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Registration number: 05859241

The Stove Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

The Stove Company Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

The Stove Company Limited

(Registration number: 05859241)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

187,277

101,362

Current assets

 

Stocks

5

122,993

172,638

Debtors

6

16,507

81,082

Cash at bank and in hand

 

183,745

229,083

 

323,245

482,803

Creditors: Amounts falling due within one year

7

(197,830)

(313,841)

Net current assets

 

125,415

168,962

Total assets less current liabilities

 

312,692

270,324

Creditors: Amounts falling due after more than one year

7

(123,510)

(65,038)

Provisions for liabilities

(29,387)

(17,191)

Net assets

 

159,795

188,095

Capital and reserves

 

Called up share capital

8

50

50

Retained earnings

159,745

188,045

Shareholders' funds

 

159,795

188,095

For the financial year ending 31 July 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.

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 August 2025 and signed on its behalf by:
 

.........................................
M J Webb
Director

 

The Stove Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company, registered number 05859241 is a private company limited by share capital, incorporated in England and Wales. The address of its registered office is Unit C1, Flightway Business Park, Dunkeswell, Honiton, EX14 4PG, England.

These financial statements were authorised for issue by the Board on 28 August 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 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 presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed the company's ability to continue trading for the foreseeable future and have a reasonable expectation that the company has adequate resources to meet its obligations as they fall due. Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis.

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.

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. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

 

The Stove Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tax

The tax expense represents the sum of the tax currently payable 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.

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 tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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 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

15% Reducing Balance

Motor Vehicles

25% Reducing Balance

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 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 administrative expenses.

 

The Stove Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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.

Trade creditors

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

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.

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.

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.

 

The Stove Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Defined contribution pension obligation

The company operates a defined contribution plan for the benefit of its employees. 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.

The contributions are recognised as an expense in the profit or loss account when they fall due. Amounts not paid are shown as a liability on the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 9).

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

38,675

177,820

216,495

Additions

16,560

107,724

124,284

Disposals

-

(23,823)

(23,823)

At 31 July 2024

55,235

261,721

316,956

Depreciation

At 1 August 2023

29,070

86,063

115,133

Charge for the year

2,351

30,311

32,662

Eliminated on disposal

-

(18,116)

(18,116)

At 31 July 2024

31,421

98,258

129,679

Carrying amount

At 31 July 2024

23,814

163,463

187,277

At 31 July 2023

9,605

91,757

101,362

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

122,993

172,638

 

The Stove Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

15,693

34,341

Prepayments

768

1,522

Other debtors

46

45,219

 

16,507

81,082

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

33,022

37,213

Trade creditors

 

76,236

149,250

Taxation and social security

 

13,984

48,848

Accruals and deferred income

 

57,081

69,959

Other creditors

 

17,507

8,571

 

197,830

313,841


Loans and borrowings include net obligations under finance lease and hire purchase contracts of £22,374 (2023: £26,566). These obligations are secured on the assets to which they relate.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

123,510

65,038


Loans and borrowings include net obligations under finance lease and hire purchase contracts of £115,096 (2023: £46,586). These obligations are secured on the assets to which they relate.

 

The Stove Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A Shares of £1 each

47

47

47

47

Ordinary B Shares of £1 each

1

1

1

1

Ordinary C Shares of £1 each

1

1

1

1

Ordinary D Shares of £1 each

1

1

1

1

50

50

50

50

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

8,414

18,452

Hire purchase contracts

90,954

46,586

Finance lease liabilities

24,142

-

123,510

65,038

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,648

10,647

Hire purchase contracts

19,672

10,053

Finance lease liabilities

2,702

16,513

33,022

37,213

 

The Stove Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

6,500

8,206

Later than one year and not later than five years

6,500

11,000

13,000

19,206

The amount of non-cancellable operating lease payments recognised as an expense during the year was £8,473 (2023 - £14,211).

11

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are pensions of £1,720 (2023 - £3,832). The company operates a defined contribution pension scheme for the employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund.