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Registration number: NI059991

Stanley Bell and Sons Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 August 2024

 

Stanley Bell and Sons Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Stanley Bell and Sons Limited

Company Information

Directors

Mrs Hazel Bell

Mr Mihail Bell

Mr Kyle Bell

Company secretary

Mrs Hazel Bell

Registered office

183 Drum Road
Cookstown
Co Tyrone
BT80 9RT

Solicitors

Millar, Shearer and Black
40 Molesworth Street
Cookstown
Co. Tyrone
BT80 8PH

Accountants

Thomas Oliver & Associates Limited
Certified Public Accountants1 Moygashel Mills Park
Dungannon
Co Tyrone
BT71 7DH

 

Stanley Bell and Sons Limited

(Registration number: NI059991)
Abridged Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

176,646

205,396

Tangible assets

5

2,920,947

2,596,241

Investment property

615,257

161,665

 

3,712,850

2,963,302

Current assets

 

Stocks

6

291,325

396,673

Debtors

1,853,941

1,380,700

Cash at bank and in hand

 

722,953

397,098

 

2,868,219

2,174,471

Prepayments and accrued income

 

5,409

4,020

Creditors: Amounts falling due within one year

(2,196,228)

(1,705,442)

Net current assets

 

677,400

473,049

Total assets less current liabilities

 

4,390,250

3,436,351

Creditors: Amounts falling due after more than one year

(850,301)

(665,812)

Provisions for liabilities

(482,582)

(301,805)

Accruals and deferred income

 

(17,549)

(12,096)

Net assets

 

3,039,818

2,456,638

Capital and reserves

 

Called up share capital

7

100,005

100,005

Retained earnings

2,939,813

2,356,633

Shareholders' funds

 

3,039,818

2,456,638

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

 

Stanley Bell and Sons Limited

(Registration number: NI059991)
Abridged Balance Sheet as at 31 August 2024

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 May 2025 and signed on its behalf by:
 

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

Mr Mihail Bell

Director

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

Mr Kyle Bell

Director

 

Stanley Bell and Sons Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
183 Drum Road
Cookstown
Co Tyrone
BT80 9RT

The principal place of business is:
29 Ballynagilly Road
Cookstown
Co Tyrone
BT80 9SX

These financial statements were authorised for issue by the Board on 28 May 2025.

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.

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.

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.

 

Stanley Bell and Sons Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

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:

Asset class

Depreciation method and rate

Buildings

4% straight line

Plant and machinery

15% reducing balance

Office equipment

15% reducing balance

Motor Vehicles

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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:

 

Stanley Bell and Sons Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

Asset class

Amortisation method and rate

Goodwill

5% straight line

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 or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Stanley Bell and Sons Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 directors) during the year, was 23 (2023 - 22).

4

Intangible assets

Total
£

Cost or valuation

At 1 September 2023

575,000

At 31 August 2024

575,000

Amortisation

At 1 September 2023

369,604

Amortisation charge

28,750

At 31 August 2024

398,354

Carrying amount

At 31 August 2024

176,646

At 31 August 2023

205,396

 

Stanley Bell and Sons Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

1,169,851

162,845

1,022,829

2,387,229

4,742,754

Additions

-

-

49,000

691,891

740,891

Disposals

(4,167)

-

(49,416)

(132,000)

(185,583)

At 31 August 2024

1,165,684

162,845

1,022,413

2,947,120

5,298,062

Depreciation

At 1 September 2023

162,058

103,215

611,398

1,269,842

2,146,513

Charge for the year

22,215

8,947

147,707

124,110

302,979

Eliminated on disposal

-

-

(37,283)

(35,094)

(72,377)

At 31 August 2024

184,273

112,162

721,822

1,358,858

2,377,115

Carrying amount

At 31 August 2024

981,411

50,683

300,591

1,588,262

2,920,947

At 31 August 2023

1,007,793

59,630

411,431

1,117,387

2,596,241

Included within the net book value of land and buildings above is £981,412 (2023 - £1,007,793) in respect of freehold land and buildings.
 

 

Stanley Bell and Sons Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

Investment properties

2024
£

At 1 September

161,665

Additions

453,592

At 31 August

615,257

There has been no valuation of investment property by an independent valuer.

6

Stocks

2024
£

2023
£

Other inventories

291,325

396,673

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100,005

100,005

100,005

100,005

       

8

Dividends

2024

2023

£

£

Final dividend of £Nil (2023 - £Nil) per ordinary share

-

-

Interim dividend of £1.35 (2023 - £1.35) per ordinary share

135,007

135,000

135,007

135,000

 

 
 

Stanley Bell and Sons Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

9

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

18,120

17,670