Company No:
Contents
2020 | 2019 | |||
Note | £ | £ | ||
Fixed assets | ||||
Tangible assets | 3 |
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23,374 | 21,030 | |||
Current assets | ||||
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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939,421 | 938,357 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
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Net current assets | 713,214 | 695,354 | ||
Total assets less current liabilities | 736,588 | 716,384 | ||
Provisions for liabilities | 6 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 7 |
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Profit and loss account |
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Total shareholder's funds |
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Directors’ responsibilities:
The financial statements of Stirling and Son Limited (registered number:
Mrs S 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, Yelverton, 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 Statement of Financial Position 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.
Motor vehicles - 25%
Fixtures and fittings - 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 Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Grants that do not not impose specified future performance-related conditions on the recipient are recognised in income when the grant proceeds are received or receivable.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position 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.
2020 | 2019 | ||
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 2020 |
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Additions |
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At 31 December 2020 |
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Accumulated depreciation | |||||
At 01 January 2020 |
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Charge for the financial year |
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At 31 December 2020 |
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Net book value | |||||
At 31 December 2020 |
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At 31 December 2019 |
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2020 | 2019 | ||
£ | £ | ||
Amounts owed by Group undertakings |
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Prepayments |
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VAT recoverable |
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Other taxation and social security |
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Other debtors |
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2020 | 2019 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Amounts owed to directors |
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Accruals |
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Other taxation and social security |
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2020 | 2019 | ||
£ | £ | ||
At the beginning of financial year | (
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Credited to the Statement of Income and Retained Earnings |
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At the end of financial year | (
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The deferred taxation balance is made up as follows:
2020 | 2019 | ||
£ | £ | ||
Accelerated capital allowances | (
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2020 | 2019 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with the entity's directors
2020 | 2019 | ||
£ | £ | ||
Directors Loan account | 160,097 | 218,885 |
The loan to the company bears no interest and there are no set repayment terms.
The company has taken advantage of disclosure exemption in FRS102 1A section 33.1A and not disclosed transactions with 100% owned group companies.