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Registered number: 07763869
Stoneways Fireplaces And Stoves Limited
Unaudited Financial Statements
For The Year Ended 30 September 2024
Goringe Accountants Ltd
1650 Arlington Business Park
Theale
Reading
Berkshire
RG7 4SA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07763869
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 10,013 12,139
10,013 12,139
CURRENT ASSETS
Debtors 6 115,371 109,493
Cash at bank and in hand 668 6,104
116,039 115,597
Creditors: Amounts Falling Due Within One Year 7 (108,021 ) (105,515 )
NET CURRENT ASSETS (LIABILITIES) 8,018 10,082
TOTAL ASSETS LESS CURRENT LIABILITIES 18,031 22,221
Creditors: Amounts Falling Due After More Than One Year 8 (16,006 ) (19,745 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,902 ) (2,306 )
NET ASSETS 123 170
CAPITAL AND RESERVES
Called up share capital 9 101 101
Profit and Loss Account 22 69
SHAREHOLDERS' FUNDS 123 170
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For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Martin Trudgill
Director
24/06/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Stoneways Fireplaces And Stoves Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07763869 . The registered office is 6 London Road, Calne, Wiltshire, SN11 0AB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 20% reducing balance
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 2)
1 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 October 2023 10,000
As at 30 September 2024 10,000
Amortisation
As at 1 October 2023 10,000
As at 30 September 2024 10,000
Net Book Value
As at 30 September 2024 -
As at 1 October 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 October 2023 1,724 19,509 2,634 23,867
Additions 1,099 - - 1,099
As at 30 September 2024 2,823 19,509 2,634 24,966
Depreciation
As at 1 October 2023 1,240 8,173 2,315 11,728
Provided during the period 328 2,834 63 3,225
As at 30 September 2024 1,568 11,007 2,378 14,953
Net Book Value
As at 30 September 2024 1,255 8,502 256 10,013
As at 1 October 2023 484 11,336 319 12,139
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 97,614 97,083
Due after more than one year
Other debtors 17,757 12,410
115,371 109,493
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,073 8,979
Bank loans and overdrafts 8,518 8,518
Other creditors 97,230 85,018
Accruals and deferred income 1,200 3,000
108,021 105,515
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 16,006 19,745
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 101 101
10. Directors Advances, Credits and Guarantees
Included within Debtors is the amount of £97,614 (2023: £97,083) of which the director owes to the company.
The above loan was partially repaid within 9 months of the end of the financial year.
The loan expected to be outstanding after 9 months has been taxed appropriately.
11. Ultimate Controlling Party
The company's ultimate controlling party is Mr Martin Trudgill by virtue of his majority shareholding in the company.
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