REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 August 2022 |
for |
Stewart Christie & Co Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 August 2022 |
for |
Stewart Christie & Co Limited |
Stewart Christie & Co Limited (Registered number: 09668468) |
Contents of the Financial Statements |
for the Year Ended 31 August 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Stewart Christie & Co Limited |
Company Information |
for the Year Ended 31 August 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
25 Castle Terrace |
Edinburgh |
EH1 2ER |
Stewart Christie & Co Limited (Registered number: 09668468) |
Balance Sheet |
31 August 2022 |
2022 | 2021 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Stewart Christie & Co Limited (Registered number: 09668468) |
Balance Sheet - continued |
31 August 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Stewart Christie & Co Limited (Registered number: 09668468) |
Notes to the Financial Statements |
for the Year Ended 31 August 2022 |
1. | STATUTORY INFORMATION |
Stewart Christie & Co Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The company had net current liabilities of £25,629 (2021 restated: net current assets £5,146) and net liabilities of £215,723 (2021 restated: £227,113). |
The company is dependent upon the support of the directors and parent company Oddments Limited to continue in operational existence for the foreseeable future. The director believe, after reviewing the company's forecasts and projections that there are adequate resources available and the company therefore continues to adopt the going concern basis in preparing its financial statements. |
The financial statements do not include any adjustments that would be required if the company was unable to continue as a going concern. |
Significant judgements and estimates |
Preparing the financial statements may require the directors to make significant judgements and estimates. There were no items in the financial statements where these judgements and estimates were required. |
Turnover |
Turnover represents the value of goods and services provided during the period in the course of the company's ordinary activities. Turnover is stated net of VAT and is recognised when goods are dispatched. |
Goodwill |
Tangible fixed assets |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Stewart Christie & Co Limited (Registered number: 09668468) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2022 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account as incurred. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loan from banks and related parties. |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. |
Loans which are basic financial instruments are initially recorded at the present value of future payments discounted at a market rate of interest for a similar loan. Subsequently, they are measured at amortised cost using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 September 2021 |
and 31 August 2022 |
AMORTISATION |
At 1 September 2021 |
and 31 August 2022 |
NET BOOK VALUE |
At 31 August 2022 |
At 31 August 2021 |
Stewart Christie & Co Limited (Registered number: 09668468) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 September 2021 |
Additions |
At 31 August 2022 |
DEPRECIATION |
At 1 September 2021 |
Charge for year |
At 31 August 2022 |
NET BOOK VALUE |
At 31 August 2022 |
At 31 August 2021 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1 September 2021 |
and 31 August 2022 |
DEPRECIATION |
At 1 September 2021 |
Charge for year |
At 31 August 2022 |
NET BOOK VALUE |
At 31 August 2022 |
At 31 August 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
as restated |
£ | £ |
Trade debtors |
Other debtors |
Stewart Christie & Co Limited (Registered number: 09668468) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
Included within Debtors is a loan to Priortea Limited for £28,630 (2021: £7,180) a company also controlled by the directors of Stewart Christie & Co Limited. This loan is unsecured, interest free and repayable on demand. At the balance sheet date Priortea has a deficit on it's balance sheet however the directors are confident the debt is recoverable. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
as restated |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
Included in other creditors is a working capital loan of £151,328 (2021 restated:£151,806) from Oddments Ltd, the parent company and a company also controlled by the directors of Stewart Christie & Co Limited. This loan is unsecured, interest free and repayable on demand. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
as restated |
£ | £ |
Bank loans |
Hire purchase contracts (see note 9) |
Other creditors |
The bank loan has been amortised over its repayment period. |
The other creditors is a loan from Oddments Ltd which is repayable upon demand and interest free subject to 12 months notice from the date of signing the accounts. |
Stewart Christie & Co Limited (Registered number: 09668468) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2022 |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2022 | 2021 |
as restated |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2022 | 2021 |
as restated |
£ | £ |
Within one year |
Between one and five years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
as restated |
£ | £ |
Bank loans |
The bank has a floating and fixed charge over the company's assets. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | as restated |
£ | £ |
Ordinary | £1 | 100 | 100 |
12. | RELATED PARTY DISCLOSURES |
Stewart Christie & Co Limited advanced further funds to Priortea Limited during the year increasing the loan balance due to the company to £28,630 (2021: £7,180). The directors of Stewart Christie and Co Limited are also directors of Priortea Limited. |