 145,000
Debtors 5 345,416 471,166
Cash at bank 1,646 121,640
387,062 737,806
CREDITORS
Amounts falling due within one year 6 510,857 646,615
NET CURRENT (LIABILITIES)/ASSETS (123,795 ) 91,191
TOTAL ASSETS LESS CURRENT LIABILITIES 440,400 755,106

CREDITORS
Amounts falling due after more than one
year

7

(97,186

)

(402,474

)

PROVISIONS FOR LIABILITIES (65,788 ) (51,602 )
NET ASSETS 277,426 301,030

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 277,422 301,026
277,426 301,030

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Stoneman Stainless Limited (Registered number: 05218778)

Balance Sheet - continued
28 February 2024


The 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 February 2025 and were signed by:





R J Stoneman - Director


Stoneman Stainless Limited (Registered number: 05218778)

Notes to the Financial Statements
for the Year Ended 28 February 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Stoneman Stainless Limited (Registered number: 05218778)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2024

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 9 ) .

3. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 March 2023
and 28 February 2024 15,000 60 15,060
AMORTISATION
At 1 March 2023
and 28 February 2024 15,000 60 15,060
NET BOOK VALUE
At 28 February 2024 - - -
At 28 February 2023 - - -

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023
and 28 February 2024 1,063,656
DEPRECIATION
At 1 March 2023 399,741
Charge for year 99,720
At 28 February 2024 499,461
NET BOOK VALUE
At 28 February 2024 564,195
At 28 February 2023 663,915

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.24 28.2.23
£    £   
Trade debtors 285,029 410,779
Amounts owed by participating interests 60,387 60,387
345,416 471,166

Stoneman Stainless Limited (Registered number: 05218778)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.24 28.2.23
£    £   
Bank loans and overdrafts 51,186 -
Hire purchase contracts 108,222 108,222
Trade creditors 58,191 56,035
Taxation and social security 195,087 64,864
Other creditors 98,171 417,494
510,857 646,615

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
28.2.24 28.2.23
£    £   
Hire purchase contracts 97,186 318,409
Other creditors - 84,065
97,186 402,474