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Registered number: 02467348









STELLA MANNERING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
STELLA MANNERING LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF STELLA MANNERING LIMITED
FOR THE YEAR ENDED 31 MAY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of STELLA MANNERING LIMITED for the year ended 31 May 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of STELLA MANNERING LIMITED, as a body, in accordance with the terms of our engagement letter dated 28 February 2020Our work has been undertaken solely to prepare for your approval the financial statements of STELLA MANNERING LIMITED and state those matters that we have agreed to state to the Board of directors of STELLA MANNERING LIMITED, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than STELLA MANNERING LIMITED and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that STELLA MANNERING LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of STELLA MANNERING LIMITED. You consider that STELLA MANNERING LIMITED is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of STELLA MANNERING LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



The Woodstock Accountancy Practice Limited
Chartered Accountants
3a Market Place
Woodstock
OX20 1SY
2 December 2024
Page 1

 
STELLA MANNERING LIMITED
REGISTERED NUMBER: 02467348

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
50,671
56,259

  
50,671
56,259

Current assets
  

Stocks
 5 
77,346
190,171

Debtors: amounts falling due within one year
 6 
51,329
105,653

Cash at bank and in hand
 7 
471,285
472,344

  
599,960
768,168

Creditors: amounts falling due within one year
 8 
(160,729)
(327,290)

Net current assets
  
 
 
439,231
 
 
440,878

Total assets less current liabilities
  
489,902
497,137

Creditors: amounts falling due after more than one year
 9 
(15,000)
(25,000)

Provisions for liabilities
  

Deferred tax
 11 
(10,134)
(11,252)

  
 
 
(10,134)
 
 
(11,252)

Net assets
  
464,768
460,885


Capital and reserves
  

Called up share capital 
  
800
800

Capital redemption reserve
  
200
200

Profit and loss account
  
463,768
459,885

  
464,768
460,885


Page 2

 
STELLA MANNERING LIMITED
REGISTERED NUMBER: 02467348
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 December 2024.




S Mannering
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
STELLA MANNERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Stella Mannering Limited is a private company, limited by shares, incorporated in England and Wales,
registered number 02467348.
The registered office is 16 Oxford Street, Woodstock, Oxfordshire, England, OX20 1TS.
The company's principal activity is that of interior design consultancy.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
STELLA MANNERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 5

 
STELLA MANNERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Pattern books
-
25%
Straight line
Fixtures and fittings
-
20%
Reducing balance
Office equipment
-
20%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
STELLA MANNERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 5).


4.


Tangible fixed assets





Pattern Books
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 June 2023
64,454
104,072
23,008
191,534


Additions
5,212
-
1,954
7,166



At 31 May 2024

69,666
104,072
24,962
198,700



Depreciation


At 1 June 2023
53,256
69,535
12,485
135,276


Charge for the year on owned assets
3,581
6,983
2,189
12,753



At 31 May 2024

56,837
76,518
14,674
148,029



Net book value



At 31 May 2024
12,829
27,554
10,288
50,671



At 31 May 2023
11,199
34,537
10,522
56,258

Page 7

 
STELLA MANNERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Stocks

2024
2023
£
£

Work in progress (goods to be sold)
77,346
190,171

77,346
190,171



6.


Debtors

2024
2023
£
£


Trade debtors
16,319
85,342

Other debtors
32,224
3,895

Prepayments and accrued income
2,786
16,416

51,329
105,653



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
471,285
472,344

Less: bank overdrafts
(1,671)
(5,029)

469,614
467,315


Page 8

 
STELLA MANNERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
1,671
5,029

Bank loans
10,000
10,000

Payments received on account
69,350
259,348

Trade creditors
20,929
32,713

Corporation tax
8,166
13,275

Other taxation and social security
3,845
817

Other creditors
816
712

Accruals and deferred income
45,952
5,396

160,729
327,290



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
15,000
25,000

15,000
25,000



10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


Amounts falling due 2-5 years

Bank loans
15,000
25,000


25,000
35,000


Page 9

 
STELLA MANNERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.


Deferred taxation




2024


£






At beginning of year
(11,252)


Utilised in year
1,118



At end of year
(10,134)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(10,134)
(11,252)

(10,134)
(11,252)


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in independently administered funds. The pension cost charge represents contributions payable by the Company to the fund and amounted to £74.099 (2023 - £113,178). Contributions totalling £817 (2023 - £712) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 10