Registration number:
Stewart Wilkins Limited
for the Year Ended 28 February 2025
Stewart Wilkins Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Stewart Wilkins Limited
Company Information
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Directors |
Mrs S Wilkins Mr S Wilkins |
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Registered office |
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Accountants |
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Stewart Wilkins Limited
(Registration number: 11849687)
Balance Sheet as at 28 February 2025
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2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets/(liabilities) |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Stewart Wilkins Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025
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General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
These financial statements were authorised for issue by the
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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.
Going concern
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Stewart Wilkins Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)
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Accounting policies (continued) |
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 sales/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.
Cost of sales
The cost of sales is the accumulated total of all costs used to create a product or service, which has been sold.
Tax
The tax expense for the period comprises current and 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.
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:
Stewart Wilkins Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)
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Accounting policies (continued) |
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Asset class |
Depreciation method and rate |
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Plant and Machinery |
25% Straight Line |
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Computer Equipment |
33% Straight Line |
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Fixtures and Fittings |
25% Straight Line |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
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.
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
Classification
Recognition and measurement
At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Stewart Wilkins Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)
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Tangible assets |
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Fixtures and fittings |
Plant and machinery |
Computer equipment |
Total |
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Cost or valuation |
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At 1 March 2024 |
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Additions |
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At 28 February 2025 |
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Depreciation |
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At 1 March 2024 |
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Charge for the year |
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At 28 February 2025 |
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Carrying amount |
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At 28 February 2025 |
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At 29 February 2024 |
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Stocks |
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2025 |
2024 |
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Other inventories |
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Debtors |
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Current |
2025 |
2024 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Stewart Wilkins Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)
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Debtors (continued) |
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Non-current |
2025 |
2024 |
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Deferred tax asset |
1,176 |
2,055 |
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Stewart Wilkins Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)
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Creditors |
Creditors: amounts falling due within one year
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2025 |
2024 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
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2025 |
2024 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
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Dividends |
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2025 |
2024 |
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£ |
£ |
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Interim dividend of £ |
2,000 |
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Stewart Wilkins Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)
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Related party transactions |
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Transactions with directors |
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2025 |
At 1 March 2024 |
Advances to director |
Repayments by director |
At 28 February 2025 |
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Mr S Wilkins |
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The loan is interest free with no fixed date of repayment. |
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