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Registration number: 05108047

A.E. Stoodley & Son Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

A.E. Stoodley & Son Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 9

 

A.E. Stoodley & Son Limited

(Registration number: 05108047)
Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

263,048

120,391

Current assets

 

Stocks

6

11,698

16,631

Debtors

7

75,351

103,174

Cash at bank and in hand

 

157,482

305,356

 

244,531

425,161

Creditors: Amounts falling due within one year

8

(81,418)

(70,392)

Net current assets

 

163,113

354,769

Total assets less current liabilities

 

426,161

475,160

Provisions for liabilities

(26,557)

(26,664)

Net assets

 

399,604

448,496

Capital and reserves

 

Called up share capital

53

53

Profit and loss account

399,551

448,443

Shareholders' funds

 

399,604

448,496

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

Director's 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 director acknowledges her 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 11 February 2025
 


Mrs T D Domoney-Warren
Director

 

A.E. Stoodley & Son Limited

Notes to the Unaudited Financial Statements for the
Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Timberly
South Street
Axminster
Devon
EX13 5AD

Principal activity

The principal activity of the company is Funeral and related activities

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

A.E. Stoodley & Son Limited

Notes to the Unaudited Financial Statements for the
Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

A.E. Stoodley & Son Limited

Notes to the Unaudited Financial Statements for the
Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

 

A.E. Stoodley & Son Limited

Notes to the Unaudited Financial Statements for the
Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long leasehold property

1/12th Straight line

Fixtures, fittings and equipment

25% Reducing balance

Motor vehicles

25% Reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Leases

Leases 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 profit or loss on a straight-line basis over the period of the lease.

 

A.E. Stoodley & Son Limited

Notes to the Unaudited Financial Statements for the
Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 8).

 

A.E. Stoodley & Son Limited

Notes to the Unaudited Financial Statements for the
Year Ended 30 June 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

70,000

70,000

At 30 June 2024

70,000

70,000

Amortisation

At 1 July 2023

70,000

70,000

At 30 June 2024

70,000

70,000

Carrying amount

At 30 June 2024

-

-

5

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

3,248

87,346

256,060

346,654

Additions

88,190

119,684

-

207,874

At 30 June 2024

91,438

207,030

256,060

554,528

Depreciation

At 1 July 2023

-

54,375

171,888

226,263

Charge for the year

7,284

36,890

21,043

65,217

At 30 June 2024

7,284

91,265

192,931

291,480

Carrying amount

At 30 June 2024

84,154

115,765

63,129

263,048

At 30 June 2023

3,248

32,971

84,172

120,391

Included within the net book value of land and buildings above is £84,154 (2023 - £3,248) in respect of long leasehold land and buildings.
 

 

A.E. Stoodley & Son Limited

Notes to the Unaudited Financial Statements for the
Year Ended 30 June 2024 (continued)

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

11,698

16,631

7

Debtors

2024
£

2023
£

Trade debtors

65,530

90,025

Other debtors

5,332

8,276

Prepayments

4,489

4,873

75,351

103,174

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

41,211

33,595

Taxation and social security

-

30,522

Accruals and deferred income

39,861

5,694

Other creditors

346

581

81,418

70,392

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

10

Related party transactions

Transactions with the director

 

A.E. Stoodley & Son Limited

Notes to the Unaudited Financial Statements for the
Year Ended 30 June 2024 (continued)

10

Related party transactions (continued)

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Mrs T D Domoney-Warren

(581)

41,522

(41,287)

(346)

         
       

 

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mrs T D Domoney-Warren

3,899

40,729

(45,209)

(581)