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31/03/2023
2023-03-31
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No description of principal activities is disclosed
2022-04-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
7083992
2022-04-01
2023-03-31
7083992
2023-03-31
7083992
2022-03-31
7083992
2021-04-01
2022-03-31
7083992
2022-03-31
7083992
2021-03-31
7083992
core:IntangibleAssetsOtherThanGoodwill
2022-04-01
2023-03-31
7083992
core:PlantMachinery
2022-04-01
2023-03-31
7083992
core:FurnitureFittingsToolsEquipment
2022-04-01
2023-03-31
7083992
core:MotorVehicles
2022-04-01
2023-03-31
7083992
core:OnerousContractsExcludingVacantProperties
2022-04-01
2023-03-31
7083992
bus:RegisteredOffice
2022-04-01
2023-03-31
7083992
bus:LeadAgentIfApplicable
2022-04-01
2023-03-31
7083992
bus:Director1
2022-04-01
2023-03-31
7083992
bus:Director2
2022-04-01
2023-03-31
7083992
core:NetGoodwill
2023-03-31
7083992
core:PlantMachinery
2022-03-31
7083992
core:FurnitureFittingsToolsEquipment
2022-03-31
7083992
core:PlantMachinery
2023-03-31
7083992
core:FurnitureFittingsToolsEquipment
2023-03-31
7083992
core:WithinOneYear
2023-03-31
7083992
core:WithinOneYear
2022-03-31
7083992
core:ShareCapital
2023-03-31
7083992
core:ShareCapital
2022-03-31
7083992
core:RetainedEarningsAccumulatedLosses
2023-03-31
7083992
core:RetainedEarningsAccumulatedLosses
2022-03-31
7083992
core:NetGoodwill
2022-03-31
7083992
core:PlantMachinery
2022-03-31
7083992
core:FurnitureFittingsToolsEquipment
2022-03-31
7083992
bus:Director1
2022-03-31
7083992
bus:Director1
2023-03-31
7083992
bus:Director2
2022-03-31
7083992
bus:Director2
2023-03-31
7083992
bus:Director1
2021-03-31
7083992
bus:Director1
2022-03-31
7083992
bus:Director2
2021-03-31
7083992
bus:Director2
2022-03-31
7083992
bus:Director1
2021-04-01
2022-03-31
7083992
bus:Director2
2021-04-01
2022-03-31
7083992
bus:SmallEntities
2022-04-01
2023-03-31
7083992
bus:AuditExemptWithAccountantsReport
2022-04-01
2023-03-31
7083992
bus:FullAccounts
2022-04-01
2023-03-31
7083992
bus:SmallCompaniesRegimeForAccounts
2022-04-01
2023-03-31
7083992
bus:PrivateLimitedCompanyLtd
2022-04-01
2023-03-31
7083992
core:ComputerEquipment
2022-04-01
2023-03-31
7083992
core:ComputerEquipment
2022-03-31
7083992
core:ComputerEquipment
2023-03-31
7083992
14
2022-04-01
2023-03-31
Company registration number:
7083992
Stereo Interiors Limited
Unaudited filleted financial statements
31 March 2023
Stereo Interiors Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Notes to the financial statements
Stereo Interiors Limited
Directors and other information
|
|
|
|
Directors |
Mr MA Bennett |
|
|
Mrs JS Angrave |
|
|
|
|
|
|
|
Company number |
7083992 |
|
|
|
|
|
|
|
Registered office |
5 Bells Yew Green Business Centre |
|
|
Bells Yew Green |
|
|
East Sussex |
|
|
TN3 9BJ |
|
|
|
|
|
|
|
Business address |
5 Bells Yew Green Business Centre |
|
|
Bells Yew Green |
|
|
East Sussex |
|
|
TN3 9BJ |
|
|
|
|
|
|
|
Accountant |
Mitchells |
|
|
The Old Stables |
|
|
Foxhole Lane |
|
|
Wadhurst |
|
|
East Sussex |
|
|
TN5 6NB |
|
|
|
Stereo Interiors Limited
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Stereo Interiors Limited
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Stereo Interiors Limited for the year ended 31 March 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Stereo Interiors Limited, as a body, in accordance with the terms of my engagement letter dated 1 December 2009. My work has been undertaken solely to prepare for your approval the financial statements of Stereo Interiors Limited and state those matters that we have agreed to state to the board of directors of Stereo Interiors Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Stereo Interiors Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Stereo Interiors Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Stereo Interiors Limited. You consider that Stereo Interiors Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Stereo Interiors Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Mitchells
Chartered Accountants
The Old Stables
Foxhole Lane
Wadhurst
East Sussex
TN5 6NB
17 November 2023
Stereo Interiors Limited
Statement of financial position
31 March 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
5 |
- |
|
|
|
- |
|
|
Tangible assets |
|
6 |
2,560 |
|
|
|
1,451 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
2,560 |
|
|
|
1,451 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
120,644 |
|
|
|
113,348 |
|
|
Debtors |
|
7 |
33,951 |
|
|
|
15,162 |
|
|
Cash at bank and in hand |
|
|
675,715 |
|
|
|
628,933 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
830,310 |
|
|
|
757,443 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
209,916) |
|
|
|
(
203,996) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
620,394 |
|
|
|
553,447 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
622,954 |
|
|
|
554,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
622,954 |
|
|
|
554,898 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
300 |
|
|
|
300 |
Profit and loss account |
|
|
|
|
622,654 |
|
|
|
554,598 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
622,954 |
|
|
|
554,898 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 March 2023 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
16 November 2023
, and are signed on behalf of the board by:
Mr MA Bennett
Director
Company registration number:
7083992
Stereo Interiors Limited
Notes to the financial statements
Year ended 31 March 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Bells Yew Green Business Centre, Bells Yew Green, East Sussex, TN3 9BJ.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
|
|
|
Combined other intangible assets |
- |
100 % |
straight line |
|
|
|
|
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Plant and machinery |
- |
25 % |
reducing balance |
|
Fittings fixtures and equipment |
- |
25 % |
reducing balance |
|
Motor vehicles |
- |
25 % |
reducing balance |
|
Computer equipment |
- |
25 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured 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 the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
8
(2022:
8
).
5.
Intangible assets
|
|
Goodwill |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 April 2022 and 31 March 2023 |
100,000 |
100,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 April 2022 and 31 March 2023 |
100,000 |
100,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 March 2023 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2022 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Plant and machinery |
Fixtures, fittings and equipment |
Computer equipment |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 April 2022 |
18,396 |
829 |
6,009 |
25,234 |
|
|
|
|
Additions |
- |
- |
1,684 |
1,684 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 March 2023 |
18,396 |
829 |
7,693 |
26,918 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 April 2022 |
17,815 |
804 |
5,164 |
23,783 |
|
|
|
|
Charge for the year |
146 |
7 |
422 |
575 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 March 2023 |
17,961 |
811 |
5,586 |
24,358 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 March 2023 |
435 |
18 |
2,107 |
2,560 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 March 2022 |
581 |
25 |
845 |
1,451 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
30,836 |
12,047 |
|
Other debtors |
|
3,115 |
3,115 |
|
|
|
_______ |
_______ |
|
|
|
33,951 |
15,162 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade creditors |
|
99,092 |
116,790 |
|
Corporation tax |
|
77,511 |
64,978 |
|
Social security and other taxes |
|
29,682 |
17,701 |
|
Other creditors |
|
3,631 |
4,527 |
|
|
|
_______ |
_______ |
|
|
|
209,916 |
203,996 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr MA Bennett |
(
733) |
(
14) |
(
747) |
|
|
|
|
Mrs JS Angrave |
(
733) |
(
14) |
(
747) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
(
1,466) |
(
28) |
(
1,494) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr MA Bennett |
(
581) |
(
152) |
(
733) |
|
|
|
|
Mrs JS Angrave |
(
581) |
(
152) |
(
733) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
(
1,162) |
(
304) |
(
1,466) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
10.
Controlling party
The company is under the control of the directors by way of their 67% (2022-67%) shareholding.