Company Registration No. NI056584 (Northern Ireland)
Stepping Stone Timber Products Limited
Companies House accounts
for the year ended 31 December 2024
Stepping Stone Timber Products Limited
Companies House accounts
Contents
Stepping Stone Timber Products Limited
Company Information
for the year ended 31 December 2024
Directors
Mr Richard T Armstrong
Mr Sinclair J Armstrong
Mr Sinclair M Armstrong
Mrs Sylvia M Armstrong
Secretary
Mrs Sylvia M Armstrong
Company Number
NI056584 (Northern Ireland)
Registered Office
Leam House
Tempo
Enniskillen
Co Fermanagh
BT94 4DA
N Ireland
Accountants
Allan Montgomery & Co
100 Main Street
Fivemiletown
Co Tyrone
BT75 0PW
Stepping Stone Timber Products Limited
Statement of financial position
as at 31 December 2024
Tangible assets
857,009
614,986
Inventories
550,000
200,000
Cash at bank and in hand
153,113
696,442
Creditors: amounts falling due within one year
(1,388,809)
(982,611)
Net current assets
494,854
605,632
Total assets less current liabilities
1,351,863
1,220,618
Provisions for liabilities
Deferred tax
(115,934)
(98,900)
Net assets
1,235,929
1,121,718
Called up share capital
3,000
3,000
Profit and loss account
1,232,929
1,118,718
Shareholders' funds
1,235,929
1,121,718
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2025 and were signed on its behalf by
Mr Richard T Armstrong
Director
Company Registration No. NI056584
Stepping Stone Timber Products Limited
Notes to the Accounts
for the year ended 31 December 2024
Stepping Stone Timber Products Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI056584. The registered office is Leam House, Tempo, Enniskillen, Co Fermanagh, BT94 4DA, N Ireland.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover and income recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% reducing balance
Plant & machinery
15% reducing balance
Motor vehicles
20% reducing balance
Fixtures & fittings
15% reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Stepping Stone Timber Products Limited
Notes to the Accounts
for the year ended 31 December 2024
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Tangible fixed assets
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
At 1 January 2024
106,217
865,892
972,109
Additions
60,000
309,637
369,637
At 31 December 2024
166,217
1,175,529
1,341,746
At 1 January 2024
11,759
345,364
357,123
Charge for the year
3,089
124,525
127,614
At 31 December 2024
14,848
469,889
484,737
At 31 December 2024
151,369
705,640
857,009
At 31 December 2023
94,458
520,528
614,986
Amounts falling due within one year
Trade debtors
1,162,202
690,051
Accrued income and prepayments
18,348
1,750
Stepping Stone Timber Products Limited
Notes to the Accounts
for the year ended 31 December 2024
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Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
250,034
230,931
Obligations under finance leases and hire purchase contracts
93,352
36,753
Trade creditors
817,965
441,308
Taxes and social security
24,674
82,697
Loans from directors
125,806
126,846
Allotted, called up and fully paid:
3,000 Ordinary shares of £1 each
3,000
3,000
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Transactions with related parties
During the year the company incurred rent of £18,000 to Armstrong Farm for use of premises. The proprietors of Armstrong Farm are also directors of Stepping Stone Timber Products Limited.
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Average number of employees
During the year the average number of employees was 16 (2023: 16).