Steane Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01430704 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

STEANE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D J Steane

Mr J J Smith

Mr J S F Hall

REGISTERED OFFICE:

Beta House

Millers Road

Warwick

Warwickshire

CV34 5AY

REGISTERED NUMBER:

01430704 (England and Wales)

ACCOUNTANTS:

TGFP

Chartered Accountants

Fulford House

Newbold Terrace

Leamington Spa

Warwickshire

CV32 4EA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

99,221

76,803

Investments

6

30,000

30,000

129,221

106,803

CURRENT ASSETS

Stocks

385,564

1,158,680

Debtors

7

3,143,464

1,450,021

Cash at bank and in hand

1,011,626

1,471,849

4,540,654

4,080,550

CREDITORS

Amounts falling due within one year

8

3,018,490

2,834,552

NET CURRENT ASSETS

1,522,164

1,245,998

TOTAL ASSETS LESS CURRENT LIABILITIES

1,651,385

1,352,801

CAPITAL AND RESERVES

Called up and paid share capital

100

100

Capital redemption reserve

100

100

Retained earnings

1,651,185

1,352,601

SHAREHOLDERS' FUNDS

1,651,385

1,352,801

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 31 August 2019 and were signed on its behalf by:

Mr D J Steane - Director

1.	STATUTORY INFORMATION

Steane Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of two years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

5% on cost

Plant and machinery etc

-

33% on cost, 25% on reducing balance and 15% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due

allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling

costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current 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 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2017 - 31 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2018

and 31 December 2018

50,000

AMORTISATION

At 1 January 2018

and 31 December 2018

50,000

NET BOOK VALUE

At 31 December 2018

-

At 31 December 2017

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2018

116,390

255,477

371,867

Additions

-

47,665

47,665

At 31 December 2018

116,390

303,142

419,532

DEPRECIATION

At 1 January 2018

93,245

201,819

295,064

Charge for year

2,989

22,258

25,247

At 31 December 2018

96,234

224,077

320,311

NET BOOK VALUE

At 31 December 2018

20,156

79,065

99,221

At 31 December 2017

23,145

53,658

76,803

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2018

9,431

Transfer to ownership

(9,431

)

At 31 December 2018

-

DEPRECIATION

At 1 January 2018

6,446

Transfer to ownership

(6,446

)

At 31 December 2018

-

NET BOOK VALUE

At 31 December 2018

-

At 31 December 2017

2,985

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2018

and 31 December 2018

30,000

NET BOOK VALUE

At 31 December 2018

30,000

At 31 December 2017

30,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

170,486

111,384

Other debtors

2,972,978

1,338,637

3,143,464

1,450,021

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

-

632

Trade creditors

2,718,572

2,734,459

Taxation and social security

261,770

73,100

Other creditors

38,148

26,361

3,018,490

2,834,552