Registered number
06581853
K J Stoneman & Co Limited
Unaudited Filleted Accounts
30 June 2024
K J Stoneman & Co Limited
Registered number: 06581853
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 18,000 22,500
Tangible assets 4 27,784 26,791
45,784 49,291
Current assets
Stocks 353,625 300,431
Debtors 5 125,471 122,551
Cash at bank and in hand 370,169 402,198
849,265 825,180
Creditors: amounts falling due within one year 6 (208,294) (261,030)
Net current assets 640,971 564,150
Total assets less current liabilities 686,755 613,441
Provisions for liabilities (6,750) (5,090)
Net assets 680,005 608,351
Capital and reserves
Called up share capital 66 83
Profit and loss account 679,939 608,268
Shareholders' funds 680,005 608,351
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 J Heard
Director
Approved by the board on 27 February 2025
K J Stoneman & Co Limited
Notes to the Accounts
for the year ended 30 June 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).The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.
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.
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:
Plant and machinery 15% Reducing Balance
Motor Vehicles 25% Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses.
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 7 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2023 90,000
At 30 June 2024 90,000
Amortisation
At 1 July 2023 67,500
Provided during the year 4,500
At 30 June 2024 72,000
Net book value
At 30 June 2024 18,000
At 30 June 2023 22,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2023 52,263 50,325 102,588
Additions 1,506 4,565 6,071
At 30 June 2024 53,769 54,890 108,659
Depreciation
At 1 July 2023 33,830 41,967 75,797
Charge for the year 2,990 2,088 5,078
At 30 June 2024 36,820 44,055 80,875
Net book value
At 30 June 2024 16,949 10,835 27,784
At 30 June 2023 18,433 8,358 26,791
5 Debtors 2024 2023
£ £
Trade debtors 112,176 112,909
Other debtors 13,295 9,642
125,471 122,551
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 114,546 118,158
Taxation and social security costs 76,142 75,303
Other creditors 17,606 67,569
208,294 261,030
7 Other information
K J Stoneman & Co Limited is a private company limited by shares and incorporated in England. Its registered office is:
Copplestone
Crediton
Devon
EX17 5NW
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