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Registration number: 04441941

Stirlings Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 June 2024

 

Stirlings Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Abridged Financial Statements

3 to 6

 

Stirlings Limited

(Registration number: 04441941)
Abridged Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,800

2,400

Current assets

 

Stocks

173,000

116,000

Debtors

11,100

80,406

Cash at bank and in hand

 

1,106

790

 

185,206

197,196

Prepayments and accrued income

 

3,889

3,552

Creditors: Amounts falling due within one year

5

(155,425)

(133,017)

Net current assets

 

33,670

67,731

Total assets less current liabilities

 

35,470

70,131

Creditors: Amounts falling due after more than one year

5

(48,134)

(54,930)

Provisions for liabilities

-

(15)

Accruals and deferred income

 

(1,950)

(1,950)

Net (liabilities)/assets

 

(14,614)

13,236

Capital and reserves

 

Allotted, called up and fully paid share capital

2

2

Profit and loss account

(14,616)

13,234

Total equity

 

(14,614)

13,236

 

Stirlings Limited

(Registration number: 04441941)
Abridged Balance Sheet as at 30 June 2024

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 his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been 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 Profit and Loss Account.

Approved and authorised for issue by the director on 16 March 2025
 

.........................................

Mr S M Pearce
Director

 

Stirlings Limited

Notes to the Abridged 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.

The address of its registered office is:
Fairholme
Perranuthnoe
Penzance
Cornwall
TR20 9LZ

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 abridged 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 abridged 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 presented in sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The company has net liabilities at 30 June 2024 of £14,614. Results post year end show an improved position.

The Director is confident, given the strong core business, the support of himself and other lenders, that viability can be maintained, and the accounts are prepared on a going concern basis accordingly.

However, as future conditions or events, cannot be predicted, this is not a guarantee as to the company's' ability to continue as a going concern.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

The policies adopted for the recognition of turnover are as follows:

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

Stirlings Limited

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

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.

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the
current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax
rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Plant and machinery

3 years straight line basis

Website

10 years straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses
arising from impairment are recognised in the profit and loss account in other administrative expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and
condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

 

Stirlings Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers.

Creditors with no stated interest rate and payable within one year are recorded at transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Stirlings Limited

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

4

Tangible assets

Total
£

Cost

At 1 July 2023

11,184

At 30 June 2024

11,184

Depreciation

At 1 July 2023

8,784

Charge for the year

600

At 30 June 2024

9,384

Carrying amount

At 30 June 2024

1,800

At 30 June 2023

2,400

5

Creditors

Creditors: amounts falling due after more than one year

Creditors include bank loans repayable by instalments of £8,354 (2023 - £11,111) due after more than five years.

6

Related party transactions

The Director advanced monies to the company on an interest free basis. The loan is unsecured and repayable on demand. The balance due to the Director at the balance sheet date was £132,599 (2023 - £108,095).