Company No:
Contents
DIRECTORS | William Stirling |
Sara Stirling | |
REGISTERED OFFICE | |
Crapstone Barton | |
Buckland Monachorum | |
Devon | |
PL20 7LG | |
United Kingdom | |
COMPANY NUMBER | 08092040(England and Wales) |
CHARTERED ACCOUNTANTS | Bishop Fleming LLP |
Salt Quay House | |
4 North East Quay | |
Sutton Harbour | |
Plymouth | |
PL4 0BN |
We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance/_.
It is your duty to ensure that Stirling and Son 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 Stirling and Son Limited. You consider that Stirling and Son Limited is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of Stirling and Son Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chartered Accountants
4 North East Quay
Sutton Harbour
Plymouth
PL4 0BN
31.12.2019 | 31.12.2018 | |||
Note | £ | £ | ||
Fixed assets | ||||
Tangible assets | 3 |
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Investments | 4 |
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21,030 | 30,040 | |||
Current assets | ||||
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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928,623 | 635,813 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
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Net current assets | 695,354 | 262,593 | ||
Total assets less current liabilities | 716,384 | 292,633 | ||
Provisions for liabilities | (
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Net assets | 712,809 | 287,305 | ||
Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account |
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Total shareholders' funds | 252,962 | 287,305 |
Directors’ responsibilities:
The financial statements of Stirling and Son Limited (registered number:
Sara Stirling
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
Stirling and Son Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is , Crapstone Barton, Buckland Monachorum, Devon, PL20 7LG, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Stirling and Son Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
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 financial statements. 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.
Fixtures and fittings - 25%
Motor vehicles - 25%
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
31.12.2019 | 31.12.2018 | |
Number | Number | |
Monthly average number of persons employed by the Company during the year, including directors |
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Vehicles | Fixtures and fittings | Total | |
£ | £ | £ | |
Cost/Valuation | |||
At 01 January 2019 |
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At 31 December 2019 |
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Accumulated depreciation | |||
At 01 January 2019 |
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Charge for the financial year |
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At 31 December 2019 |
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Net book value | |||
At 31 December 2019 |
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At 31 December 2018 |
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Other investments | Total | |
£ | £ | |
Carrying value before impairment | ||
At 01 January 2019 |
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Disposals | (
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At 31 December 2019 |
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Provisions for impairment | ||
At 01 January 2019 |
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At 31 December 2019 |
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Carrying value at 31 December 2019 |
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Carrying value at 31 December 2018 |
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31.12.2019 | 31.12.2018 | |
£ | £ | |
Amounts owed by Group undertakings |
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Other debtors |
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31.12.2019 | 31.12.2018 | |
£ | £ | |
Trade creditors |
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Other creditors |
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Corporation tax |
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31.12.2019 | 31.12.2018 | |
£ | £ | |
At the beginning of financial year | (
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Credited to profit or loss |
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At the end of financial year | (
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31.12.2019 | 31.12.2018 | |
£ | £ | |
Allotted, called-up and fully-paid | ||
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2 | 2 |
Transactions with the entity's directors
31.12.2018 | 31.12.2019 | |
£ | £ | |
Directors Loan | 218,875 | 51,515 |
The above represents amounts owed to the directors at the year end. The loan balances are interest free.
During the year the company paid rent of £18,400 (2018: £28,600) to a company with the same directors.
On 19 December 2019, a share exchange occurred with all shares previously held by the directors being now held by Stirling and Son Boatyard Limited.
As a wholly owned subsidiary undertaking of their parent company, the company has taken advantage of the exemption in paragraph 33.1A of FRS102 in not disclosing intra group transactions where 100% of the voting rights are controlled within the group